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. To view the full press release, visit https://nnw.fm/PxLaQ.
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 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.
The rejection of the proposal raises questions about the future strategic direction of both firms. Forward had aimed to consolidate resources and expertise within the Solana ecosystem, which could have enhanced liquidity and scale for shareholders. The decision by HSDT’s board may indicate a preference for independent growth or alternative partnerships. The outcome underscores the complexities of M&A in the digital asset space, where valuations and strategic fit are critical. For Forward, the setback may prompt a reassessment of its acquisition strategy, while HSDT continues to operate independently. The news is particularly significant given the evolving landscape of blockchain-focused companies seeking to build scale and investor confidence. The latest news and updates relating to FWDI are available in the company’s newsroom at https://nnw.fm/FWDI.
