Forward Industries (NASDAQ:FWDI) announced a non-binding, all-stock proposal to acquire Solana Company (HSDT), which HSDT’s board has declined without further discussion. The offer values each HSDT share at 0.386 FWDI shares, about a 10% premium to $1.48, or $1.63 per share.
Forward highlights its Solana-focused strategy, including what it calls the world’s largest Solana treasury, staking operations, and liquid staking token fwdSOL. Forward also notes its shares are set to join the Russell 2000 and 3000 indices.
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Positive
Non-binding all-stock proposal to acquire HSDT at approximately 10% share-price premium
Offer terms: 0.386 newly issued FWDI shares for each HSDT share, valuing HSDT at $1.63
Forward states it has assembled the world’s largest Solana treasury and stakes most of its SOL
Forward shares are set to join the Russell 2000 and 3000 indices in coming weeks
Negative
HSDT’s board declined Forward’s offer and chose not to engage in further discussions
Business combination remains only a non-binding proposal with no agreed transaction path
News Market Reaction – FWDI
+12.62%
20 alerts
+12.62%Session close to close
+14.1%Peak in 27 hr 48 min
$387.20MMarket Cap
0.5xRel. Volume
In the Jun 15 session, FWDI gained 12.62%, reflecting a significant positive market reaction.
Argus tracked a peak move of +14.1% during that session.
Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility.
The stock surged +12.6% in the session following this news. A strong positive reaction aligns with i...
Analysis
The stock surged +12.6% in the session following this news. A strong positive reaction aligns with investors rewarding FWDI’s continued use of stock as acquisition currency within its Solana-focused strategy. Past deals, like the Brera proposal, showed that board pushback could temper optimism, so sustained gains would have depended on market confidence in FWDI’s ability to close transactions and integrate targets. With shares trading well below the 52-week high, execution on accretive deals and balance sheet discipline would have remained central watchpoints.
Key Figures
Exchange ratio:0.386 FWDI shares per HSDT shareOffer premium:10%HSDT reference price:$1.48+5 more
8 metrics
Exchange ratio0.386 FWDI shares per HSDT shareProposed all-stock business combination
Offer premium10%Premium to HSDT closing price before proposal
HSDT reference price$1.48HSDT closing share price before proposal
Implied offer price$1.63 per shareImplied value of FWDI stock consideration for HSDT holders
Scheduled Q2 2026 conference call and update on SOL treasury strategy.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent news shows generally positive strategic updates, with most seeing aligned price moves, but one notable earnings-related divergence where shares fell despite seemingly constructive actions.
Recent Company History
Over the past few months, Forward Industries has focused on expanding its Solana-centric strategy. On May 4 and May 5, 2026, it announced a conference call and a strategic OnRe investment, with shares reacting positively. Fiscal Q2 2026 results on May 14 highlighted buybacks, new debt financing, and cost cuts, but the stock dropped. Later, index inclusion into the Russell 2000 and 3000 on May 26 drew a positive reaction. A June 9 non-binding proposal for Brera was rejected, and the stock dipped, echoing the newly announced, similarly rebuffed HSDT approach.
Key Terms
all-stock business combination, treasury strategy, validator infrastructure, liquid staking token, +1 more
5 terms
all-stock business combinationfinancial
"made a non-binding proposal ... regarding an all-stock business combination"
An all-stock business combination is a deal in which one company acquires or merges with another by paying only with its own shares instead of cash, so sellers receive ownership stake rather than immediate money. For investors this matters because it changes who owns the combined company, can dilute existing shares, links the deal’s value to future share price performance, and shifts risks and rewards to stockholders rather than guaranteeing cash — think of trading slices of one pie for slices of a bigger pie.
treasury strategyfinancial
"Since launching our treasury strategy in September 2025"
A treasury strategy is a plan that organizations use to manage their money, investments, and financial risks to ensure they have enough funds when needed. It helps them make smart decisions about saving, spending, and borrowing, much like a household planning a budget to meet both everyday expenses and future goals. For investors, a well-crafted treasury strategy indicates financial stability and effective management of resources.
validator infrastructuretechnical
"staked the majority of our SOL to our high-performance validator infrastructure"
Validator infrastructure is the network of computers and systems that verify and confirm transactions or data within a digital system, such as a blockchain. It functions like a group of trusted judges who ensure everything is accurate and legitimate before it becomes part of the official record. For investors, this infrastructure is crucial because it underpins the security, reliability, and integrity of the digital environment they are investing in.
liquid staking tokentechnical
"launched fwdSOL as a liquid staking token"
A liquid staking token is a digital asset that represents a stake in a blockchain network's security system, allowing investors to earn rewards for participating in network validation. Unlike traditional staking, which often locks up assets and limits access, these tokens can be freely traded or used in other transactions, providing flexibility and liquidity. This enables investors to earn rewards while still maintaining the ability to access or deploy their funds elsewhere.
indexfinancial
"shares, which are set to join the Russell 2000 and 3000 indices"
An index is a single number that tracks the combined performance of a group of stocks, bonds or other assets, acting like a market scorecard or thermometer for a particular industry, country or investment style. Investors use indexes to judge how a market or sector is doing, compare fund managers, and build or measure portfolios, since many funds aim to match or beat an index’s return.
