Forward Industries (FWDI) disclosed that its all‑stock acquisition offers for Solana Company (HSDT) and Brera Holdings (SLMT) were turned down, while a proposal to SkyAI (SKYA) expired without a response on June 12.
Details of the Proposed Mergers
Forward Industries, the leading publicly traded Solana treasury firm, sought to combine its operations with three competitors by exchanging shares of FWDI for the equity of HSDT, SLMT, and SKYA. The strategy aimed to consolidate SOL holdings and enhance shareholder value across the involved blockchain entities.
The board of Solana Company rejected the offer, prompting Forward to criticize the decision as “disappointing” and “lacking dialogue.” Brera Holdings followed suit, dismissing the proposal without entering negotiations.
Investor and Market Reaction
Shares of Forward, Solana Company, Brera Holdings, and SkyAI all rallied on Monday, reflecting heightened investor optimism despite the failed deals. Concurrently, SOL’s price, along with other major crypto assets, posted notable gains, underscoring strong market momentum.
Forward Industries highlighted its prior acquisition of nearly 7 million SOL for roughly $1.6 billion last year, arguing that a merger would further improve the standing of shareholders and reinforce its position in the crypto market.