Forward Industries (FWDI) said it submitted a non-binding acquisition proposal to the board of Solana Company (HSDT) under an all-stock merger plan, but the HSDT board voted to reject it on June 12 and chose not to pursue further communication.

According to Foresight News, the proposal would have offered HSDT shareholders 0.386 shares of newly issued Forward common stock for each HSDT share, representing an estimated 10% premium to HSDT’s prior-day closing price of $1.48, or about $1.63 per share.

Forward Industries said it was disappointed with the outcome and argued that opening a dialogue would be in the interests of shareholders of both companies. The company also publicly disclosed details of the proposal process.