Solana treasury firms reject Forward Industries acquisition push

Several Solana treasury companies have turned down acquisition attempts from Forward Industries, with two firms formally rejecting proposals and a third allowing an offer to expire without responding. Forward said Solana Company (HSDT), formerly Helius Medical Technologies, declined an all-stock proposal that would have delivered 0.386 newly issued Forward shares for each HSDT share, a deal Forward valued at $1.63 per HSDT share.

HSDT’s board voted to decline and chose not to engage further, a decision Forward described as disappointing and surprising. Forward also said SkyAI did not respond to an acquisition proposal valuing the company at $1.55 per share before the offer expired, and that Brera Holdings rejected a nonbinding all-stock proposal on June 9 that valued its shares at $7.19 each.

Those responses complicate Forward’s push to combine public companies with exposure to Solana, a strategy it says would create greater scale and liquidity than the firms would achieve on their own.

solana, forward industries, solana company, hsdt, helius medical, skyai, brera holdings, all-stock, acquisition, treasury firms