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.
For additional details, the full press release is available at https://nnw.fm/PxLaQ.
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, engaging with the Solana network, and investing in Solana developers and projects. In connection with a private placement transaction in September 2025, Forward launched its digital asset treasury strategy supported by industry leading investors including Galaxy Digital and Jump Crypto. More information on the company’s Solana treasury strategy is available at forwardindustries.com.
This development underscores the strategic maneuvering within the Solana ecosystem as companies seek to consolidate and scale. The rejection may signal differing visions for growth between Forward and Solana Company, and investors will be watching for any future moves by either entity. The news also highlights the ongoing evolution of digital asset treasury companies and their role in the broader cryptocurrency landscape.
