Solana Company rejects merger proposal from Forward Industries

Forward Industries (FWDI), the largest accumulator of Solana (SOL), said its proposal for an all-stock merger with Solana Company was rejected by the latter's board of directors, The Wall Street Journal reported. Forward Industries stated it received a response from Solana Company indicating that its board had voted to turn down the merger offer and would not proceed with further discussions. Forward expressed disappointment that the Solana Company board rejected its proposal without any discussion or communication.