Forward Industries, Inc. (NASDAQ: FWDI), a Solana-focused digital asset treasury company, announced that it had submitted 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. The proposal, disclosed in a press release, offered SLMT shareholders 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.
According to the announcement, Forward Industries stated that 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 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 (NASDAQ: FWDI) positions itself as 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 in order 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 rejection of the proposal highlights potential tensions between the two companies regarding valuation and strategic fit. Forward Industries believes the acquisition would create a larger treasury platform with increased liquidity, benefiting shareholders of both entities. The company’s willingness to remain open to further discussions suggests that it may revise its offer or seek alternative avenues to pursue the combination.
This development is significant for investors tracking the Solana ecosystem, as it underscores the ongoing consolidation and strategic moves among digital asset treasury companies. Forward Industries’ focus on Solana and its partnerships with prominent crypto investors like Galaxy Digital and Jump Crypto lend weight to its ambitions. The outcome of this proposal could influence market perceptions of both companies and the broader Solana ecosystem.
For more details, the full press release is available at https://ibn.fm/5Ykvd. Additional information on Forward Industries’ Solana treasury strategy can be found at forwardindustries.com. For the latest news and updates on FWDI, visit the company’s newsroom at https://ibn.fm/FWDI.
