Overview
- Forward Industries confirmed it made a non‑binding all‑stock proposal that would have given HSDT shareholders 0.386 newly issued FWDI shares per HSDT share, valuing HSDT at about $1.63 per share or roughly a 10% premium.
- Solana Company’s board voted unanimously to decline the proposal, saying in a June 16 filing that the offer substantially undervalued the company and that the board would not engage in further discussions.
- Forward has pursued similar approaches with other public Solana treasuries: Brera Holdings formally rejected an offer and SkyAI let Forward’s proposal expire without responding.
- The bids moved markets: shares of Forward and the targeted firms rose and SOL jumped after disclosures, and a combined deal would have pooled nearly 9 million SOL from Forward’s roughly 6.9–7 million tokens and Solana Company’s ~2.06 million.
- The episode sharpens the debate over consolidation, with boards citing shareholder dilution and valuation concerns while proponents argue scale and liquidity are needed to sustain smaller public Solana treasuries and meet operating costs.