Forward Industries Proposes All-Stock Merger to Solana
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 15 2026
0mins
Forward Industries (FWDI) confirmed that it made a non-binding proposal to the board of directors of Solana Company (HSDT) regarding an all-stock business combination. On June 12, Solana responded that its board voted to decline Forward's offer and chose to not engage in further discussion. The company said, "We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication. We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders."
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy FWDI?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on FWDI
About FWDI
Forward Industries, Inc. is a Solana (SOL) focused digital asset treasury company. It is focused on buying, holding, stake, trade, investing in, and growing SOL and SOL related digital assets, protocols and businesses. It is building and managing the Solana treasury for long-term shareholder value. The Company has two reportable segments: digital assets and design. The digital assets segment captures SOL-based yield generated by participating in the Solana network’s staking protocol, which comprises rewards received from native staking. The design segment consists of two operating segments (IPS and Kablooe) that provide a full spectrum of hardware and software product design and engineering services to customers predominantly located in the United States.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Forward Industries Opening Position Disclosure
- Shareholding Disclosure: Forward Industries, Inc. disclosed holding 13,316,224 shares of common stock as of June 23, 2026, representing 15.294% of the issued share capital, indicating its significant market position.
- Board Shareholding: Among the directors, Pyahm Samani holds 3,134,871 shares, accounting for 4.25%, while Michael Pruitt and Sangita Shah hold 1,500 and 61,113 shares respectively, reflecting the board's confidence in the company's future.
- No Short Positions: The disclosure indicates that Forward Industries has no short positions, suggesting stability and confidence in the current market environment.
- Transparency Compliance: This disclosure adheres to the requirements of the Irish Takeover Rules, ensuring investors have a clear understanding of the company's shareholding structure, which helps enhance market trust.
See More
Solana Rejects FWDI Acquisition Proposal
- Acquisition Proposal Rejected: Solana Company's board unanimously rejected an unsolicited acquisition proposal from Forward Industries, determining that the all-stock offer valuing Solana at $1.48 per share significantly undervalues the company, demonstrating the board's commitment to shareholder interests.
- Positive Stock Reaction: Following the rejection of the proposal, Solana's shares rose over 2% in premarket trading, reflecting market approval of the board's decision and indicating investor confidence in the company's future prospects.
- FWDI Stock Decline: In contrast to Solana's stock increase, Forward Industries saw a 1.5% decline in its share price, which may reflect market skepticism regarding its acquisition capabilities and a reassessment of Solana's valuation.
- Strategic Implications: The rejection of the acquisition proposal not only preserves Solana's independence but also potentially provides greater flexibility for future strategic developments, with the board's decision underscoring a strong belief in the company's long-term value.
See More
Solana Rejects Acquisition Offer from Forward Industries
- Acquisition Offer Rejected: Solana Company has rejected a non-binding acquisition offer from Forward Industries, indicating a strong commitment to independent operations, which may impact its future strategic direction and investor confidence.
- Market Reaction: This news could lead to negative sentiment among investors regarding Solana's short-term stock price, especially following market volatility triggered by acquisition rumors, reflecting uncertainty about the company's future prospects.
- Competitive Landscape: By rejecting the acquisition proposal, Solana may maintain its independence within the industry, enhancing its competitiveness in a rapidly changing market, but it could also miss out on potential synergies that a partnership with Forward could provide.
- Strategic Considerations: Solana's decision underscores its valuation focus, potentially attracting interest from other investors, while also necessitating vigilance regarding future acquisition proposals that may arise.
See More
Forward Industries Proposes All-Stock Merger with HSDT
- Merger Proposal Rejected: Forward Industries made a non-binding all-stock merger proposal to HSDT, which was declined by HSDT's board on June 12 without further discussion, indicating a lack of communication that may impact Forward's market confidence.
- Shareholder Value Commitment: Forward proposed that HSDT shareholders receive 0.386 newly issued shares of Forward common stock for each HSDT share, representing a 10% premium, aiming to enhance shareholder value and drive growth in the Solana ecosystem through the merger.
