Solana treasury firms resist Forward Industries’ consolidation push

Two Solana treasury firms rejected acquisition proposals from Forward Industries, while a third offer expired without a response.

Solana treasury companies are resisting acquisition attempts by Forward Industries, with two firms rejecting proposed combinations and a third allowing its offer to expire without responding.

Forward said Monday that Solana Company (HSDT), formerly Helius Medical Technologies, rejected an all-stock proposal that would have given its shareholders 0.386 newly issued Forward shares for each HSDT share. According to Forward, the offer valued HSDT at $1.63 per share.

“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,” Forward said in its press release.

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