By Elias Schisgall
Forward Industries proposal to acquire Brera Holdings in an all-stock transaction was rejected by the company's board.
The cryptocurrency-stockpiling company said Tuesday it had proposed to acquire Brera, a crypto infrastructure firm that does business as Solmate Infrastructure, by issuing 1.54 new shares of Forward for each share of Brera.
Forward said its offer represents a roughly 31% premium to Brera's 10-day, volume-weighted average closing price of $7.19 as of June 1, when it first made its proposal.
Brera's board rejected the proposal after determining it wasn't in the company's best interest, Forward said.
"Forward Industries respectfully disagrees and believes that the proposal is in the best interest of SLMT and--equally as importantly--the shareholders of SLMT, and is disappointed that SLMT has chosen to not engage in dialogue with the Forward team," the company said.
A representative for Brera did not immediately respond to a request for comment.
Forward said that it and Brera share the same mission of accelerating the growth of the Solana ecosystem and increasing Solana per share.
Under the Irish Takeover Rules, Forward is required to announce a firm intention to make an acquisition offer or say that it does not intend to make an offer, by 5:00 p.m. on July 21st.
Shares of Brera rose 5.7% to $5.30 in after-hours trading, while Forward's stock edged down 1.2% to $4.00.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
June 09, 2026 18:51 ET (22:51 GMT)
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