Forward Industries (NASDAQ: FWDI) is looking to consolidate the Solana digital asset treasury (DAT) sector through acquisitions. On Monday, the firm announced its intent to acquire fellow SOL DATs, SkyAI, Inc. (SKYA) and Solana Company (HSDT).
The firm sent two non-binding proposals to the boards of both firms, floating all-stock business combinations. According to the announcements, Solana Company declined Forward’s initial offer while SkyAI did not respond.
Forward offered to issue new FWDI shares to compensate HSDT stockholders at a premium of about 10%, with HSDT stockholders receiving 0.386 newly issued Forward common stock for each share of HSDT common stock at $1.63, according to the announcement.
Additionally, Forward offered a similar all-stock deal to SKYA holders, offering a 20% premium to SKYA’s recent price.
The announcement comes about a week after Forward disclosed its bid to acquire Solmate, another Solana treasury firm, which was rejected.
