Forian Inc. (Nasdaq: FORA) announced today the successful completion of its cash tender offer and subsequent merger, resulting in the company becoming privately held. The transaction was executed by Bravo Merger Sub, Inc., a wholly owned subsidiary of 2025 Acquisition Company, LLC, which acquired all outstanding shares of Forian common stock not already owned by the buyer parties at a price of $2.17 per share in cash.
The tender offer expired on May 14, 2026, with Broadridge Corporate Issuer Solutions, LLC, acting as depositary, confirming that 6,444,415 shares were validly tendered. Combined with the 21,887,631 shares (approximately 70% of outstanding shares) already held by the buyer parties, this satisfied the minimum condition to close the deal. On May 15, 2026, Merger Sub accepted all validly tendered shares and promptly paid for them, as per the offer terms.
Following the acceptance, Merger Sub merged with and into Forian under Maryland law, with Forian surviving as a wholly owned subsidiary of Parent. Each outstanding share of Forian common stock (excluding shares owned by Forian, the buyer parties, or their subsidiaries) was converted into the right to receive $2.17 per share in cash, same as the offer price.
As a result, Forian's common stock will cease trading on 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 delist the stock, and it intends to file a Form 15 to terminate its registration under the Securities Exchange Act, suspending its reporting obligations.
Forian provides data analytics and information solutions for life sciences, healthcare payers and providers, and financial services. Its platform integrates and normalizes large-scale healthcare data to generate insights. The company's expertise in data management and proprietary analytics has been key to its offerings. More information about Forian can be found on its website at www.forian.com.
The completion of this merger marks a significant transition for Forian from a publicly traded entity to a private company. This move may allow Forian to focus on long-term strategic goals without the quarterly reporting pressures of public markets. For shareholders, the $2.17 per share cash consideration provides a defined exit price. For the industry, the privatization could signal a trend where data analytics firms in healthcare seek operational flexibility away from public scrutiny.
Forward-looking statements in the announcement caution that actual results may differ due to risks outlined in Forian's SEC filings, including its Annual Report on Form 10-K. The company undertakes no obligation to update these statements.
