Key facts
- Forward Industries' unsolicited acquisition proposals to Solana Company and Brera Holdings were rejected by their respective boards.
- SkyAI, formerly Sharps Technology, did not respond to Forward Industries' offer by the June 12 deadline.
- Forward Industries holds nearly 7 million SOL, acquired for approximately $1.6 billion, with over $1 billion in unrealized losses.
- Shares of Forward Industries, Solana Company, and Brera Holdings experienced significant gains on Monday.
- Solana (SOL) price also rose approximately 11% in 24 hours.
Forward Industries, a prominent Solana treasury firm, has faced rejections in its attempts to acquire rival companies. The firm proposed all-stock business combinations to Solana Company and Brera Holdings, but both boards turned down the unsolicited offers without engaging in discussions. Forward Industries also made an offer to SkyAI, another Solana treasury firm, but received no response by the proposal's expiration on June 12.
Forward Industries stated its disappointment with the rejections, emphasizing its belief that cooperation is necessary in the current market to benefit shareholders and strengthen the Solana ecosystem. The company acquired nearly 7 million SOL last year for approximately $1.6 billion and holds over $1 billion in unrealized losses at current market prices.
Despite the failed acquisition attempts, shares across all involved companies saw significant gains on Monday. Forward Industries' stock jumped over 14% to $4.89, while Brera Holdings rose more than 7% to $4.71, and both Solana Company and SkyAI experienced double-digit increases. These gains coincided with a broader market rally, including an approximately 11% rise in Solana (SOL) to around $75.