The Solana Company board unanimously rejected an unsolicited, non-binding all-stock takeover proposal from Forward Industries on June 16, 2026 [1].
The decision marks a significant standoff between two NASDAQ-listed entities. If the bid had been accepted, it would have fundamentally altered the corporate structure and ownership of Solana Company (NASDAQ: HSDT).
Forward Industries (NASDAQ: FWDI) first disclosed its proposal to acquire the company on June 15, 2026 [2]. The board of Solana Company reviewed the offer and said the terms were not in the best interests of its shareholders [3].
According to the board, the proposal significantly undervalues Solana Company [3]. The rejection came shortly after the bid was made public, signaling a firm stance against the acquisition attempt.
Financial data suggests the proposal comes at a volatile time for the parties involved. Reports indicate that Forward Industries' holdings in Solana carry paper losses exceeding $1 billion [4].
Solana Company is based in Newtown, Pennsylvania [1]. The board's unanimous vote reflects a collective agreement that the company's current strategic direction, and intrinsic value, exceed the offer provided by Forward Industries.
“The board unanimously rejected Forward Industries' unsolicited, non-binding all-stock takeover proposal”
The rejection suggests that Solana Company is confident in its independent valuation and long-term growth prospects despite external market pressures. The fact that Forward Industries is facing billion-dollar paper losses on its existing holdings may have weakened its negotiating position, making an all-stock offer less attractive to Solana shareholders who likely seek more stable or higher-value compensation.
