Forward Industries, Inc. (NASDAQ: FWDI) announced that Solana Company (NASDAQ: HSDT) has declined to engage in discussions regarding a proposed all-stock business combination. According to Forward, HSDT informed the company on June 12 that its board voted to reject the proposal and would not pursue further discussions. Forward said it was disappointed by the decision and believes a dialogue would be in the best interests of both companies and their shareholders.
Under the proposal, HSDT shareholders would have received 0.386 newly issued shares of Forward common stock for each HSDT share, representing an implied value of approximately $1.63 per share and a premium of about 10% to HSDT’s closing price prior to the offer. Forward said it believes a combination would create greater scale within the Solana ecosystem, provide shareholders with continued exposure to Solana through a larger and more liquid platform, and strengthen the combined company’s ability to pursue long-term value creation initiatives.
Forward Industries is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. The company’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched its digital asset treasury strategy supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company’s Solana treasury strategy, visit forwardindustries.com.
This development highlights the challenges in consolidating within the Solana ecosystem, as Forward seeks to scale its operations. The rejection may lead Forward to explore other strategic alternatives to achieve its growth objectives. The announcement underscores the importance of shareholder value considerations in potential mergers and acquisitions in the digital asset space.
