RNS Number : 8458K Citadel Group 02 July 2026  

Ap27

FORM 8.3

IRISH TAKEOVER PANEL

OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER

RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

1.             KEY INFORMATION

(a)   Full name of discloser

Citadel Group

(b)   Owner or controller of interests and short positions disclosed, if different from 1(a)

The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

N/A

(c)   Name of offeror/offeree in relation to whose relevant securities this form relates

Use a separate form for each offeror/offeree

FORWARD INDUSTRIES INC

(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree (Note 1)

N/A

(e)   Date position held/dealing undertaken

For an opening position disclosure, state the latest practicable date prior to the disclosure

1 July 2026

(f)    In addition to the company in 1(c) above, is the discloser also making disclosures in respect of any other party to the offer?

If it is a cash offer or possible cash offer, state "N/A"

YES

BRERA HOLDINGS PLC

2.             INTERESTS AND SHORT POSITIONS

If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security.

Ap28

Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

(Note 2)

Class of relevant security

(Note 3)

ISIN US3499321038

$0.01 ordinary shares

Interests

Short positions

Number

%

Number

%

(1)   Relevant securities owned and/or controlled

802,862

1.07

13,391

0.01

(2)   Cash-settled derivatives

0

0.00

0

0.00

(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell

116,900

0.15

54,800

0.07

Total

919,762

1.23

68,191

0.09

All interests and all short positions should be disclosed.

Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.

3.             DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (Note 4)

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)           Purchases and sales

Class of relevant

security

Purchase/sale

Number of

securities

Price per unit

(Note 5)

