Solana treasury firms push back against Forward Industries consolidation bid

Forward Industries’ effort to consolidate holdings around Solana-related treasury firms has met resistance, according to separate reports from Nasdaq and Cointelegraph. One of the companies involved, Solana Company, said its board unanimously rejected an unsolicited, non-binding, all-stock proposal from Forward Industries to acquire the business for $1.48 per share.

The rejection was disclosed on Tuesday and indicates that the offer did not gain traction at board level. Solana Company, identified by the ticker HSDT in the Nasdaq report, said the proposal came without prior agreement and was not binding. That description suggests the approach was an early-stage attempt to test interest in a transaction rather than a completed merger agreement or a formally negotiated bid.

Cointelegraph reported that the broader effort by Forward Industries ran into similar opposition elsewhere in the Solana treasury segment. According to that report, two Solana treasury firms turned down acquisition proposals from Forward Industries. A third offer was said to have expired without any response, underscoring that the company’s consolidation push has not produced the immediate acceptance it appeared to seek.

The reports together point to a pattern of caution among the targeted firms. Rather than moving toward a quick combination, the companies either rejected the proposals outright or allowed them to lapse. While the sources do not detail the reasons behind each decision, the outcome shows that Forward Industries has not yet secured support for its approach from the companies it contacted.

The Nasdaq report specifically described the proposal as an all-stock offer, meaning the consideration would have been paid in Forward Industries shares rather than cash. The price cited in the report was $1.48 per share. Beyond that, the available material does not provide further terms, such as any premium to recent trading levels, conditions tied to the offer, or a timeline for negotiations.

The story is unfolding within the Solana treasury segment, where corporate interest in digital asset exposure has drawn attention from market participants. Treasury firms tied to Solana have become part of a wider market theme in which companies pursue crypto-related balance-sheet strategies or acquisitions. In this case, however, the available reports suggest that the targeted firms were unwilling to move ahead on Forward Industries’ terms.

For now, the latest disclosures leave Forward Industries’ consolidation effort unresolved. One board has formally rejected the approach, two firms have reportedly turned down similar proposals, and another has let an offer pass without engagement. Based on the information available, the attempted expansion has not yet led to a completed transaction or a clear path forward.