According to The Wall Street Journal, Forward Industries has confirmed that it has submitted a non binding proposal for an all stock business merger to the board of directors of Helius Medical Technologies (HSDT). The HSDT board of directors voted to reject the offer on June 12th and stated that there will be no further discussions on the transaction. Forward expressed disappointment and surprise at this decision, believing that initiating a dialogue is in the interests of both companies and shareholders. The proposal is of an intention nature, and the specific valuation, exchange ratio, and subsequent plans have not been disclosed yet.