Company: SLMT
Filing Date: 2025-05-28
Form Type: 20-F/A
Source: 0001213900-25-048029
Chunk: 76

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 76
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 financial liability. As of December 31, 2024 and 2023, we adjusted the fair value of
the warrant liability using the Black-Scholes option pricing model to EUR and EUR, respectively. During the years ended December
31, 2024 and 2023, we recorded other expense of EUR and other income of EUR, respectively, in the Consolidated Statement
of Profit or Loss as a change in the fair value of the warrant liability.

In December 2024, we issued -year warrants to
Boustead Securities LLC (“Boustead”) to purchase Series A Preferred Shares in connection with the private placement
offering of Series A Preferred Shares described above. The warrants expire in December 2029 and are fully exercisable upon issue
at US$ per share. The warrants contain a cashless exercise feature which required Management to determine whether to account for
the warrant as equity or as a liability. Following the guidance of IAS 32, paragraph 26, Management considered the probability of occurrence
of contingent events and concluded that feature is not genuine as the events are very unlikely to occur. Accordingly, we have classified
the warrants as equity. We valued the warrants using the Black-Scholes option pricing model at a total of EUR.

During the years ended December 31, 2024 and 2023,
the assumptions used in determining the fair value of the warrant issued to Revere were as follows:

|                            |     | December 31,      
 2024              |     | December 31,      
 2023              |
|:---------------------------|:----|:------------------|:----|:------------------|
| Expected term in years     |     | 3.1 to 3.6 years  |     | 4.1 to 5.0 years  |
| Risk-free interest rate    |     | 4.33% to 4.38 %   |     | 3.63% to 4.13 %   |
| Annual expected volatility |     | 144.0% to 146.0 % |     | 124.0% to 133.0 % |
| Dividend yield             |     | 0.0%              |     | 0.0%              |

During the year ended December 31, 2024, the assumptions
used in determining the fair value of the warrants issued to Boustead were as follows:

|                            | December 31,    
 202