Forward Industries sends acquisition bid to Solana Company in expansion push - Cryptopolitan

* Forward Industries offered an all-stock deal for Solana Company at a 10% premium, but HSDT’s board rejected it without negotiations. * Forward has also pursued acquisition attempts involving SkyAI and Brera Holdings, signaling an aggressive consolidation strategy. * Forward’s own Solana treasury is under pressure as it is facing significant unrealized losses on its SOL holdings. **Forward Industries (NASDAQ: FWDI) disclosed on June 15 that it submitted a non-binding proposal to acquire Solana Company (NASDAQ: HSDT) through an all-stock deal.** However, Solana Company’s board rejected the offer without negotiation, according to Forward’s public statement. The proposal offered HSDT shareholders 0.386 newly issued Forward Industries shares per HSDT share, valuing each at roughly $1.63, a 10% premium over HSDT’s $1.48 closing price the day before the bid was made. “We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication,” the company stated. The HSDT proposal is not Forward’s first attempt at acquiring a company in recent times. Forward disclosed that it had [launched a separate bid for SkyAI](https://www.citybiz.co/article/860172/forward-industries-pursues-skyai-acquisition-in-bid-to-expand-solana-treasury-platform/) (NASDAQ: SKYA). It offered 0.367 Forward shares per SKYA share at an implied value of $1.55, which is a 20% premium. That proposal expired on June 12 without a response from SkyAI’s board.