The rejection follows a difficult year for Solana, which has seen its share price slide 39% since January. Monday’s closing price of $1.75 sits well above the proposed tender, yet the stock remains down 91% over the past 52 weeks. Forward Industries, already a major holder of Solana tokens, publicly confirmed the board’s refusal, noting that the dismissal arrived without any prior communication or discussion between the two parties.

This failed acquisition attempt coincides with a broader cooling of deal-making activity for Forward Industries. On the same day the Solana bid was dismissed, the firm confirmed that a separate all-stock offer to acquire the agentic finance platform SkyAI had expired after that company failed to respond to the proposal.