Forward Industries, Inc. (NASDAQ: FWDI), a Solana-focused digital asset treasury company, announced 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 said the proposal was rejected by SLMT’s board of directors on June 6, 2026, despite what it 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 stated 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 digital asset treasury company focused on the Solana blockchain. Its strategy involves buying, holding, staking, trading, investing in, and growing SOL and SOL-related digital assets, protocols, and businesses. The company aims to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects. In September 2025, Forward launched its digital asset treasury strategy through a private placement transaction, supported by industry-leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the company’s Solana treasury strategy, visit forwardindustries.com.
The rejection of the proposal highlights potential tensions between the two companies’ boards regarding valuation and strategic fit. Forward Industries believes the combination would create a larger and more liquid treasury platform, benefiting shareholders of both entities. However, Brera’s board apparently did not share that view, at least at the proposed terms. The offer represents a significant premium, suggesting Forward is willing to pay a premium to gain exposure to Brera’s assets and position within the Solana ecosystem.
For investors, the outcome underscores the complexities of M&A in the digital asset space, where valuations can be volatile and strategic visions may diverge. Forward Industries remains open to further discussions, indicating that a revised offer or continued negotiation could still be possible. The company’s focus on the Solana ecosystem positions it as a consolidator in the space, and this proposal, if eventually accepted, could accelerate its growth strategy. The latest news and updates relating to FWDI are available in the company’s newsroom at https://ibn.fm/FWDI.
This news story relied on content distributed by InvestorBrandNetwork (IBN). Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Forward Industries Proposes All-Stock Acquisition of Brera Holdings, Rejected by Board.