Summary
- Forward Industries has made acquisition offers to three competing Solana treasury firms.
- Two of the firms declined the proposals, while one did not respond before the deadline.
- On Monday, shares across the related firms experienced significant increases as Solana and other cryptocurrencies surged.
Forward Industries, recognized as the largest publicly traded treasury firm for Solana, announced it faced rejection on its unsolicited acquisition attempts directed at rival firms Solana Company and Brera Holdings.
The suggested deals were all-stock transactions, whereby shareholders of both Solana Company (HSDT) and Brera Holdings (SLMT) would receive shares in Forward Industries (FWDI) if the offers had 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 stated on Monday regarding the latest rejection. “We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders.”
Similarly, Brera’s board also turned down Forward’s proposal without any engagement.
Forward, which acquired nearly 7 million SOL last year for about $1.6 billion, also extended an acquisition offer to SkyAI (SKYA), another Solana treasury firm previously known as Sharps Technology, but did not receive a response prior to the proposal's expiration on June 12.
In all instances, Forward expressed confidence that a merger would enhance the value for shareholders involved and fortify 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 commented regarding its proposal to HSDT.
On Monday, shares of Forward surged over 14%, trading recently at $4.89 as Solana and the broader market rallied following an announced U.S. peace deal with Iran. The company, which had held more than 7 million SOL as of March 31, is currently facing over $1 billion in unrealized losses due to Solana’s current trading position.
SOL has seen a rise of nearly 11% in the past 24 hours, hovering around $75. This increase has also positively impacted the Solana treasury firms that declined Forward’s offers, with Brera Holdings (SLMT) shares climbing over 7% on Monday, recently trading at $4.71.
Additionally, HSDT and SKYA stocks have risen significantly, with increases of nearly 12% and 14%, respectively.
A spokesperson for Forward Industries did not provide a response to Decrypt’s request for comments at this time.