Forward Industries’ unsolicited all‑stock bid to acquire Solana Company (ticker HSDT) was rejected by the HSDT board on June 12 2026, with the proposal valuing HSDT at $1.63 per share.
Acquisition Proposals and Board Responses
The forward offer would have exchanged 0.386 Forward shares for each HSDT share, a conversion rate that the board deemed to substantially undervalue the crypto‑focused firm. HSDT’s directors voted unanimously to decline the proposal and announced they would not reopen negotiations.
Brera Holdings also turned down Forward’s non‑binding all‑stock proposal submitted on June 9, which assigned a $7.19 valuation to each Brera share. Meanwhile, SkyAI received a separate offer pricing its equity at $1.55 per share, but the company let the proposal expire without issuing a formal response.
Forward Industries expressed disappointment and surprise at HSDT’s refusal to engage in dialogue before the board’s outright dismissal.
Market Impact
Investors in the Solana blockchain ecosystem view the rejections as a signal that Forward’s expansion strategy may face resistance from target companies. The lack of agreement could keep the existing market prices for HSDT, Brera and SkyAI relatively stable, while Forward’s own share price may experience short‑term volatility as analysts reassess its growth plans.