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Solana Treasury Company Forward Industries (FWDI) announced that its all-stock acquisition proposal to another Solana Treasury Company, Solana Company (HSDT), has been rejected by the latter's board of directors. According to the plan, HSDT shareholders can exchange 1 share of HSDT for 0.386 shares of newly issued Forward common stock, equivalent to approximately $1.63 per share, a premium of about 10% over the previous trading day's closing price of $1.48. Forward stated that the HSDT board voted to reject the proposal on June 12 and chose not to engage in further discussions. The company expressed disappointment and believes that engaging in dialogue is in the best interests of shareholders.