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Nasdaq warns Solmate Infrastructure (NASDAQ: SLMT) over sub-$1 bid price

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(Neutral)
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Form Type
6-K

Rhea-AI Filing Summary

Brera Holdings PLC (Solmate Infrastructure) reported receiving a Nasdaq staff determination on April 23, 2026 to delist its Class B ordinary shares from The Nasdaq Capital Market due to a prolonged minimum bid price deficiency under Nasdaq rules.

The company plans to request a hearing before an independent Nasdaq Hearings Panel by April 30, 2026, which will automatically stay any suspension or delisting action while the Panel considers the case. During this period, the shares are expected to continue trading on Nasdaq under the ticker SLMT.

Shareholders previously approved a 10‑for‑1 reverse share split at an extraordinary general meeting on April 7, 2026, subject to the board’s discretion to implement it. The board is working to complete the steps needed to effect the reverse split, and the company states it expects to regain compliance with Nasdaq’s minimum bid price requirement once the split is effectuated.

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Insights

Nasdaq delisting risk emerges, with compliance plan tied to another reverse split.

The company has received a Nasdaq staff determination to delist its Class B ordinary shares after the stock closed below $1.00 for 30 consecutive business days from March 11, 2026 through April 22, 2026. Because a 1‑for‑10 reverse stock split occurred on June 26, 2025, Nasdaq rules make the company ineligible for another 180‑day grace period.

A timely hearing request under Nasdaq Listing Rule 5815(a) will keep the shares trading while an independent Panel reviews a compliance plan. The company is leaning on shareholder approval of a 10‑for‑1 reverse share split granted on April 7, 2026, and states that it expects this action to restore compliance with the minimum bid requirement once implemented.

The key dependency is the board’s decision and execution of the reverse split and any related capital markets actions. Subsequent disclosures about the hearing date, Panel decision, and the effective timing of the reverse split will shape the company’s continued access to Nasdaq’s Capital Market.

Minimum bid price threshold $1.00 per share Nasdaq Listing Rule 5550(a)(2) requirement
Bid-price deficiency window 30 consecutive business days From March 11, 2026 through April 22, 2026
Hearing request deadline April 30, 2026 Last date to appeal Nasdaq staff determination
Prior reverse stock split ratio 1-for-10 Reverse split effected on June 26, 2025
Approved reverse share split ratio 10-for-1 Shareholder approval on April 7, 2026
Staff determination date April 23, 2026 Nasdaq delisting determination letter
Nasdaq Listing Rule 5810(c)(3)(A)(iv) regulatory
"Staff Determination was issued pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv)"
Minimum Bid Price Requirement regulatory
"as required under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”)"
A minimum bid price requirement is a rule that a stock must trade above a set price for a specified period to stay listed on an exchange. It matters to investors because falling below that threshold can trigger warnings or removal from the exchange, which can cut liquidity, reduce visibility, and often lead to sharper declines in share value—think of it like a venue’s minimum dress code that, if not met, can bar a performer from the stage.
reverse share split financial
"shareholders approved a 10-for-1 reverse share split of the ordinary shares"
A reverse share split is when a company reduces the number of its shares outstanding by combining multiple shares into one, effectively increasing the price of each share. For investors, this can help improve the company's image or meet stock exchange listing requirements, but it does not change the total value of their investment. It’s similar to turning many small pieces of a puzzle into fewer larger pieces—nothing new is added or lost, just rearranged.
Hearings Panel regulatory
"request a hearing before the Panel pursuant to Nasdaq Listing Rule 5815(a)"
A hearings panel is a small group of officials or experts who hold formal sessions to review evidence, question parties, and make decisions about regulatory compliance, discipline, or approvals. Think of it like a review board or courtroom for business and market issues: its findings can lead to fines, changes in a company’s permissions, or even delisting. Investors pay attention because the panel’s rulings can directly affect a company’s operations, reputation and share price.
foreign private issuer regulatory
"FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16"
A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2026