Common

Buy Transaction

19

4.2147 USD

Common

Buy Transaction

211

4.3157 USD

Common

Buy Transaction

1,053

4.3463 USD

Common

Buy Transaction

111

4.4200 USD

Common

Buy Transaction

2,369

4.4290 USD

Common

Buy Transaction

4,398

4.4300 USD

Common

Buy Transaction

7,200

4.4400 USD

Common

Buy Transaction

7,077

4.4972 USD

Common

Buy Transaction

1,024

4.5185 USD

Common

Buy Transaction

2,000

4.5670 USD

Common

Buy Transaction

64

4.5900 USD

Common

Buy Transaction

2

4.6000 USD

Common

Buy Transaction

6

4.6100 USD

Common

Buy Transaction

14,081

4.6171 USD

Common

Buy Transaction

37

4.6200 USD

Common

Buy Transaction

10

4.6260 USD

Common

Buy Transaction

1,601

4.6400 USD

Common

Buy Transaction

20

4.6425 USD

Common

Buy Transaction

6,015

4.6431 USD

Common

Buy Transaction

11,983

4.6500 USD

Common

Buy Transaction

1,598

4.6503 USD

Common

Buy Transaction

320

4.6594 USD

Common

Buy Transaction

116

4.6597 USD

Common

Buy Transaction

96

4.6650 USD

Common

Buy Transaction

432

4.6663 USD

Common

Buy Transaction

4,212

4.6677 USD

Common

Buy Transaction

450

4.6678 USD

Common

Buy Transaction

390

4.6700 USD

Common

Buy Transaction

318

4.6717 USD

Common

Buy Transaction

204

4.6725 USD

Common

Buy Transaction

222

4.6725 USD

Common

Buy Transaction

54

4.6789 USD

Common

Buy Transaction

1,632

4.6800 USD

Common

Buy Transaction

1,220

4.6809 USD

Common

Buy Transaction

15

4.6813 USD

Common

Buy Transaction

952

4.6828 USD

Common

Buy Transaction

52

4.6894 USD

Common

Buy Transaction

1,622

4.6900 USD

Common

Buy Transaction

28

4.6950 USD

Common

Buy Transaction

2,917

4.6976 USD

Common

Buy Transaction

1,676

4.6997 USD

Common

Buy Transaction

50,679

4.7000 USD

Common

Buy Transaction

900

4.7001 USD

Common

Buy Transaction

2,012

4.7004 USD

Common

Buy Transaction

2,403

4.7028 USD

Common

Buy Transaction

720

4.7070 USD

Common

Buy Transaction

314

4.7100 USD

Common

Buy Transaction

1,578

4.7154 USD

Common

Buy Transaction

2,919

4.7156 USD

Common

Buy Transaction

306

4.7192 USD

Common

Buy Transaction

2,274

4.7200 USD

Common

Buy Transaction

3,000

4.7201 USD

Common

Buy Transaction

1,105

4.7224 USD

Common

Buy Transaction

2,183

4.7240 USD

Common

Buy Transaction

2

4.7250 USD

Common

Buy Transaction

60

4.7382 USD

Common

Buy Transaction

1,362

4.7400 USD

Common

Buy Transaction

640

4.7407 USD

Common

Buy Transaction

2,187

4.7423 USD

Common

Buy Transaction

217

4.7439 USD

Common

Buy Transaction

1,016

4.7450 USD

Common

Buy Transaction

201

4.7456 USD

Common

Buy Transaction

200

4.7475 USD

Common

Buy Transaction

1,116

4.7500 USD

Common

Buy Transaction

1,525

4.7503 USD

Common

Buy Transaction

3

4.7533 USD

Common

Buy Transaction

6,325

4.7593 USD

Common

Buy Transaction

835

4.7600 USD

Common

Buy Transaction

5,929

4.7622 USD

Common

Buy Transaction

857

4.7636 USD

Common

Buy Transaction

2,621

4.7656 USD

Common

Buy Transaction

5,284

4.7682 USD

Common

Buy Transaction

3,023

4.7700 USD

Common

Buy Transaction

750

4.7763 USD

Common

Buy Transaction

19,738

4.7767 USD

Common

Buy Transaction

23,873

4.7770 USD

Common

Buy Transaction

5

4.7780 USD

Common

Buy Transaction

75

4.7800 USD

Common

Buy Transaction

600

4.7811 USD

Common

Buy Transaction

1,500

4.7819 USD

Common

Buy Transaction

500

4.7820 USD

Common

Buy Transaction

202

4.7839 USD

Common

Buy Transaction

500

4.7850 USD

Common

Buy Transaction

15,117

