MergerJun 15, 2026, 09:06 AM
Forward Industries' All-Stock Offer for Solana Co. Rejected by Board
AI Summary
Forward Industries, Inc. announced that its non-binding all-stock proposal to acquire Solana Company (HSDT) was rejected by HSDT's Board of Directors on June 12th. Forward's offer proposed 0.386 newly-issued shares of Forward common stock for each HSDT share, representing a 10% premium to HSDT's closing price of $1.48, valuing HSDT at $1.63 per share. Forward expressed disappointment and surprise at the rejection without any discussion, emphasizing its belief that a combination would benefit both companies and their shareholders by leveraging combined scale and expertise in the Solana ecosystem.
Key Highlights
- Solana Company (HSDT) board rejected Forward Industries' non-binding all-stock business combination proposal.
- Forward Industries' offer was 0.386 shares of FWDI common stock for each HSDT share.
- The proposal represented a premium of approximately 10% to HSDT's $1.48 closing price.
- The offer valued HSDT shares at $1.63 each.
- Forward Industries expressed disappointment that HSDT declined without discussion.
- Forward Industries aims to become the "Berkshire Hathaway of Solana."
- Forward Industries shares are set to join the Russell 2000 and 3000 indices.
Price Impact
More from FWDI