Forward Industries, the largest public company with a Solana treasury, has accumulated three failed acquisition attempts targeting rivals in the sector. The company proposed all-stock business combinations to The Solana Company (HSDT), Brera Holdings (SLMT), and SkyAI (SKYA), but failed to close any of them.
Both HSDT and Brera formally rejected the offers without engaging in any prior dialogue, while SkyAI did not respond before the proposal expired on June 12. “We are disappointed and surprised that the HSDT board chose to reject Forward’s offer without any discussion or communication,” the firm stated.
Today we're sharing two offers we made to acquire SkyAI (SKYA) and The Solana Company (HSDT).
Full details for each are in the releases linked below. pic.twitter.com/8a4buuJoPR
— Forward Ind. | NASDAQ-$FWDI (@FWDind) June 15, 2026
In each case, Forward argued that a merger would benefit shareholders on both sides and strengthen the Solana ecosystem. The company accumulated nearly 7 million SOL tokens last year for approximately $1.6 billion, though it currently reports more than $1 billion in unrealized losses at the current market price.
Despite the corporate setback, Forward’s shares rose more than 14%. They are now trading near $4.89, driven by the crypto market rally following the announcement of a peace agreement between the United States and Iran. Solana climbed nearly 11% in the last 24 hours, reaching around $75 per unit.
Source:
- https://x.com/FWDind/status/2066561083436114417
- https://www.globenewswire.com/news-release/2026/06/15/3311844/0/en/forward-industries-announces-letter-of-intent-to-acquire-solana-company-hsdt.html
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