4.7867 USD

Common

Buy Transaction

1,048

4.7890 USD

Common

Buy Transaction

1

4.7900 USD

Common

Buy Transaction

3,406

4.7955 USD

Common

Buy Transaction

515

4.7975 USD

Common

Buy Transaction

1

4.8000 USD

Common

Buy Transaction

1,155

4.8003 USD

Common

Buy Transaction

6

4.8050 USD

Common

Buy Transaction

3,588

4.8103 USD

Common

Buy Transaction

1,384

4.8122 USD

Common

Buy Transaction

2,400

4.8148 USD

Common

Buy Transaction

1,949

4.8157 USD

Common

Buy Transaction

7

4.8171 USD

Common

Buy Transaction

425

4.8182 USD

Common

Buy Transaction

480

4.8190 USD

Common

Buy Transaction

1,525

4.8207 USD

Common

Buy Transaction

2,197

4.8207 USD

Common

Buy Transaction

1,243

4.8210 USD

Common

Buy Transaction

3,475

4.8210 USD

Common

Buy Transaction

3,600

4.8214 USD

Common

Buy Transaction

2,178

4.8225 USD

Common

Buy Transaction

1,000

4.8240 USD

Common

Buy Transaction

400

4.8250 USD

Common

Buy Transaction

2,249

4.8261 USD

Common

Buy Transaction

5,525

4.8262 USD

Common

Buy Transaction

1,435

4.8285 USD

Common

Buy Transaction

250

4.8300 USD

Common

Buy Transaction

2,778

4.8304 USD

Common

Buy Transaction

12,196

4.8351 USD

Common

Buy Transaction

2,757

4.8374 USD

Common

Buy Transaction

107

4.8395 USD

Common

Buy Transaction

1,709

4.8408 USD

Common

Buy Transaction

550

4.8432 USD

Common

Buy Transaction

8,358

4.8455 USD

Common

Buy Transaction

2,726

4.8478 USD

Common

Buy Transaction

2,000

4.8490 USD

Common

Buy Transaction

3,687

4.8492 USD

Common

Buy Transaction

1,242

4.8495 USD

Common

Buy Transaction

2,000

4.8555 USD

Common

Buy Transaction

5,002

4.8565 USD

Common

Buy Transaction

12

4.8567 USD

Common

Buy Transaction

4

4.8600 USD

Common

Buy Transaction

9,895

4.8601 USD

Common

Buy Transaction

1,823

4.8604 USD

Common

Buy Transaction

408

4.8607 USD

Common

Buy Transaction

4,797

4.8607 USD

Common

Buy Transaction

20

4.8610 USD

Common

Buy Transaction

4,800

4.8700 USD

Common

Buy Transaction

4,786

4.8748 USD

Common

Buy Transaction

2,138

4.8786 USD

Common

Buy Transaction

17,789

4.8804 USD

Common

Buy Transaction

103

4.8825 USD

Common

Buy Transaction

6,143

4.8854 USD

Common

Buy Transaction

175

4.8886 USD

Common

Buy Transaction

368

4.8900 USD

Common

Buy Transaction

204

4.8904 USD

Common

Buy Transaction

3,654

4.8951 USD

Common

Buy Transaction

137

4.8955 USD

Common

Buy Transaction

231

4.9100 USD

Common

Buy Transaction

300

4.9100 USD

Common

Buy Transaction

480

4.9199 USD

Common

Buy Transaction

1,700

4.9200 USD

Common

Buy Transaction

3,247

4.9202 USD

Common

Buy Transaction

111

4.9250 USD

Common

Buy Transaction

3,601

4.9283 USD

Common

Buy Transaction

4,313

4.9300 USD

Common

Buy Transaction

12

4.9350 USD

Common

Buy Transaction

54

4.9359 USD

Common

Buy Transaction

1,135

4.9373 USD

Common

Buy Transaction

800

4.9400 USD

Common

Buy Transaction

275

4.9412 USD

Common

Buy Transaction

213

4.9415 USD

Common

Buy Transaction

263

4.9427 USD

Common

Buy Transaction

164

4.9450 USD

Common

Buy Transaction

600

4.9455 USD

Common

Buy Transaction

1

4.9500 USD

Common

Buy Transaction

26,552

4.9531 USD

Common

Buy Transaction

779

4.9600 USD

Common

Buy Transaction

127

4.9625 USD

Common

Buy Transaction

79

4.9628 USD

Common

Buy Transaction

1,422

4.9637 USD

Common

Buy Transaction

5,305

4.9649 USD

Common

Buy Transaction

400

4.9662 USD

Common

Buy Transaction

21,163

4.9684 USD

