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06/16 13:51Bullish

'There's room for win-win outcomes': Largest Solan

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'There's room for win-win outcomes': Largest Solana treasury firm Forward looks to acquire smaller SOL DATs Forward Industries is the largest Solana DAT with 7 million SOL on its balance sheet. The firm has sent multiple bids to acquire smaller DATs, including Solmate, SkyAI, and Solana Company, the latter of which is the second-largest DAT.  These firms have rejected or ignored Forward’s offers. Forward Industries (NASDAQ: FWDI) is looking to consolidate the Solana digital asset treasury (DAT) sector through acquisitions. On Monday, the firm announced its intent to acquire fellow SOL DATs, SkyAI, Inc. (SKYA) and Solana Company (HSDT).  The firm sent two non-binding proposals to the boards of both firms, floating all-stock business combinations. According to the announcements, Solana Company declined Forward’s initial offer while SkyAI did not respond.  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.  Ryan Navi, the chief investment officer for Forward, told The Block last week that Forward was well-positioned to acquire some of its SOL DAT competitors. Notably, the firm is set to join the Russell 2000 and 3000 indexes at the end of the month, which will serve as a major liquidity boost for FWDI from passive buyers. Forward is also the biggest Solana treasury by an order of magnitude, with its SOL holdings larger than its next three competitors combined. The firm holds over 7 million SOL, the majority of which is staked or deployed in Solana DeFi.
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