MergerJun 15, 2026, 09:22 PM
Forward Industries' All-Stock Bid for Solana Company Rejected
AI Summary
Forward Industries, Inc. confirmed it made a non-binding proposal for an all-stock business combination with Solana Company (HSDT), which HSDT's board declined on June 12th without discussion. Forward Industries expressed disappointment and surprise at the rejection, believing a dialogue would benefit both companies and shareholders. The proposal offered 0.386 shares of Forward common stock for each HSDT share, representing a 10% premium to HSDT's prior closing price of $1.48, or $1.63 per share.
Key Highlights
- Forward Industries proposed an all-stock business combination with Solana Company (HSDT).
- HSDT's board declined the non-binding offer on June 12th without discussion.
- The proposal offered 0.386 newly-issued shares of Forward common stock for each HSDT share.
- This represented a 10% premium to HSDT's closing share price of $1.48.
- The offer valued HSDT shares at $1.63 each.
- Forward Industries aims to become the "Berkshire Hathaway of Solana."
- Forward shares are set to join the Russell 2000 and 3000 indices.
Price Impact
More from FWDI