Common

Buy Transaction

36

4.9700 USD

Common

Buy Transaction

901

4.9992 USD

Common

Buy Transaction

132

5.0000 USD

Common

Buy Transaction

2,660

5.0100 USD

Common

Buy Transaction

3,934

4.7000 USD

Common

Sell Transaction

100

4.1999 USD

Common

Sell Transaction

96

4.2250 USD

Common

Sell Transaction

1

4.2500 USD

Common

Sell Transaction

65

4.2538 USD

Common

Sell Transaction

1,053

4.3463 USD

Common

Sell Transaction

4,720

4.4395 USD

Common

Sell Transaction

3

4.5400 USD

Common

Sell Transaction

10,750

4.5633 USD

Common

Sell Transaction

123

4.5765 USD

Common

Sell Transaction

491

4.6072 USD

Common

Sell Transaction

5,880

4.6096 USD

Common

Sell Transaction

292

4.6493 USD

Common

Sell Transaction

15

4.6500 USD

Common

Sell Transaction

937

4.6592 USD

Common

Sell Transaction

3

4.6600 USD

Common

Sell Transaction

1,322

4.6650 USD

Common

Sell Transaction

300

4.6667 USD

Common

Sell Transaction

447

4.6700 USD

Common

Sell Transaction

1,000

4.6714 USD

Common

Sell Transaction

4,010

4.6725 USD

Common

Sell Transaction

3,466

4.6740 USD

Common

Sell Transaction

300

4.6750 USD

Common

Sell Transaction

106

4.6782 USD

Common

Sell Transaction

701

4.6800 USD

Common

Sell Transaction

271

4.6838 USD

Common

Sell Transaction

60

4.6850 USD

Common

Sell Transaction

112

4.6867 USD

Common

Sell Transaction

140

4.6871 USD

Common

Sell Transaction

1,082

4.6881 USD

Common

Sell Transaction

630

4.6882 USD

Common

Sell Transaction

584

4.6895 USD

Common

Sell Transaction

4,643

4.6900 USD

Common

Sell Transaction

800

4.6905 USD

Common

Sell Transaction

600

4.6916 USD

Common

Sell Transaction

400

4.6925 USD

Common

Sell Transaction

404

4.6965 USD

Common

Sell Transaction

1,211

4.6999 USD

Common

Sell Transaction

53,484

4.7000 USD

Common

Sell Transaction

141

4.7015 USD

Common

Sell Transaction

300

4.7050 USD

Common

Sell Transaction

462

4.7060 USD

Common

Sell Transaction

1,589

4.7074 USD

Common

Sell Transaction

274

4.7091 USD

Common

Sell Transaction

179

4.7091 USD

Common

Sell Transaction

57

4.7091 USD

Common

Sell Transaction

101

4.7100 USD

Common

Sell Transaction

300

4.7117 USD

Common

Sell Transaction

272

4.7132 USD

Common

Sell Transaction

1,839

4.7197 USD

Common

Sell Transaction

224

4.7200 USD

Common

Sell Transaction

10

4.7300 USD

Common

Sell Transaction

138

4.7325 USD

Common

Sell Transaction

100

4.7400 USD

Common

Sell Transaction

10,732

4.7404 USD

Common

Sell Transaction

1,068

4.7445 USD

Common

Sell Transaction

1,939

4.7489 USD

Common

Sell Transaction

1,734

4.7490 USD

Common

Sell Transaction

8,518

4.7500 USD

Common

Sell Transaction

2,812

4.7514 USD

Common

Sell Transaction

2,665

4.7581 USD

Common

Sell Transaction

30

4.7587 USD

Common

Sell Transaction

1,782

4.7599 USD

Common

Sell Transaction

22

4.7600 USD

Common

Sell Transaction

14,829

4.7608 USD

Common

Sell Transaction

2,306

4.7625 USD

Common

Sell Transaction

470

4.7645 USD

Common

Sell Transaction

353

4.7672 USD

Common

Sell Transaction

4,113

4.7673 USD

Common

Sell Transaction

100

4.7686 USD

Common

Sell Transaction

13

4.7700 USD

Common

Sell Transaction

4,335

4.7723 USD

Common

Sell Transaction

300

4.7811 USD

Common

Sell Transaction

500

4.7820 USD

Common

Sell Transaction

1

4.7900 USD

Common

Sell Transaction

2,022

4.7905 USD

Common

Sell Transaction

5,074

4.7912 USD

Common

Sell Transaction

6,644

4.7920 USD

Common