 

Commission File Number 001-41606

 

BRERA HOLDINGS PLC

(Translation of registrant’s name into English)

 

Connaught House, 5th Floor

One Burlington Road

Dublin 4

D04 C5Y6

Ireland

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F Form 40-F

 

 

 

 

 

 

INCORPORATION BY REFERENCE

 

This Report on Form 6-K shall be deemed to be incorporated by reference into the i) shelf registration statement on Form F-3 (Registration Number 333-276870) of Brera Holdings PLC, operating under the name Solmate Infrastructure (the “Company”) (NASDAQ: SLMT), a Solana-based crypto infrastructure company, filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on February 5, 2024 and declared effective by the SEC on February 13, 2024 (the “Shelf Registration Statement”), and into each prospectus or prospectus supplement outstanding under the Shelf Registration Statement, and the registration statement on Form F-3ASR (Registration Number 333-291657) of the Company, filed by the Company with the SEC on November 19, 2025 (the “Resale Registration Statement”), and into each prospectus or prospectus supplement outstanding under the Resale Registration Statement, and ii) registration statements on Form S-8 (File Nos. 333-269535 and 333-287999), in each case, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Receipt of Nasdaq Staff Delisting Determination

 

On April 27, 2026, the Company issued a press release with respect to the Staff Determination. A copy of the press release is attached to this Report on Form 6-K as Exhibit 99.1 and is incorporated herein by reference.

 

Exhibit No.

  Description
   
99.1   Press release, dated as of April 27, 2026

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: April 27, 2026 BRERA HOLDINGS PLC
     
  By: /s/ Guy Hirsch
    Guy Hirsch
    Interim Chief Operating Officer

 

 

2

 

Exhibit 99.1

 

Brera Holdings PLC (d/b/a Solmate Infrastructure) Received Nasdaq Staff Determination Regarding Minimum Bid Price Deficiency; Intends to Request Hearing Before Independent Panel

 

Staff Determination Issued Pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) Following Prior Reverse Stock Split; Company’s Hearing Request Will Automatically Stay Any Suspension or Delisting Action Pending the Panel Decision; Company Expects to Regain Compliance with Nasdaq Minimum Bid Price Requirement Following Shareholder Approval of Reverse Share Split Received Earlier This Month

 

Dublin, Ireland – April 27, 2026 — Brera Holdings PLC, operating under the name Solmate Infrastructure (the “Company”) (NASDAQ: SLMT) today disclosed that on April 23, 2026, the Company received a written determination letter (the “Staff Determination”) from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that the Staff has determined to delist the Company’s Class B ordinary shares, $0.005 nominal value per share (“Ordinary Shares”), from The Nasdaq Capital Market unless the Company requests an appeal of the determination before an independent Hearings Panel (the “Panel”) by April 30, 2026.

 

The Staff Determination was issued pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) on the grounds that the Ordinary Shares failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days from March 11, 2026 through April 22, 2026, as required under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), and that the Company is ineligible for a 180-calendar day compliance period due to the fact that the 1 for 10 reverse stock split effected on June 26, 2025 was completed within one year of the current bid price deficiency.

 

The Company intends to timely request a hearing before the Panel pursuant to Nasdaq Listing Rule 5815(a). The hearing process provides the Company with an opportunity to present a comprehensive plan to restore compliance with all applicable listing standards. Pursuant to Nasdaq Listing Rule 5815(a)(1)(B), the filing of the hearing request will automatically stay any suspension or delisting action pending the hearing and the issuance of the Panel’s written decision. During this period, the Ordinary Shares will continue to be listed and traded on Nasdaq under the ticker symbol “SLMT.”

 

As previously disclosed, the Company’s shareholders approved a 10-for-1 reverse share split of the ordinary shares of the Company at an extraordinary general meeting of shareholders held on April 7, 2026, subject to a determination of the Company’s board of directors (the “Board”) to effectuate the reverse share split in its sole discretion. The Board is working to complete the necessary steps to effectuate the reverse share split before making such determination and expects the Company to regain compliance with the Minimum Bid Price Requirement once the reverse share split is effectuated.

