Statement of no intention to make an offer for Brera Holdings plc (the “Company”)

Rhea-AI Summary

Forward Industries (NASDAQ: FWDI) announced under Rule 2.8 of the Irish Takeover Rules that it does not intend to make an offer for Brera Holdings. Forward, and any person acting in concert with it, will be bound by Rule 2.8 restrictions, limiting future approaches.

Forward reserves the right, on behalf of itself and its concert parties, to set aside this statement within the next six months where permitted under Rule 2.8, including Rule 2.8(c)(ii). The directors accept responsibility for the information. A copy of the announcement will be posted on Forward’s website by 12 noon New York time on the next business day.

News Market Reaction – FWDI

+3.60%

6 alerts

+3.60% Session close to close

+7.4% Peak in 7 hr 27 min

$307.55M Market Cap

0.7x Rel. Volume

In the Jul 21 session, FWDI gained 3.60%, reflecting a moderate positive market reaction. Argus tracked a peak move of +7.4% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Net Buying by insiders, including a 500-share CEO purchase, provides additional platform context for...

Analysis

Net Buying by insiders, including a 500-share CEO purchase, provides additional platform context for this no-offer statement. The platform also records low short positioning, which does not establish a major short-interest pressure factor.

Key Figures

Announcement date: July 21, 2026 Takeover rule: Rule 2.8 Restriction period: six months +3 more

6 metrics

Announcement date July 21, 2026 Rule 2.8 announcement

Takeover rule Rule 2.8 Statement of no intention to make an offer

Restriction period six months Period in which the announcement may be set aside where permitted

Rule exception Rule 2.8(c)(ii) Referenced exception to the Rule 2.8 restrictions

Website publication deadline 12 noon New York time Business day following publication

Website rule Rule 26.1 Irish Takeover Rules website publication requirement

Historical Context

5 past events · Latest: Jul 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 15	Board appointment	Positive	-1.2%	Michael Ashe joined the board amid disclosed Galaxy Digital commercial relationships.
Jul 01	Treasury expansion	Positive	+11.4%	Forward added over 500,000 SOL and reported a 7.55 million SOL treasury.
Jul 01	Rule disclosure	Neutral	+11.4%	Forward disclosed capital structure information under Irish Takeover Rules.
Jun 24	Offeror disclosure	Neutral	-11.0%	Forward disclosed its opening position as an offeror under Rule 8.1.
Jun 15	Acquisition proposal	Positive	+0.2%	Forward announced a non-binding all-stock proposal for Solana Company.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Historical reactions were mixed: positive treasury and acquisition news coincided with gains, while management and takeover disclosures coincided with declines or diverged.

Key Terms

irish takeover rules, concert parties

2 terms

irish takeover rules regulatory

"the Irish Takeover Panel Act, 1997, Takeover Rules, 2022"

Irish Takeover Rules are a set of legal guidelines in Ireland that govern how companies can be bought or merged with each other. They are designed to ensure that all shareholders are treated fairly and have the chance to decide whether to sell their shares during a takeover.

concert parties regulatory

"Forward and any person acting in concert with it will be bound"

Concert parties are two or more people or entities that have an agreement, understanding, or coordinated plan to act together in relation to ownership or control of a company’s shares. Regulators and markets treat them as a single voting bloc for takeover thresholds and disclosure rules, so their combined holdings and actions can trigger reporting requirements or change who effectively controls a company. Think of them as a team pooling votes and decisions rather than acting independently.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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THIS IS AN ANNOUNCEMENT UNDER RULE 2.8 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE “IRISH TAKEOVER RULES”). 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

AUSTIN, TX, July 21, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (“Forward”) confirms that it does not intend to make an offer for the Company.

This announcement is intended to be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies and, accordingly, Forward and any person acting in concert with it will be bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules.

Forward reserves (on behalf of Forward and its concert parties) the right to set aside this announcement within the next six months where so permitted under Rule 2.8 (including Rule 2.8(c)(ii)) of the Irish Takeover Rules.

Media Contact
comms@forwardindustries.com

Investor Relations

Elevate IR
ir@forwardindustries.com

Important Notices

Responsibility Statement

The directors of Forward accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Publication on Website

In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this announcement will be available on Forward Industries, Inc.’s website at www.forwardindustries.com by no later than 12 noon (New York time) on the business day following publication of this announcement. The content of the website referred to in this announcement is not incorporated into, and does not form part of, this announcement.

No offer or solicitation

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise. The release, publication or distribution of this announcement in whole or in part in, into or from any jurisdiction may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

FAQ

What did Forward Industries (NASDAQ: FWDI) announce about a potential offer for Brera Holdings on July 21, 2026?

Forward Industries confirmed it does not intend to make an offer for Brera Holdings. According to Forward, this statement is made under Rule 2.8 of the Irish Takeover Rules and binds Forward and any concert parties to related restrictions.

What is Rule 2.8 of the Irish Takeover Rules and how does it affect FWDI?

Rule 2.8 governs statements of no intention to make an offer in Irish takeover situations. According to Forward, its Rule 2.8 statement means Forward and its concert parties are bound by specific restrictions on making an offer for Brera Holdings for a defined period.

Can Forward Industries (FWDI) change its decision not to bid for Brera Holdings?

Forward reserves the right to set aside its no-offer statement within six months, where permitted under Rule 2.8. According to Forward, this includes circumstances allowed by Rule 2.8(c)(ii) of the Irish Takeover Rules.

Where can investors read Forward Industries’ Rule 2.8 announcement about Brera Holdings?

Investors can access a copy of the announcement on Forward Industries’ website. According to Forward, it will be available at www.forwardindustries.com by no later than 12 noon New York time on the business day following publication.

Does Forward Industries’ July 21, 2026 statement constitute an offer for FWDI or Brera securities?

No, the statement does not constitute an offer or solicitation to buy or sell any securities. According to Forward, it is not an invitation or solicitation for any transaction or for any vote or approval in any jurisdiction.

Are there jurisdictional restrictions on Forward Industries’ announcement regarding Brera Holdings?

Yes, the release, publication or distribution of the announcement may be restricted by law in certain jurisdictions. According to Forward, persons receiving the announcement should inform themselves of, and observe, any applicable securities law restrictions.