Sell Transaction

397

4.7947 USD

Common

Sell Transaction

527

4.7951 USD

Common

Sell Transaction

3,147

4.7951 USD

Common

Sell Transaction

3,779

4.7963 USD

Common

Sell Transaction

3

4.8000 USD

Common

Sell Transaction

309

4.8005 USD

Common

Sell Transaction

3,251

4.8022 USD

Common

Sell Transaction

2,070

4.8022 USD

Common

Sell Transaction

1,958

4.8022 USD

Common

Sell Transaction

1,350

4.8037 USD

Common

Sell Transaction

124

4.8095 USD

Common

Sell Transaction

2,454

4.8100 USD

Common

Sell Transaction

1,825

4.8125 USD

Common

Sell Transaction

363

4.8155 USD

Common

Sell Transaction

1,122

4.8161 USD

Common

Sell Transaction

5,494

4.8175 USD

Common

Sell Transaction

1,139

4.8191 USD

Common

Sell Transaction

75

4.8200 USD

Common

Sell Transaction

2,300

4.8213 USD

Common

Sell Transaction

987

4.8248 USD

Common

Sell Transaction

5,438

4.8264 USD

Common

Sell Transaction

4,000

4.8293 USD

Common

Sell Transaction

250

4.8300 USD

Common

Sell Transaction

307

4.8324 USD

Common

Sell Transaction

200

4.8350 USD

Common

Sell Transaction

300

4.8367 USD

Common

Sell Transaction

175

4.8371 USD

Common

Sell Transaction

925

4.8397 USD

Common

Sell Transaction

6,967

4.8399 USD

Common

Sell Transaction

601

4.8400 USD

Common

Sell Transaction

1,800

4.8417 USD

Common

Sell Transaction

600

4.8567 USD

Common

Sell Transaction

700

4.8643 USD

Common

Sell Transaction

458

4.8676 USD

Common

Sell Transaction

1,140

4.8691 USD

Common

Sell Transaction

701

4.8700 USD

Common

Sell Transaction

1,711

4.8713 USD

Common

Sell Transaction

350

4.8757 USD

Common

Sell Transaction

800

4.8788 USD

Common

Sell Transaction

1,010

4.8789 USD

Common

Sell Transaction

236

4.8800 USD

Common

Sell Transaction

381

4.8872 USD

Common

Sell Transaction

3,510

4.8970 USD

Common

Sell Transaction

250

4.9030 USD

Common

Sell Transaction

167

4.9083 USD

Common

Sell Transaction

120

4.9085 USD

Common

Sell Transaction

296

4.9100 USD

Common

Sell Transaction

9

4.9111 USD

Common

Sell Transaction

5

4.9120 USD

Common

Sell Transaction

1,110

4.9163 USD

Common

Sell Transaction

2,147

4.9181 USD

Common

Sell Transaction

40

4.9188 USD

Common

Sell Transaction

142

4.9188 USD

Common

Sell Transaction

3,404

4.9200 USD

Common

Sell Transaction

456

4.9228 USD

Common

Sell Transaction

528

4.9253 USD

Common

Sell Transaction

2,264

4.9273 USD

Common

Sell Transaction

3,601

4.9283 USD

Common

Sell Transaction

3,647

4.9300 USD

Common

Sell Transaction

2,131

4.9317 USD

Common

Sell Transaction

2,827

4.9319 USD

Common

Sell Transaction

373

4.9324 USD

Common

Sell Transaction

558

4.9332 USD

Common

Sell Transaction

1,106

4.9364 USD

Common

Sell Transaction

301

4.9365 USD

Common

Sell Transaction

1,168

4.9382 USD

Common

Sell Transaction

3,300

4.9391 USD

Common

Sell Transaction

243

4.9393 USD

Common

Sell Transaction

1,001

4.9399 USD

Common

Sell Transaction

135

4.9400 USD

Common

Sell Transaction

1,250

4.9415 USD

Common

Sell Transaction

443

4.9416 USD

Common

Sell Transaction

168

4.9450 USD

Common

Sell Transaction

719

4.9452 USD

Common

Sell Transaction

352

4.9486 USD

Common

Sell Transaction

1,520

4.9497 USD

Common

Sell Transaction

3,400

4.9500 USD

Common

Sell Transaction

775

4.9502 USD

Common

Sell Transaction

594

4.9526 USD

Common

Sell Transaction

1,024

4.9534 USD

Common

Sell Transaction

2,042

4.9554 USD

Common

Sell Transaction

1,001

4.9600 USD

