Forward Industries' proposal to acquire Solana Company parent HSDT rejected

Odaily Planet Daily News Nasdaq-listed company Forward Industries has confirmed that it has submitted a non-binding proposal for an all-stock business combination to the board of directors of Helius Medical Technologies (HSDT), the parent company of Solana Company. The HSDT board voted on June 12 to reject the offer and stated that it would not engage in further discussions regarding the transaction.

Forward Industries expressed that it is "disappointed and surprised" by this decision and stated that it believes opening a dialogue is in the best interests of both companies and their shareholders. The proposal is indicative in nature, and specific valuations, exchange ratios, and follow-up plans have not yet been disclosed.