Forward Industries makes acquisition proposal for Brera Holdings

Forward Industries Inc. (NASDAQ: FWDI) announced it made a non-binding proposal to acquire Brera Holdings PLC on June 1, 2026. The proposal offers SLMT shareholders 1.54 newly-issued Forward shares for each SLMT share, representing a 30.7% premium to SLMT's volume-weighted average closing price over the ten trading days ended June 1, 2026.

Brera Holdings rejected the proposal on June 6, 2026, stating it does not consider the proposal to be in the best interest of the company. Forward expressed disappointment with the rejection and said it believes the proposal benefits both SLMT and its shareholders.

The proposed all-stock transaction valued SLMT shares at $7.19 each, based on SLMT's volume-weighted average price of $5.50 and Forward's closing price of $4.66 on June 1, 2026. Forward describes itself as a Solana treasury company that launched its treasury strategy in September 2025.

Under Irish Takeover Rules, Forward must announce by July 21, 2026, either a firm intention to make an offer for SLMT or that it does not intend to make an offer. The company reserves the right to vary the offer terms under certain conditions, including with SLMT board consent or if a third party makes a competing offer.

As of June 1, 2026, Forward had 73,753,241 outstanding common shares, comprised of 87,069,465 issued shares less 13,316,224 treasury shares. The company also had outstanding options, restricted stock units, and warrants for additional shares.

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