- Market Environment Consideration: Forward believes that the current market environment necessitates cooperation and strategic action between companies to fulfill commitments to shareholders, emphasizing the importance of accelerating growth within the Solana ecosystem, which may influence future investment decisions.
- Long-Term Vision: Forward aims to become the 'Berkshire Hathaway of Solana' by leveraging its position as the world's largest Solana treasury and the liquid staking token fwdSOL, suggesting that a merger with HSDT could help realize this vision and enhance overall market competitiveness.
See More
SkyAI Shares Surge 15% on Merger Proposal from Forward Industries
- Stock Surge: SkyAI (SKYA) shares jumped over 15% in after-hours trading on Monday, reflecting strong market enthusiasm for the unsolicited merger proposal from Forward Industries (FWDI).
- Merger Proposal Details: The offer from Forward Industries suggests that SKYA shareholders would receive 0.367 FWDI shares per SKYA share, valuing SKYA at approximately $1.55 per share, which represents a 20% premium over its pre-offer closing price.
- Board Response: SkyAI's Board of Directors has established a special committee to review and evaluate the proposal, indicating the company's serious consideration of the merger opportunity and its implications for shareholders.
- Market Performance: Following the announcement, SkyAI's stock closed nearly 12% higher at $1.25 on Monday, signaling investor optimism regarding the potential merger and its impact on future growth.
See More
Forward Industries Makes Acquisition Proposals to HSDT and SkyAI
- Acquisition Proposal Overview: Forward Industries (FWDI) has recently made non-binding all-stock acquisition proposals to Solana Company (HSDT) and SkyAI (SKYA) as part of its strategy to strengthen its position as a leading Solana-focused treasury platform.
- HSDT Acquisition Details: FWDI proposed to acquire HSDT at a rate of 0.386 newly issued FWDI shares per HSDT share, valuing HSDT at approximately $1.63 per share, which represents a 10% premium over its closing price prior to the offer; however, HSDT's board declined the proposal and indicated no further discussions would be pursued.
- SKYA Acquisition Status: FWDI also made an offer for SkyAI, proposing 0.367 FWDI shares per SKYA share, valuing SKYA at about $1.55 per share, a 20% premium to its pre-offer closing price, but SkyAI did not respond before the proposal expired.
- Market Reaction: Following these proposals, FWDI shares rose by 7.5%, while HSDT saw a premarket increase of 3.9%, indicating a positive market response to FWDI's acquisition strategy, which may enhance its competitive edge in the relevant markets.
See More
Forward Industries Opening Position Disclosure
- Shareholding Disclosure: Forward Industries, Inc. disclosed holding 13,316,224 shares of common stock as of June 23, 2026, representing 15.294% of the issued share capital, indicating its significant market position.
- Board Shareholding: Among the directors, Pyahm Samani holds 3,134,871 shares, accounting for 4.25%, while Michael Pruitt and Sangita Shah hold 1,500 and 61,113 shares respectively, reflecting the board's confidence in the company's future.
- No Short Positions: The disclosure indicates that Forward Industries has no short positions, suggesting stability and confidence in the current market environment.
- Transparency Compliance: This disclosure adheres to the requirements of the Irish Takeover Rules, ensuring investors have a clear understanding of the company's shareholding structure, which helps enhance market trust.
See More
Solana Rejects FWDI Acquisition Proposal
- Acquisition Proposal Rejected: Solana Company's board unanimously rejected an unsolicited acquisition proposal from Forward Industries, determining that the all-stock offer valuing Solana at $1.48 per share significantly undervalues the company, demonstrating the board's commitment to shareholder interests.
- Positive Stock Reaction: Following the rejection of the proposal, Solana's shares rose over 2% in premarket trading, reflecting market approval of the board's decision and indicating investor confidence in the company's future prospects.
- FWDI Stock Decline: In contrast to Solana's stock increase, Forward Industries saw a 1.5% decline in its share price, which may reflect market skepticism regarding its acquisition capabilities and a reassessment of Solana's valuation.