AUSTIN, TX, June 15, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) today confirms that it made a non-binding proposal to the Board of Directors of Solana Company regarding an all-stock business combination. On June 12th, HSDT responded that its board voted to decline Forward’s offer and chose to not engage in further discussion. 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.
Why Forward exists
Forward was built to advance Solana and to create value for our shareholders by offering a differentiated public-markets vehicle for exposure to SOL and the growth of the Solana ecosystem. Since launching our treasury strategy in September 2025, we have assembled the largest Solana treasury in the world, staked the majority of our SOL to our high-performance validator infrastructure, launched fwdSOL as a liquid staking token, and begun deploying capital directly into Solana protocols as an investor and liquidity provider. Forward is taking a first principles approach to fulfilling its long-term vision of becoming the Berkshire Hathaway of Solana while simultaneously reaching our short and medium-term goal of compounding SOL per share materially faster than the SOL staking rate and pushing the Solana ecosystem forward as a whole.
Why we approached HSDT
We respect the HSDT team and know we share a common goal of accelerating the growth and adoption of the Solana ecosystem while also creating shareholder value. With that said, we believe the current market environment necessitates cooperation and strategic action to deliver on promises made to our shareholders and to drive that vision forward.
Under our proposal, HSDT stockholders would receive 0.386 newly-issued shares of Forward common stock for each share of HSDT common stock, representing a premium of approximately 10% to HSDT’s closing share price of $1.48 on the day immediately preceding the date of our proposal, or $1.63 per share. We made this proposal because we believe Forward is a strong partner for HSDT and its stockholders, and that the HSDT team can also be complimentary to Forward and our shareholders. Together, our combined scale, expertise in the Solana ecosystem, and combined efforts will allow us to realize and sustain the value embedded in our companies more effectively than HSDT can on a standalone basis. Our proposal is designed to deliver HSDT stockholders a meaningful premium to recent trading levels, alongside continued — and we believe more liquid — exposure to Solana through Forward shares, which are set to join the Russell 2000 and 3000 indices in the coming weeks.
“We have nothing but respect for the HSDT team and what they have built in the Solana ecosystem so far,” said Ryan Navi, Chief Investment Officer of Forward Industries. “We believe that combining our efforts with HSDT’s would be mutually beneficial for both companies, their stockholders, and the broader Solana community. We approached HSDT as partners, in good faith, because we believe our two companies share far more common ground than not. Like us, they made a promise to both their shareholders and the Solana ecosystem, and we believe that a combined company can better deliver on those promises.”
What did Forward Industries (NASDAQ:FWDI) announce about acquiring Solana Company (HSDT) on June 15, 2026?
Forward announced a non-binding all-stock proposal to combine with Solana Company (HSDT). According to Forward, HSDT shareholders would receive FWDI shares at a premium, but HSDT’s board has voted to decline the offer and not pursue discussions.
What are the key terms of Forward Industries’ proposed all-stock business combination with HSDT (HSDT)?
Forward proposed exchanging each HSDT share for 0.386 FWDI shares. According to Forward, this ratio equates to approximately a 10% premium over HSDT’s $1.48 closing price before the proposal, valuing HSDT stock at about $1.63 per share.
Did Solana Company’s (HSDT) board accept Forward Industries’ acquisition proposal?
No, HSDT’s board voted to decline Forward’s proposal and not engage in talks. According to Forward, the board communicated that it would not pursue further discussion regarding the suggested all-stock business combination at the proposed 0.386 FWDI share exchange ratio.
How does Forward Industries’ Solana strategy relate to its proposal for HSDT (HSDT)?
Forward links its HSDT proposal to its broader Solana-focused strategy. According to Forward, it holds a large Solana treasury, stakes most SOL via validator infrastructure, launched the fwdSOL liquid staking token, and invests directly in Solana protocols, aiming to compound SOL per share.
What could Russell 2000 and 3000 index inclusion of FWDI mean for HSDT shareholders under the proposal?
The proposal would give HSDT holders FWDI shares that are set to join Russell indices. According to Forward, this structure is intended to provide a meaningful premium plus continued, potentially more liquid, exposure to Solana through an index-included public vehicle.
Is Forward Industries’ offer to acquire Solana Company (HSDT) binding or final?
The offer is described as a non-binding proposal rather than a definitive agreement. According to Forward, it approached HSDT’s board with an all-stock business combination idea, but HSDT declined and chose not to enter discussions, leaving no finalized transaction in place.
