Solana rejects Forward Industries' proposed $1.48/share acquisition offer
Solana Company (NASDAQ: HSDT) unanimously rejected an unsolicited, non-binding proposal from Forward Industries to acquire the company for $1.48 per share. The Board determined the offer substantially undervalues the company and is not in the best interests of stockholders.
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Solana Company (NASDAQ: HSDT) has unanimously rejected an unsolicited, non-binding proposal from Forward Industries to acquire the company in an all-stock business combination valued at $1.48 per share. The Board of Directors determined that the offer substantially undervalues the company and is not in the best interests of its stockholders. The proposal was received on June 4, 2026.
After careful consideration, the Board concluded that the $1.48 per share valuation does not reflect the company's true worth. Consequently, the Board decided that the proposal should not be pursued further. Solana stockholders are not required to take any action regarding this matter at this time.
Solana Company is a digital asset treasury dedicated to acquiring and holding Solana tokens (SOL). The company was created in partnership with Pantera and Summer Capital. Its business strategy focuses on maximizing SOL per share by leveraging capital markets opportunities and on-chain activity.
The company provides public market investors with exposure to the Solana ecosystem's growth. Solana Company operates with the objective of optimizing its digital asset treasury strategy to enhance shareholder value.
Key Details of the Proposal
| Detail | Information |
|---|---|
| Acquirer | Forward Industries, Inc. |
| Offer Value | $1.48 per share |
| Transaction Type | All-stock business combination |
| Proposal Status | Unsolicited, non-binding |
| Board Decision | Unanimously rejected |
Will Forward Industries respond to the rejection by increasing the offer price or changing the deal structure?
How might Solana Company's current stock price react to the news of the rejected acquisition bid?
What specific alternative strategies will the Board pursue to demonstrate the company's 'true worth' to shareholders?
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