AI · The Block
‘There’s room for win-win outcomes’: Largest Solana treasury firm Forward looks to acquire smaller SOL DATs
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
Forward Industries (NASDAQ: FWDI) is looking to consolidate the Solana digital asset treasury (DAT) sector through acquisitions.
Key facts
- Solana Company's HSDT is up over 11% on Monday, trading around $1.72, and SKYA is up 12.95% to $1.29
- Forward offered to issue new FWDI shares to compensate HSDT stockholders at a premium of about 10%, with HSDT stockholders receiving 0.386 newly issued Forward common stock for each share of HSDT
- The six active SOL DATs tracked by The Block are all trading between a 0.34 and 0.76 mNAV, with Forward at 0.69 based on its basic market cap
- Solana Company is the second-largest SOL DAT with about 2.3 million tokens, while SkyAI has roughly 2 million tokens
Summary
The firm sent two non-binding proposals to the boards of both firms, floating all-stock business combinations. Forward offered to issue new FWDI shares to compensate HSDT stockholders at a premium of about 10%, with HSDT stockholders receiving 0.386 newly issued Forward common stock for each share of HSDT common stock at $1.63, according to the announcement. Additionally, Forward offered a similar all-stock deal to SKYA holders, offering a 20% premium to SKYA’s recent price. The announcement comes about a week after Forward disclosed its bid to acquire Solmate, another Solana treasury firm, which was rejected.