Forward Industries Expresses Disappointment as Solana Company Rejects Acquisition Proposal

Forward Industries, Inc. (NASDAQ: FWDI) disclosed that Solana Company (NASDAQ: HSDT) has rejected its proposed all-stock business combination, with HSDT's board voting against engaging in further discussions. Forward expressed disappointment over the decision, emphasizing that a dialogue would serve the best interests of both companies and their shareholders. The announcement was made in a press release, which can be accessed at https://nnw.fm/PxLaQ.

Under the terms of the proposal, HSDT shareholders would have received 0.386 newly issued shares of Forward common stock for each HSDT share, implying a value of approximately $1.63 per share. This represented a premium of about 10% over HSDT's closing price prior to the offer. Forward argued that the combination would create greater scale within the Solana ecosystem, providing shareholders with continued exposure to Solana through a larger and more liquid platform. Additionally, the merged entity would be better positioned 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 by engaging with Solana developers and projects. In September 2025, Forward launched its digital asset treasury strategy through a private placement transaction, supported by industry leaders including Galaxy Digital and Jump Crypto. More information on the company's Solana treasury strategy is available at forwardindustries.com.

The rejection of the proposal marks a setback for Forward's consolidation efforts within the Solana ecosystem. However, the company remains focused on its core strategy of acquiring and staking Solana assets, as well as investing in projects that enhance the network. The decision by HSDT's board underscores the complexities involved in mergers and acquisitions within the digital asset space, where valuation and strategic alignment are critical. Forward's management indicated that it will continue to evaluate opportunities to create shareholder value, though no further details were provided.

For the latest news and updates on Forward Industries, visit the company's newsroom at https://nnw.fm/FWDI. The information in this article is based solely on the press release issued by Forward Industries and does not constitute investment advice. Investors are encouraged to conduct their own research before making any investment decisions.