Common

Sell Transaction

313

4.9659 USD

Common

Sell Transaction

3,736

4.9746 USD

Common

Sell Transaction

201

4.9860 USD

Common

Sell Transaction

10

4.9890 USD

Common

Sell Transaction

6,350

5.0000 USD

Common

Sell Transaction

565

5.0050 USD

Common

Sell Transaction

182

5.0088 USD

Common

Sell Transaction

2,685

5.0099 USD

Common

Sell Transaction

110

5.0100 USD

Common

Sell Transaction

300

5.0250 USD

Common

Sell Transaction

795

5.0299 USD

Common

Sell Transaction

1,106

5.0400 USD

Ap29

(b)           Cash-settled derivative transactions

  • Class of

    relevant

    security

  • Product

    description

    e.g. CFD

  • Nature of dealing

    e.g. opening/ closing a long/ short position, increasing/ reducing a long/ short position

  • Number of

    reference

    securities

    (Note 6)

  • Price

    per unit

    (Note 5)

(c)           Stock-settled derivative transactions (including options)

(i)            Writing, selling, purchasing or varying

Class of

relevant

security

Product

description e.g. call

option

Writing, purchasing, selling, varying

etc.

Number

of

securities

to which

option

relates

(Note 6)

Exercise

price per

unit

Type

e.g.

American,

European

etc.

Expiry

date

Option

money

paid/

received per unit

Common

Call Option

Buy Transaction

200

5.0000 USD

American

2026-07-17

0.4500 USD

Common

Call Option

Buy Transaction

200

5.0000 USD

American

2026-08-21

0.8500 USD

Common

Call Option

Buy Transaction

500

5.0000 USD

American

2026-11-20

1.1000 USD

Common

Put Option

Buy Transaction

5,000

5.0000 USD

American

2026-12-18

1.4500 USD

Common

Put Option

Sell Transaction

300

2.5000 USD

American

2026-08-21

0.0800 USD

Common

Call Option

Sell Transaction

1,000

5.0000 USD

American

2026-07-17

0.3100 USD

Common

Call Option

Sell Transaction

400

10.0000 USD

American

2026-08-21

0.4000 USD

Common

Put Option

Sell Transaction

200

5.0000 USD

American

2026-07-17

0.6000 USD

Common

Put Option

Sell Transaction

200

5.0000 USD

American

2026-08-21

0.9000 USD

Common

Call Option

Sell Transaction

500

5.0000 USD

American

2026-11-20

1.2800 USD

Common

Put Option

Sell Transaction

10,000

5.0000 USD

American

2026-12-18

1.6600 USD

Common

Call Option

Sell Transaction

500

10.0000 USD

American

2027-02-19

1.8000 USD

(ii)           Exercise

  • Class of

    relevant

    security

  • Product

    description

    e.g. call

    option

  • Exercising/

    exercised

    against

  • Number of

    securities

  • Exercise

    price per

    unit

    (Note 5)

(d)           Other dealings (including transactions in respect of new securities) (Note 3)

  • Class of

    relevant

    security

  • Nature of dealing

    e.g. subscription,

    conversion, exercise

  • Details

  • Price per unit (if

    applicable)

    (Note 5)

Ap30

4.             OTHER INFORMATION

(a)           Indemnity and other dealing arrangements

  • Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer.

    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

  • None

(b)           Agreements, arrangements or understandings relating to options or derivatives

  • Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

  • None

(c)           Attachments

  • Is a Supplemental Form 8 attached?

  • YES

Date of disclosure

2 July 2026

Contact name

Paula Santos

Telephone number

020 7645 9700

Public disclosures under Rule 8.3 of the Rules must be made to a Regulatory Information Service.

