Forward Industries, Inc. (NASDAQ: FWDI) disclosed on June 12 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 that its board voted to reject the proposal and would not pursue further discussions. Forward expressed disappointment with the decision, stating that it 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. This represented 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 believes that a combination would have created greater scale within the Solana ecosystem, provided shareholders with continued exposure to Solana through a larger and more liquid platform, and strengthened the combined company’s ability to pursue long-term value creation initiatives.
The news is significant for investors in both companies, as it highlights the strategic ambitions of Forward Industries to expand its presence within the Solana ecosystem. Forward Industries is a Solana-focused digital asset treasury company with a 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, developers, and related projects. 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.
The rejection of the proposal may impact Forward’s growth trajectory and its ability to achieve scale within the Solana ecosystem. For shareholders, the decision means that the anticipated benefits of the merger, such as increased liquidity and a larger platform, will not materialize in the near term. However, Forward remains committed to its strategy and may seek other opportunities to enhance shareholder value. The full press release is available at https://nnw.fm/PxLaQ.
This development underscores the dynamic nature of the digital asset treasury space, where companies are actively pursuing consolidation to strengthen their positions. The outcome also reflects the independent judgment of HSDT’s board, which deemed the proposal not in the best interests of its shareholders. Investors should monitor future announcements from both companies for further strategic moves. For more information on Forward Industries and its Solana treasury strategy, visit forwardindustries.com. The latest news and updates relating to FWDI are available in the company’s newsroom at https://nnw.fm/FWDI.
