Forward Industries, Inc. (NASDAQ: FWDI) disclosed on June 12 that Solana Company (NASDAQ: HSDT) has rejected its proposed all-stock business combination, declining to engage in further discussions. Forward expressed disappointment with the decision, stating that a dialogue would have been 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 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.
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, Solana developers, and Solana-related projects to increase shareholder value. In September 2025, Forward launched its digital asset treasury strategy through a private placement transaction supported by industry-leading investors and operating partners, including Galaxy Digital and Jump Crypto.
The rejection of the proposal may impact investor sentiment toward both companies, as the anticipated synergies from the combination will not materialize. For Forward, the setback could slow its growth ambitions within the Solana ecosystem, while HSDT shareholders miss out on the premium offered. The broader Solana ecosystem may also feel the effects, as the combined entity would have had greater resources to support network development.
For more details on Forward's Solana treasury strategy, visit forwardindustries.com. The latest news and updates regarding FWDI are available in the company's newsroom at https://nnw.fm/FWDI.
