Forward Industries wants to be the biggest fish in the Solana treasury pond. The pond’s other fish keep saying no.
Solana Company (NASDAQ: HSDT) rejected a non-binding all-stock acquisition proposal from Forward Industries (NASDAQ: FWDI) that valued HSDT shares at $1.63 each. HSDT’s board declined the offer on the same day it was submitted, around June 12, without even entering discussions.
The proposed deal would have given HSDT shareholders 0.386 newly issued FWDI shares for each of their shares, representing roughly a 10% premium over HSDT’s prior closing price of $1.48.
Two rejections in ten days
This isn’t FWDI’s first rejection this month. On June 6, Brera Holdings (SLMT) turned down a similar all-stock bid from Forward Industries targeting its own SOL treasury. That makes two swings and two misses in under two weeks for the self-described largest public Solana digital asset treasury company.
