Forward Industries, Inc. (NASDAQ: FWDI) announced that it has made an indicative, non-binding proposal to acquire the entire issued and to be issued share capital of Brera Holdings PLC ("SLMT") in an all-stock transaction. Under the proposal, SLMT shareholders would receive 1.54 newly issued shares of Forward common stock for each SLMT share, representing a premium of approximately 30.7% to the volume-weighted average closing price of SLMT ordinary shares over the 10 trading days ended June 1, 2026, or $7.19 per share.
Forward Industries stated that the proposal was rejected by SLMT's board of directors on June 6, 2026, despite what the company described as a compelling opportunity for shareholders to receive a meaningful premium while maintaining exposure to the Solana ecosystem through a larger and more liquid treasury platform. The company said it remains open to further discussions and believes the proposed combination would advance the shared objective of increasing value for shareholders and supporting growth within the Solana ecosystem.
Forward Industries is a Solana-focused digital asset treasury company with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. The company's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to, and investing in the Solana network, Solana developers, and Solana-related projects to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched its digital asset treasury strategy supported by industry-leading investors and operating partners, including Galaxy Digital and Jump Crypto.
The proposal from Forward Industries to acquire Brera Holdings PLC comes at a time when consolidation within the digital asset space is increasing. The all-stock transaction would have allowed SLMT shareholders to participate in a larger treasury platform with enhanced liquidity. However, the rejection by SLMT's board suggests that the offer may not have aligned with the company's strategic vision or valuation expectations.
For more information on Forward Industries and its Solana treasury strategy, visit forwardindustries.com. The latest news and updates relating to FWDI are available in the company's newsroom at https://ibn.fm/FWDI.
This development is significant as it highlights the ongoing efforts of companies to consolidate within the digital asset ecosystem, particularly around the Solana network. The proposed acquisition could have implications for the valuation of digital asset treasury companies and the strategic value of holding SOL tokens. Investors and market watchers will be keen to see if Forward Industries pursues other acquisition targets or if Brera Holdings PLC will remain independent.
