Forian Inc. Completes Tender Offer and Merger, Going Private

Forian Inc. (Nasdaq: FORA) announced on May 15, 2026, the successful completion of its cash tender offer and subsequent merger, resulting in the company becoming privately held. The transaction, which involved a tender offer by Bravo Merger Sub, Inc., a wholly owned subsidiary of 2025 Acquisition Company, LLC, closed after all conditions were satisfied. Shareholders who tendered their shares received $2.17 per share in cash, the same consideration paid in the merger.

The tender offer expired on May 14, 2026, with approximately 6.4 million shares validly tendered, representing a significant portion of the outstanding shares not already owned by the buyer parties. Combined with the 21.9 million shares already held by the buyer parties, the minimum condition for the offer was satisfied. Following the acceptance of tendered shares, Merger Sub merged with and into Forian, making Forian a wholly owned subsidiary of Parent.

As a result of the merger, Forian's common stock will be delisted from the Nasdaq Stock Market prior to market open on May 15, 2026. The company has requested that Nasdaq file a Form 25 with the U.S. Securities and Exchange Commission (SEC) to effect the delisting. Additionally, Forian intends to file a Form 15 with the SEC to terminate the registration of its common stock under the Securities Exchange Act of 1934 and suspend its reporting obligations. This move ends Forian's status as a publicly traded company, a significant milestone for the data analytics provider.

Forian provides data management and analytics solutions to the life sciences, healthcare, and financial services industries. The company's expertise lies in acquiring, integrating, and commercializing large-scale healthcare data assets, offering insights through its clinical data lake and proprietary analytics. The transition to private ownership may allow Forian to pursue long-term strategies without the pressures of quarterly earnings reports and public market scrutiny.

The merger agreement was initially announced on April 2, 2026. Under the terms, each share of Forian common stock outstanding at the effective time of the merger, excluding shares owned by Forian or the buyer parties, was converted into the right to receive $2.17 per share in cash. The transaction was structured under Section 3-106.1 of the Maryland General Corporation Law, which permitted the merger without a stockholder vote.

Forian's completion of the merger marks the end of its public listing, with the company now focused on its operations as a private entity. The delisting and deregistration processes are expected to proceed promptly, as outlined in the company's announcement. For more information about Forian and its services, visit the company's website at www.forian.com.

This transaction highlights a trend of public companies going private, often to reduce regulatory burdens and focus on long-term growth. Forian's shareholders received a premium to the market price, and the company now has the flexibility to execute its strategy away from public markets. The implications for Forian's customers and partners may include continued innovation and investment in data solutions, as the company seeks to enhance its offerings.