Forward Industries drops Brera offer under Rule 2.8

• Forward Industries formally announced under Rule 2.8 that it will not make an offer for Brera Holdings.
• Following the halted transaction announcement, the Forward Industries share price moved up to trade at $4.17.
• The company stated it reserves the right to set aside the takeover restriction within six months.

Forward Industries (NASDAQ:FWDI) announced under Rule 2.8 that it will not make an offer for Brera Holdings (NASDAQ:SLMT).

The public disclosure formally halts the immediate acquisition approach between the two corporate entities.

The Irish Takeover Rules now legally restrict the acquiring company from initiating further immediate bids.

The company stated it reserves the right to set aside this restriction within six months under permitted conditions.

Following the announcement, Forward Industries' share price was up at $4.17.

The board of directors formally accepted regulatory responsibility for the information contained within the market update.

The company will publish the complete regulatory announcement online by 12 noon New York time the next business day.