Forward Industries (NASDAQ: FWDI) disclosed on Monday that Solana Company (NASDAQ: HSDT) has rejected its proposed all-stock business combination, according to a press release. The announcement underscores the challenges of consolidation within the Solana ecosystem as firms vie for scale and liquidity.
Forward Industries stated that HSDT informed the company on June 12 that its board voted to reject the proposal and would not pursue further discussions. Forward expressed disappointment, asserting that a dialogue would be in the best interests of both companies and their shareholders. The proposal would have seen HSDT shareholders receive 0.386 newly issued shares of Forward common stock for each HSDT share, implying a value of approximately $1.63 per share and a premium of about 10% to HSDT’s closing price prior to the offer.
Forward Industries 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 failed proposal highlights the strategic importance of scale in the competitive digital asset treasury space, where firms like Forward aim to buy, hold, stake, trade, and invest in SOL and related assets.
Forward Industries, based in Austin, Texas, is a Solana-focused digital asset treasury company. Its strategy includes acquiring and staking SOL, engaging with the Solana network, and investing in Solana developers and projects. The company launched its digital asset treasury strategy in September 2025 with support from industry investors such as Galaxy Digital and Jump Crypto. For more information on Forward’s strategy, visit forwardindustries.com.
The rejection raises questions about HSDT’s strategic direction and whether it will seek alternative partnerships or remain independent. The news may impact investor sentiment toward both companies, as the Solana ecosystem continues to evolve. Forward Industries reiterated its commitment to exploring opportunities that enhance shareholder value, though it did not indicate whether it would pursue other acquisition targets. The full press release is available at https://nnw.fm/PxLaQ.
