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. The proposal, disclosed in a press release, would see SLMT shareholders 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.
According to Forward Industries, 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 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 ecosystem, with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. The company launched its digital asset treasury strategy in September 2025 through a private placement transaction, supported by industry-leading investors 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 challenges in consolidation within the Solana ecosystem, as Forward seeks to expand its treasury platform and increase shareholder value. The all-stock nature of the offer, if accepted, would have allowed SLMT shareholders to retain exposure to the digital asset space through a combined entity with greater liquidity. Analysts suggest that the proposed premium reflects Forward’s confidence in the synergies between the two companies, particularly in strengthening the Solana network.
As the digital asset treasury sector evolves, such acquisition attempts could become more common as companies seek to scale operations and enhance their positions within specific blockchain ecosystems. The outcome of this proposal may influence how other firms approach consolidation in the space. For the latest news and updates relating to FWDI, visit the company’s newsroom at https://ibn.fm/FWDI.
