Solana Company rejects Forward Industries’ $1.63 per share acquisition offer

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.

Forward Industries holds over 6.9 million SOL tokens, making it the largest among public digital asset treasuries, or DATs. HSDT sits in second place with approximately 2.06 million SOL. A successful combination would have created a combined entity with nearly 9 million SOL under one roof.

The Solana treasury arms race

Both companies pivoted to Solana treasury strategies in September 2025, part of a broader trend of public companies building digital asset holdings on their balance sheets.

Forward Industries raised $1.65 billion in September 2025 to acquire SOL assets. HSDT, formerly known as Helius Medical, rebranded and raised over $500 million for its own digital asset strategy, accumulating approximately 2.06 million SOL by mid-2026.

What this means for investors

The all-stock structure presents a specific challenge: HSDT shareholders would be trading direct exposure to their own SOL position for indirect exposure through FWDI’s SOL position, at a 10% premium to a $1.48 share price, with dilution risk baked in.

Forward Industries raised $1.65 billion and HSDT raised over $500 million for their respective strategies, meaning the two firms combined deployed over $2 billion into SOL holdings. HSDT’s board rejected FWDI’s offer the same day it arrived, without any negotiation, signaling how it views the proposal’s merits relative to its independent prospects.

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