Solana Treasury Firm Forward Industries Keeps Trying to Acquire Rivals—But Nobody’s Biting

Forward Industries, the largest publicly traded Solana treasury company, was rejected on unsolicited takeover bids for competing SOL-accumulating firms the Solana Company and Brera Holdings, the firm announced. 

The proposals sought all-stock business combinations, with shareholders of both Solana Company (HSDT) and Brera Holdings (SLMT) respectively set to receive shares of Forward Industries (FWDI), should the proposals have been accepted. 

“We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication,” the firm wrote Monday of its latest rejection. “We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders.”

Last week, Brera’s board similarly rejected the proposal without engaging the firm. 

Forward, which acquired nearly 7 million SOL last year for around $1.6 billion, also made an acquisition offer to SkyAI (SKYA), another Solana treasury firm formerly known as Sharps Technology, but did not receive a response by the expiration of the proposal on June 12. 

In each case, Forward indicated that it believed a pairing would improve the standing for shareholders of the respective parties, while also strengthening the Solana ecosystem.

“We believe the current market environment necessitates cooperation and strategic action to deliver on promises made to our shareholders and to drive that vision forward,” the firm said of its HSDT proposal.

Shares in Forward have jumped more than 14% on Monday, changing hands recently at $4.89 as Solana surges alongside the broader market in the wake of an announced U.S. peace deal with Iran. The firm, which held more than 7 million SOL as of March 31, has more than $1 billion in unrealized losses at Solana’s current trading mark. 

SOL has gained nearly 11% in the last 24 hours, trading around $75. The boost has also led to gains for the Solana treasury firms that spurned Forward’s offers. Shares in Brera Holdings (SLMT) have jumped more than 7% in trading on Monday, recently changing hands at $4.71. 

Meanwhile, HSDT and SKYA are up double digits, surging nearly 12% and 14% respectively. 

A representative for Forward Industries did not immediately respond to Decrypt’s request for comment.