Solana Company Rejects Forward Industries’ $1.6B Solana Bid After $1B Losses
HSDT•HSDT•HSDT•HSDT•Forward Industries’ all-stock takeover bid for Solana Company was rejected by HSDT’s board without discussion, preserving Solana Company’s standalone structure. Forward, which acquired nearly 7 million SOL for $1.6 billion last year, holds over $1 billion in unrealized SOL losses at current market marks.
Forward Industries, the largest publicly traded Solana treasury firm, submitted an unsolicited all-stock proposal to acquire Solana Company, offering its shareholders newly issued Forward shares in exchange for all outstanding HSDT stock.
Solana Company’s board declined to engage with Forward, rejecting the bid without any discussions, expressing surprise at the lack of dialogue and emphasizing independent shareholder interests.
Forward Industries acquired nearly 7 million SOL last year for approximately $1.6 billion and now sits on more than $1 billion in unrealized losses at current Solana prices, underscoring financial risks behind its acquisition push.
