Solana Company rejects Forward Industries' $1.48 per share buyout bid

Solana Company's board unanimously rejected a $1.48-a-share all-stock takeover bid from Forward Industries, calling the unsolicited offer too low.

Solana Company's board unanimously rejected Forward Industries' $1.48-a-share all-stock acquisition proposal, saying the unsolicited bid substantially undervalued the digital asset treasury firm.

"After careful consideration, the board unanimously concluded that the Forward proposal substantially undervalues the company," the board said in a statement. "Accordingly, the board determined that the proposal was not in the best interests of the company and its stockholders."

Forward Industries, the largest publicly traded Solana treasury firm, made the unsolicited offer on June 4. The proposal was part of a broader consolidation campaign: Forward also approached Brera Holdings and SkyAI with similar all-stock combinations. Both firms rejected or ignored the overtures. Forward shares jumped more than 14 percent Monday to $4.89, while HSDT shares surged nearly 12 percent.

The rejection sets up a potential standoff between two of the largest publicly traded vehicles for Solana exposure. Forward, which held more than 7 million SOL as of March 31 after acquiring roughly $1.6 billion worth last year, has more than $1 billion in unrealized losses at Solana's current trading price of about $75 — up 11 percent in the last 24 hours.

Forward expressed disappointment at the lack of engagement. "We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication," the firm said. "We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders."

Solana Company, created in partnership with Pantera and Summer Capital, focuses on maximizing SOL per share by leveraging capital markets opportunities and on-chain activity. The company's board said stockholders do not need to take any action at this time.

A Consolidation Push Meets Resistance

Forward's acquisition campaign targeted three Solana treasury firms simultaneously. Brera Holdings' board similarly rejected the proposal without engaging, while SkyAI — formerly known as Sharps Technology — did not respond by the June 12 expiration of Forward's offer. In each case, Forward argued that a combination would improve shareholder standing while strengthening the Solana ecosystem.

The rejection highlights the valuation gap between how Solana Company's board views its SOL holdings and what an acquirer is willing to pay. With SOL trading at roughly $75, the $1.48-per-share offer from Forward implies a discount to the underlying asset value that the board found unacceptable. The question now is whether Forward returns with a higher bid or shifts focus to other targets in the fragmented Solana treasury sector.

This article is for informational purposes only and does not constitute investment advice.