Solana Treasury Firms Reject Forward Industries’ Acquisition Efforts

Forward Industries has faced resistance in its attempt to consolidate publicly traded companies with exposure to Solana, after multiple acquisition proposals were either rejected or ignored.

The company disclosed that Solana Company, formerly known as Helius Medical Technologies, declined an all-stock acquisition offer that would have exchanged 0.386 newly issued Forward shares for each company share. Based on Forward’s proposal, the offer valued Solana Company at approximately $1.63 per share.

According to Forward, the company’s board rejected the proposal and chose not to enter further discussions, a decision that Forward said was unexpected.

Multiple Acquisition Offers Fail to Gain Support

Forward also revealed that SkyAI did not respond to a separate acquisition proposal valuing its shares at $1.55 each before the offer expired. In addition, Brera Holdings rejected a nonbinding all-stock proposal that valued its shares at approximately $7.19.

The setbacks highlight the challenges facing Forward’s strategy of combining Solana-focused treasury firms into a larger entity.

Pressure Builds on Crypto Treasury Companies

Forward Industries currently positions itself as the largest Solana treasury company, holding around 7 million SOL acquired for nearly $1.6 billion. However, current market valuations place those holdings at roughly $525 million, leaving the company with a significant unrealized loss.

Industry Faces Questions About Scale and Sustainability

Some market observers argue that crypto treasury companies are struggling to attract investor interest as alternative investment products gain popularity. Echo Base partner August Widmer said many treasury firms may eventually need to consolidate to remain competitive.

While Forward believes larger combined entities could offer better liquidity and scale, the recent rejections suggest that several Solana-focused companies are not yet prepared to pursue mergers despite growing pressure across the sector.