NEWTOWN, PA — Solana Company (Nasdaq: HSDT) this week rejected an unsolicited acquisition proposal from Forward Industries, saying the all-stock offer significantly undervalues the company as it pursues a strategy centered on accumulating and holding Solana cryptocurrency tokens.
The company’s board unanimously voted this week to reject a June 4 proposal from Forward Industries to acquire Solana in a stock-for-stock transaction valued at $1.48 per share, according to a company statement.
The decision highlights growing tensions around valuation in the emerging market for publicly traded digital asset treasury companies, where investors are increasingly assigning value based on cryptocurrency holdings and future token appreciation.
After reviewing the proposal, Solana’s board concluded the offer was not in the best interests of shareholders and did not adequately reflect the company’s value, the company said.
The proposal was non-binding and unsolicited.
Solana recently expanded its business model to focus on building a treasury of Solana (SOL) tokens, joining a growing number of publicly traded companies using corporate balance sheets to gain exposure to digital assets.
The company said it is pursuing a strategy designed to increase SOL holdings on a per-share basis through capital markets activities and participation in the Solana blockchain ecosystem.
No financial details beyond the proposed per-share valuation were disclosed, and the company did not indicate whether it plans to pursue alternative strategic transactions.
Forward Industries has not publicly responded to the board’s rejection.
Solana advised shareholders that no action is required at this time.
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