UPDATED: Forward Industries Announces Letter of Intent to Acquire Solana Company (HSDT)
Rhea-AI Summary
Forward Industries (NASDAQ: FWDI) confirmed a non-binding all-stock proposal to acquire Solana Company (HSDT), which HSDT’s board declined without further discussion. The offer valued each HSDT share at 0.386 FWDI shares, about $1.63, a roughly 10% premium to HSDT’s prior $1.48 close.
Forward highlights its large Solana treasury, staking validator, fwdSOL token, and Solana ecosystem investments, and notes its shares are expected to join the Russell 2000 and 3000 indices.
Positive
- 0.386 FWDI share exchange for each HSDT share, implying about $1.63 value
- ~10% premium to HSDT’s $1.48 closing share price before the proposal
- Largest Solana treasury assembled since September 2025, mostly staked to validator
- Launch of fwdSOL liquid staking token and direct Solana protocol investments
- FWDI shares set to join the Russell 2000 and 3000 indices
Negative
- HSDT board rejected Forward’s proposal and declined to engage in discussions
- Non-binding proposal and letter of intent create uncertainty about any eventual transaction
News Market Reaction – FWDI
In the Jun 16 session, FWDI gained 0.21%, reflecting a mild 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.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 15 | HSDT offer rejected | Neutral | +12.6% | Non-binding all-stock proposal to acquire HSDT declined by its board. |
| Jun 15 | SkyAI acquisition bid | Positive | +12.6% | Non-binding all-stock proposal for SKYA at a premium to prior close. |
| Jun 09 | Brera (SLMT) proposal | Negative | -4.9% | Indicative all-stock offer for SLMT rejected; disclosure obligations outlined. |
| May 26 | Index inclusion | Positive | +2.6% | Announcement of inclusion in the Russell 2000 and 3000 indexes. |
| May 14 | Q2 2026 results | Neutral | -11.6% | Earnings update with buyback, new debt facility, and cost reductions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
FWDI has shown volatile, mixed reactions around strategic and capital actions, with both strong gains and sharp declines following news.
Over the last month, Forward Industries has repeatedly pursued non-binding, all-stock acquisitions (HSDT, SKYA, SLMT) while emphasizing its Solana-focused treasury platform and planned inclusion in the Russell 2000 and 3000 indexes. The company also executed a $27.4 million buyback, reducing basic shares by 7.4%, and secured a $40 million debt facility alongside cost reductions targeting $4.8 million in quarterly SG&A. Today’s HSDT-related update fits this broader strategy of using stock-based deals to expand its ecosystem exposure.
Key Terms
all-stock financial
treasury strategy financial
validator infrastructure technical
liquid staking token financial
index financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
“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.”
Forward-Looking Statements
Certain statements in these materials constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to Forward Industries’ indicative, non-binding proposal to the Solana Company and any potential transaction therefrom. Each forward-looking statement contained in these materials is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the proposed digital asset treasury strategy; changes in business, market, financial, political and regulatory conditions; risks relating to Forward Industries’ operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of Forward Industries’ common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which Forward Industries does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in Forward Industries’ filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and Forward Industries undertakes no obligation to update or revise any of these statements.
Media Contact
comms@forwardindustries.com
Investor Relations
Elevate IR
ir@forwardindustries.com
