Forward Industries Rejected in Acquisition Bids for Three Solana Treasury Rivals on Monday

Forward Industries, the largest publicly traded Solana treasury firm, announced on Monday that it was rejected in unsolicited takeover proposals for competing SOL-accumulating firms Solana Company (HSDT) and Brera Holdings (SLMT). Each proposal involved all-stock business combinations, whereby shareholders of the target firms would receive shares of Forward Industries (FWDI). Brera's board similarly rejected the offer last week without engagement. Forward also made an acquisition offer to SkyAI (SKYA), a Solana treasury firm, but did not receive a response by the proposal's June 12 expiration.

Forward Industries shares surged more than 14% on Monday, trading at $4.89, alongside broader market gains as SOL climbed nearly 11% in 24 hours to around $75. Rival Solana treasury firms that rejected Forward's offers also gained, with SLMT up 7%, HSDT up 12%, and SKYA up 14% on the session.