Forward Industries (FWDI) made a non-binding, all-stock proposal to acquire Brera Holdings PLC (SLMT), offering 1.54 shares of FWDI for each SLMT share, valuing the target at approximately $7.19 per share. The offer represented a 30.7% premium over the 10-day volume-weighted average price, but the board of SLMT—which reportedly holds 2.1 million SOL—has rejected the proposal. The transaction was intended to acquire the entire issued share capital of SLMT, though management remains opposed to the deal.