Forian Receives Unsolicited Proposal from CEO to be Taken Private

Forian Inc. (NASDAQ:FORA) announced that its Board of Directors has received an unsolicited, preliminary, non-binding proposal from a group led by company founder, Executive Chairman and Chief Executive Officer Max Wygod to take the company private at $2.10 per share. The proposal group, which includes inside directors Adam Dublin and Shahir Kassam-Adams, beneficially owns approximately 63% of the company's common stock, giving them substantial influence over any potential transaction.

The company's Board has established a Special Committee consisting of independent directors to evaluate the proposal and determine the appropriate course of action. This development is significant because it represents a potential shift from public to private ownership for a company that provides data science driven information and analytics solutions to the life science, healthcare and financial services industries. The proposal argues that as a public company, Forian's low float depresses liquidity, slows market recognition of value, and creates valuation disparities compared to private peers.

The transaction would be conditioned on several factors including receipt of financing, negotiation of satisfactory employment agreements, execution of a definitive acquisition agreement, and approval by the Special Committee. The proposal suggests funding through a combination of personal resources, third-party financing and the company's net cash at closing. The consortium has engaged Allen Overy Shearman Sterling US LLP as legal counsel to assist with the proposed transaction.

This proposal carries important implications for minority shareholders who would receive immediate liquidity at a 19% premium to the August 22, 2025 closing price. However, the company cautions that there can be no assurance that any definitive offer will be received or that any transaction will be approved or consummated. The proposal represents a strategic decision by management and major shareholders that the company might be better positioned as a private entity, free from the expenses and administrative burdens of quarterly reporting and Sarbanes-Oxley compliance obligations.