Forward Industries Presses Solana on Decision to Reject All-Stock Business Combination
MT Newswires Live
Yesterday
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.
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