PANews reported on June 15 that, according to The Wall Street Journal, Forward Industries (NASDAQ: FWDI) confirmed it had proposed a non-binding all-stock business merger to the board of directors of Helius Medical Technologies (HSDT), the parent company of Solana Company. The HSDT board voted to reject the offer on June 12 and stated it would not pursue further discussions on the transaction. Forward expressed "disappointment and surprise" at the decision, emphasizing that it believes initiating dialogue is in the best interests of both companies and their shareholders. The proposal is indicative; specific valuations, exchange ratios, and subsequent plans have not yet been disclosed.