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Wu said that Solana Treasury Company Forward Industries announced that on June 1st, it submitted an indicative, non-binding all-stock acquisition proposal to Brera Holdings PLC (SLMT), proposing to acquire all issued and to-be-issued shares of SLMT.
According to the proposal, SLMT shareholders would receive 1.54 shares of Forward's newly issued common stock per share, equivalent to $7.19 per share, representing a premium of approximately 30.7% over the volume-weighted average closing price of SLMT over the 10 trading days prior to June 1st.
The SLMT board of directors rejected the proposal on June 6th, stating that it was not in the best interests of the company.