Forward Industries sought to acquire the firm by issuing 1.54 of its own shares for every single share of Brera. This offer was pitched at a 31% premium based on Brera’s 10-day volume-weighted average price of $7.19 as of June 1. Despite the proposed valuation, Brera’s board determined the deal failed to serve the company's best interests, leaving Forward executives expressing open disappointment over the lack of dialogue.
Both companies claim a shared focus on expanding the Solana ecosystem, yet the path forward remains strained. Under Irish Takeover Rules, Forward faces a firm deadline of 5:00 p.m. on July 21 to clarify its intentions—either by announcing a binding offer or formally withdrawing its interest. Following the news, Brera shares climbed 5.7% to $5.30 in after-hours trading, while Forward’s stock slipped 1.2% to $4.00.
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