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Solana Company's Board of Directors Rejects Acquisition Offer from Forward Industries

2026.06.15 21:24:00

**Forward Industries Confirms Non-Binding Acquisition Proposal for Solana’s HSDT; Target Board Rejected Offer Earlier** June 15 (Bloomberg) — Forward Industries, a treasury affiliate of Solana, confirmed Thursday it has submitted a non-binding acquisition proposal to the board of directors of Solana Inc. (ticker: HSDT), another treasury-linked firm within the Solana ecosystem. The proposal outlines a stock-for-stock business merger, with the stated aim of advancing operational integration between the two entities. Forward emphasized that initiating formal discussions would be mutually beneficial for both companies and their shareholders. However, HSDT’s board voted on June 12 to reject the acquisition proposal, noting it will not engage in any further talks on the matter. Forward stated it is “disappointed and surprised” by the decision, and reiterated its hope that the two parties can reopen communication regarding the merger. Analysts view this development as a reflection of growing divergence among Solana ecosystem companies over strategic paths: balancing capital integration and prioritizing independent growth. It remains to be seen whether renegotiations or other capital-related actions will occur in the future.
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