PANews reported on June 16th that, according to The Block, Nasdaq-listed Forward Industries (FWDI) is seeking to acquire and integrate Solana Digital Asset Treasury. The company proposed an all-stock merger offer to acquire SkyAI (SKYA) and Solana Company (HSDT), with premiums of approximately 10% and 20% respectively. Solana Company rejected the initial offer, and SkyAI did not respond. Forward's previous acquisition of Solmate was also rejected.

Ryan Navi, Chief Investment Officer at Forward, stated that Forward is offering attractive terms to smaller SOL DATs, including a premium for existing shareholders and the opportunity to increase SOL exposure through a larger platform. He believes that many DATs struggling in the bear market face the risk of costly cash liquidation, where investors may not even be able to recover their original assets. "We see an opportunity to attack, a win-win situation," Navi noted, pointing out that SKYA's share price is significantly discounted to its net asset value and has significantly underperformed SOL and peers since its AI transformation.