The board of Solana Company rejected the acquisition proposal made by Forward Industries

According to the Wall Street Journal, Forward Industries has confirmed that it submitted a non-binding acquisition proposal to the board of directors of Solana Company (HSDT), planning to merge the businesses through an all-stock transaction.

The company stated that the proposal aims to promote business integration between the two parties and believes that initiating formal dialogue is in the common interest of both companies and their shareholders. However, the HSDT board voted on June 12 to reject the acquisition offer and stated that it would not engage in further discussions regarding the proposal. Forward Industries expressed "disappointment and surprise" at this decision and reiterated its hope that both parties could reopen communication.

Analysts believe that this incident reflects the current divergence between Solana ecosystem-related companies regarding capital integration and independent development paths, and it remains to be seen whether there will be renegotiations or other capital actions in the future.