- Strategic Implications: The rejection of the acquisition proposal not only preserves Solana's independence but also potentially provides greater flexibility for future strategic developments, with the board's decision underscoring a strong belief in the company's long-term value.
See More
Solana Rejects Acquisition Offer from Forward Industries
- Acquisition Offer Rejected: Solana Company has rejected a non-binding acquisition offer from Forward Industries, indicating a strong commitment to independent operations, which may impact its future strategic direction and investor confidence.
- Market Reaction: This news could lead to negative sentiment among investors regarding Solana's short-term stock price, especially following market volatility triggered by acquisition rumors, reflecting uncertainty about the company's future prospects.
- Competitive Landscape: By rejecting the acquisition proposal, Solana may maintain its independence within the industry, enhancing its competitiveness in a rapidly changing market, but it could also miss out on potential synergies that a partnership with Forward could provide.
- Strategic Considerations: Solana's decision underscores its valuation focus, potentially attracting interest from other investors, while also necessitating vigilance regarding future acquisition proposals that may arise.
See More
Forward Industries Proposes All-Stock Merger with HSDT
- Merger Proposal Rejected: Forward Industries made a non-binding all-stock merger proposal to HSDT, which was declined by HSDT's board on June 12 without further discussion, indicating a lack of communication that may impact Forward's market confidence.
- Shareholder Value Commitment: Forward proposed that HSDT shareholders receive 0.386 newly issued shares of Forward common stock for each HSDT share, representing a 10% premium, aiming to enhance shareholder value and drive growth in the Solana ecosystem through the merger.
- Market Environment Consideration: Forward believes that the current market environment necessitates cooperation and strategic action between companies to fulfill commitments to shareholders, emphasizing the importance of accelerating growth within the Solana ecosystem, which may influence future investment decisions.
- Long-Term Vision: Forward aims to become the 'Berkshire Hathaway of Solana' by leveraging its position as the world's largest Solana treasury and the liquid staking token fwdSOL, suggesting that a merger with HSDT could help realize this vision and enhance overall market competitiveness.
See More
SkyAI Shares Surge 15% on Merger Proposal from Forward Industries
- Stock Surge: SkyAI (SKYA) shares jumped over 15% in after-hours trading on Monday, reflecting strong market enthusiasm for the unsolicited merger proposal from Forward Industries (FWDI).
- Merger Proposal Details: The offer from Forward Industries suggests that SKYA shareholders would receive 0.367 FWDI shares per SKYA share, valuing SKYA at approximately $1.55 per share, which represents a 20% premium over its pre-offer closing price.
- Board Response: SkyAI's Board of Directors has established a special committee to review and evaluate the proposal, indicating the company's serious consideration of the merger opportunity and its implications for shareholders.
- Market Performance: Following the announcement, SkyAI's stock closed nearly 12% higher at $1.25 on Monday, signaling investor optimism regarding the potential merger and its impact on future growth.
See More
Forward Industries Makes Acquisition Proposals to HSDT and SkyAI
- Acquisition Proposal Overview: Forward Industries (FWDI) has recently made non-binding all-stock acquisition proposals to Solana Company (HSDT) and SkyAI (SKYA) as part of its strategy to strengthen its position as a leading Solana-focused treasury platform.
- HSDT Acquisition Details: FWDI proposed to acquire HSDT at a rate of 0.386 newly issued FWDI shares per HSDT share, valuing HSDT at approximately $1.63 per share, which represents a 10% premium over its closing price prior to the offer; however, HSDT's board declined the proposal and indicated no further discussions would be pursued.
- SKYA Acquisition Status: FWDI also made an offer for SkyAI, proposing 0.367 FWDI shares per SKYA share, valuing SKYA at about $1.55 per share, a 20% premium to its pre-offer closing price, but SkyAI did not respond before the proposal expired.
- Market Reaction: Following these proposals, FWDI shares rose by 7.5%, while HSDT saw a premarket increase of 3.9%, indicating a positive market response to FWDI's acquisition strategy, which may enhance its competitive edge in the relevant markets.
See More
