Solana Company Rejects Forward Industries’ $1.63/Share Acquisition Bid

Solana Company Rejects Acquisition Bid

Solana Company has rejected an all-stock acquisition proposal from Forward Industries, valued at approximately $1.63 per share, which included a 10% premium. The decision comes as Solana Company aims to pursue an independent treasury strategy.

The Rejected Bid & Key Holdings

Forward Industries’ proposal sought to acquire Solana Company at:

• Approximately $1.63 per share, representing a 10% premium over Solana Company’s previous closing price.
• A combined entity would have consolidated over 9.3 million SOL.
• Forward Industries held 7.04 million SOL as of March 31.
• Solana Company held about 2.3 million SOL as of October 29, 2025.

Market Pressure & Strategic Divergence

This acquisition attempt occurred during a period of significant pressure on Solana treasury companies due to a roughly 70% decline in SOL prices over the past nine months.

• Forward Industries’ SOL holdings saw an 87% decline from their September peak.
• Solana Company experienced a 92% decline in its holdings’ value.

Forward Industries has been actively pursuing a consolidation strategy, including a prior attempt to acquire Solmate. However, Solana Company’s board is committed to an independent treasury approach.

Solana Company’s Independent Path

To support its standalone strategy, Solana Company recently announced an $8 million registered direct offering.

These funds are intended for additional SOL purchases, working capital, and business expansion. Solana Company did not publicly disclose its specific reasons for rejecting the merger.