 

This disclosure is being made pursuant to Nasdaq Listing Rule 5810(b), which requires public disclosure of the Staff Determination no later than four business days following receipt.

 

The Company will provide further disclosure regarding its hearing date, compliance plan, and any related corporate actions as appropriate. Shareholders are encouraged to monitor the Company’s filings with the SEC on EDGAR at www.sec.gov and the Company’s website at www.solmate.com for updates.   

 

About Brera Holdings PLC

 

Brera Holdings PLC (d/b/a Solmate Infrastructure) is a Solana-based crypto infrastructure company with a strategic focus on Abu Dhabi. The company creates value by working with its partners to build infrastructure and real hardware for the crypto revolution. Its cutting-edge Solana staking infrastructure will help drive the adoption of the network in the Middle East. Backed by Ark Invest, RockawayX, Pulsar Group and other UAE and international investors, Solmate Infrastructure expects to process Solana transactions faster, more efficiently and more profitably than other companies. www.solmate.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “expect,” “intend,” “plan,” “anticipate,” “believe,” “will,” and similar expressions. These statements include, but are not limited to, statements regarding the Company’s intention to request a hearing before the Panel; the expected automatic stay of any suspension or delisting action pending such hearing; the Company’s ability to present a compliance plan and restore compliance with the Minimum Bid Price Requirement; the Board’s expectation that the Company will regain compliance with the Minimum Bid Price Requirement once a 10-for-1 reverse share split is effectuated; and the Board’s evaluation of potential capital markets transactions and other corporate actions. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond the Company’s control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; the outcome of the Nasdaq Hearings Panel process; market conditions, regulatory changes, operational challenges, and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the SEC on May 15, 2025, as amended on May 28, 2025, and in subsequent filings with the SEC, available at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

 

 

 

FAQ

Why did Solmate Infrastructure (SLMT) receive a Nasdaq delisting determination?

Nasdaq staff issued a delisting determination because Solmate Infrastructure’s Class B ordinary shares failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days between March 11 and April 22, 2026, breaching Nasdaq Listing Rule 5550(a)(2).

What options does Solmate Infrastructure (SLMT) have to keep its Nasdaq listing?

The company intends to request a hearing before an independent Nasdaq Hearings Panel by April 30, 2026. Filing this request under Nasdaq Listing Rule 5815(a) will automatically stay any suspension or delisting action while the Panel reviews its compliance plan.

Will Solmate Infrastructure (SLMT) shares continue trading on Nasdaq during the appeal?

Yes. Once the company submits a timely hearing request, Nasdaq Listing Rule 5815(a)(1)(B) provides an automatic stay of any suspension or delisting. During this period, its Class B ordinary shares are expected to remain listed and trade under the ticker symbol SLMT.

How does the planned 10-for-1 reverse share split affect SLMT’s bid price issue?

Shareholders approved a 10‑for‑1 reverse share split on April 7, 2026, subject to the board’s discretion. The board is working to implement the split, and the company states it expects to regain compliance with Nasdaq’s minimum bid price requirement once the reverse split is effectuated.

Why is Solmate Infrastructure (SLMT) ineligible for a new 180-day compliance period?

Nasdaq cited Listing Rule 5810(c)(3)(A)(iv), noting that Solmate Infrastructure carried out a 1‑for‑10 reverse stock split on June 26, 2025. Because this reverse split occurred within one year of the current bid-price deficiency, the company is not eligible for an additional 180‑day grace period.

What future disclosures has Solmate Infrastructure (SLMT) indicated it will provide?

The company stated it will disclose its Nasdaq hearing date, details of its compliance plan, and any related corporate actions. Updates are expected through future SEC filings on EDGAR and information posted on its website, providing ongoing visibility into its listing status.

Filing Exhibits & Attachments

1 document