Solana Treasury Firms Reject Forward Industries’ Acquisition Proposals
- Forward Industries proposed an all-stock offer to acquire Solana Company (HSDT) at $1.63 per share, which was rejected on June 12.
- SkyAI did not respond to a separate acquisition proposal valued at $1.55 per share before the offer expired.
- Brera Holdings also declined a nonbinding proposal from Forward that valued its shares at $7.19 each.
- Forward Industries holds approximately 7 million SOL, acquired for nearly $1.6 billion, now valued at about $525 million.
- The rejections indicate challenges in consolidating smaller treasury firms within the Solana ecosystem amid declining investor interest.
The resistance from HSDT, SkyAI, and Brera Holdings complicates Forward Industries’ strategy to consolidate companies with exposure to Solana (SOL). Analysts suggest that consolidation may be necessary for smaller operators to survive in a challenging market environment.
With Forward’s tokens currently reflecting an unrealized loss of over $1 billion, the push for mergers highlights significant pressures on treasury firms in the crypto space.(Source)
