Forward Industries' three Solana merger bids rejected

Forward Industries, the largest publicly traded company holding Solana cryptocurrency, has failed in three separate attempts to acquire rival firms in the sector, revealing a push for consolidation that has so far been rebuffed. The company announced on Monday, June 15, 2026, that its all-stock merger proposals to The Solana Company (HSDT), Brera Holdings (SLMT), and SkyAI (SKYA) were unsuccessful.

The Solana Company formally rejected the offer without engaging in prior dialogue, with its board voting to decline the proposal on or around June 12. Brera Holdings similarly turned down a comparable bid earlier this month, on June 6. SkyAI did not respond before its proposal expired on June 12. Forward Industries expressed disappointment, stating it was surprised the HSDT board rejected the offer without any discussion and that it believes dialogue is in the best interest of both companies and their shareholders.

In each case, Forward argued that a merger would benefit shareholders and strengthen the broader Solana ecosystem. The proposed deal with HSDT would have given its shareholders 0.386 Forward shares for each HSDT share, representing approximately a 10% premium over HSDT's...