Techub News reported that Forward Industries disclosed the rejection of its all-stock merger proposal to Solana Company (NASDAQ: HSDT). Under the proposal described by Forward, each HSDT share would have been exchanged for 0.386 Forward shares, with the proposed terms carrying an approximately 10% premium. Solana Company rejected the offer, leaving the transaction at the proposal stage rather than moving into an agreed merger process.
All-stock exchange terms did not advance
The proposal was structured around Forward shares as the consideration, rather than a cash payment. The exchange ratio of 0.386 Forward shares for each HSDT share made the value of the proposed transaction dependent on Forward’s equity. The disclosed premium of about 10% was one of the key terms offered to Solana Company shareholders. With the proposal rejected, no merger arrangement was formed between Forward Industries and Solana Company.
Forward currently holds approximately 7 million SOL, making it the largest treasury in this listed-company SOL treasury segment. The company has been shifting from passive token holding toward capital allocation within the Solana ecosystem. Its disclosed actions include launching fwdSOL, a liquid staking token, and investing in Solana ecosystem protocols. As a result, Forward’s SOL position is connected not only to token reserves on its balance sheet, but also to its activity around staking-related products and ecosystem protocol investments.
Listed companies continue building SOL treasuries
At present, 20 listed companies collectively hold more than 18.4 million SOL, valued at around $1.39 billion. A number of public companies are competing to accumulate SOL as a treasury asset, making SOL treasuries one format through which listed firms hold crypto assets. These companies differ in the scale of their holdings, treasury structure and depth of ecosystem participation, and the market has begun to distinguish between different treasury models.
Within that setting, some companies’ share prices have traded at discounts or premiums relative to net asset value. Forward Industries’ rejected proposal for Solana Company comes as public-company SOL treasuries continue to expand. The event brings together several elements in the same development: an all-stock merger proposal, the scale of SOL treasury holdings, a liquid staking token, and investment in Solana ecosystem protocols. It also shows the different paths companies are taking around SOL holdings and ecosystem-oriented capital allocation.