Ap32

SUPPLEMENTAL FORM 8

IRISH TAKEOVER PANEL

DISCLOSURE UNDER RULE 8.1, RULE 8.3, RULE 38.5(b) AND

RULE 38.6 OF THE IRISH TAKEOVER PANEL ACT, 1997,

TAKEOVER RULES, 2022

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING

OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL AND

RIGHTS TO SUBSCRIBE FOR NEW SECURITIES

1.             KEY INFORMATION

Full name of person making

disclosure:

Citadel Group

Name of offeror/offeree in relation

to whose relevant securities the

disclosure relates:

FORWARD INDUSTRIES INC

2.             STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

Class of

relevant

security

Product

description

e.g. call

option

Written or

purchased

Number of

securities to

which option

or derivative

relates

Exercise

price

per unit

Type

e.g.

American,

European

etc.

Expiry

date

Common

Call Option

Purchased

1,700

10.0 USD

American

21/08/2026

Common

Call Option

Purchased

21,200

10.0 USD

American

20/11/2026

Common

Put Option

Purchased

-100

10.0 USD

American

21/08/2026

Common

Put Option

Purchased

-900

2.5 USD

American

18/12/2026

Common

Put Option

Purchased

-2,500

7.5 USD

American

18/12/2026

Common

Call Option

Purchased

200

17.5 USD

American

18/12/2026

Common

Call Option

Purchased

4,000

10.0 USD

American

18/12/2026

Common

Put Option

Purchased

-7,800

5.0 USD

American

17/07/2026

Common

Put Option

Purchased

-800

7.5 USD

American

21/08/2026

Common

Call Option

Purchased

50,800

20.0 USD

American

21/08/2026

Common

Call Option

Purchased

100

5.0 USD

American

17/07/2026

Common

Put Option

Purchased

-300

7.5 USD

American

19/02/2027

Common

Put Option

Purchased

-100

2.5 USD

American

21/08/2026

Common

Put Option

Purchased

-300

10.0 USD

American

18/12/2026

Common

Put Option

Purchased

-1,200

5.0 USD

American

21/08/2026

Common

Put Option

Purchased

-2,300

5.0 USD

American

20/11/2026

Common

Call Option

Sold

-4,700

5.0 USD

American

21/08/2026

Common

Call Option

Sold

-100

7.5 USD

American

21/08/2026

Common

Call Option

Sold

-100

5.0 USD

American

20/11/2026

Common

Call Option

Sold

-9,100

7.5 USD

American

18/12/2026

Common

Call Option

Sold

-5,000

5.0 USD

American

18/12/2026

Common

Call Option

Sold

-2,400

2.5 USD

American

21/08/2026

Common

Call Option

Sold

-600

2.5 USD

American

18/12/2026

Common

Call Option

Sold

-3,000

7.5 USD

American

20/11/2026

Common

Put Option

Sold

36,000

2.5 USD

American

17/07/2026

Common

Call Option

Sold

-500

10.0 USD

American

19/02/2027

Common

Call Option

Sold

-3,800

5.0 USD

American

19/02/2027

Common

Put Option

Sold

2,900

5.0 USD

American

18/12/2026

Common

Call Option

Sold

-200

15.0 USD

American

18/12/2026

Common

Call Option

Sold

-9,000

20.0 USD

American

18/12/2026

3.             AGREEMENTS TO PURCHASE OR SELL

Full details should be given so that the nature of the interest or position can be fully understood:

Ap33

4.             RIGHTS TO SUBSCRIBE FOR NEW SECURITIES (INCLUDING DIRECTORS' AND OTHER EMPLOYEE OPTIONS)

  • Class of relevant security in relation to which subscription right exists:

  • Details, including nature of the rights concerned and relevant percentages:

It is not necessary to provide details on a Supplemental Form with regard to cash-settled derivatives.

The currency of all prices and other monetary amounts should be stated.

For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel.

References in these notes to "the Rules" are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

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