Forward Industries plans an all-stock acquisition of Solana Company, but is rejected by the latter's board of directors.
Foresight News reported that Forward Industries (FWDI), a Solana treasury company, announced it had submitted a non-binding acquisition proposal to the board of Solana Company (HSDT), another Solana treasury company, for an all-stock merger plan. However, on June 12, the HSDT board voted to reject the proposal and opted not to engage in further communication. According to the proposal, HSDT shareholders would receive 0.386 newly issued Forward common shares for each HSDT share held, representing a premium of about 10% over the closing price of $1.48 the day prior to the proposal, equivalent to approximately $1.63 per share. Forward Industries expressed disappointment with the outcome, stating that opening a dialogue would serve the interests of both companies' shareholders, and publicly disclosed the process of the proposal.
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