Forward Industries’ acquisition bids rejected

Forward Industries’ all-stock bids to acquire Solana Company, Brera Holdings, and SkyAI were rejected. Despite unrealized losses on SOL, Forward’s shares jumped 14% amid a broader crypto rally.

Forward Industries has repeatedly attempted to acquire rival Solana treasury firms through all-stock merger proposals, but these efforts have been unsuccessful. Its latest offer to Solana Company (HSDT) shareholders—0.386 newly issued Forward shares per HSDT share, valued at about $1.63 and representing a 10% premium over HSDT’s prior closing price—was rejected by HSDT’s board without negotiation. Similar acquisition proposals to Brera Holdings (SLMT) and SkyAI (SKYA) were also declined or ignored. Forward Industries expressed disappointment at the lack of engagement, arguing that such mergers would benefit shareholders and strengthen the Solana ecosystem. Despite holding nearly 7 million SOL tokens and facing over $1 billion in unrealized losses due to market conditions, Forward’s shares surged more than 14% amid a broader crypto rally. The company’s aggressive consolidation strategy underscores intensifying competition among Solana treasury firms, with both Forward and HSDT having shifted to Solana-focused strategies in late 2025.