Forward Industries' (FWDI) non-binding proposal to acquire Solana (HSDT) in an all-stock business combination was rejected, the company said Monday.

Under its proposal, Solana shareholders would receive 0.386 newly-issued shares of Forward for each share, a premium of approximately 10% to its latest closing price, or $1.63, the company said.

Forward was "surprised" by the board's rejection and decision "to not engage in further discussion," the company said.

"We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders," the company said.

Solana did not immediately reply to MT Newswires' request for comment.