Overview
- Forward Industries said it submitted a non-binding all-stock proposal on June 12 that would have given Solana Company shareholders 0.386 newly issued FWDI shares per HSDT share, implying $1.63 per HSDT share.
- Solana Company’s board unanimously declined the offer, saying it substantially undervalued the company and chose not to enter discussions.
- Forward has made similar unsolicited proposals to Brera Holdings and SkyAI this month, with Brera rejecting the bid and SkyAI failing to respond before the proposal expired, leaving no targets in talks.
- Shares in Forward and the targeted firms jumped after the bids and a broader SOL price rally, and a combined Forward–HSDT entity would have concentrated nearly 9 million SOL on one balance sheet.
- The bids revisit a recent trend of public firms building crypto treasuries and raise questions about shareholder trade-offs, dilution, large unrealized crypto losses at current marks, and the regulatory and market risks of consolidating SOL holdings.