Forward Industries' Merger Proposal Rejected by Solana Company HSDT

Forward Industries (NASDAQ: FWDI), a Solana-focused digital asset treasury company, revealed that Solana Company (NASDAQ: HSDT) has rejected its proposed all-stock business combination. According to Forward Industries, HSDT’s board voted on June 12 to decline the proposal and will not engage in further discussions. Forward expressed disappointment, emphasizing that a dialogue would serve the best interests of both companies and their shareholders. The proposed deal would have seen HSDT shareholders receive 0.386 newly issued shares of Forward common stock for each HSDT share, implying a value of approximately $1.63 per share—a 10% premium over HSDT’s closing price before the offer. Forward believes that a combination would create greater scale within the Solana ecosystem, provide shareholders with continued exposure to Solana through a larger and more liquid platform, and strengthen the combined company’s ability to pursue long-term value creation initiatives. For the full press release, visit https://nnw.fm/PxLaQ.

Forward Industries, Inc. (NASDAQ: FWDI) is a digital asset treasury company focused on the Solana ecosystem. Its strategy involves buying, holding, staking, trading, and investing in SOL and related digital assets, protocols, and businesses. The company’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL, engaging with the network, and investing in Solana developers and projects to increase shareholder value. Launched in September 2025, Forward’s digital asset treasury strategy is supported by industry leaders such as Galaxy Digital and Jump Crypto. More information is available at forwardindustries.com. Investors seeking the latest updates on FWDI can visit the company’s newsroom at https://nnw.fm/FWDI.

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