The merger has closed and the stock will be delisted imminently. Public shareholders who did not tender should contact the depositary to receive the $2.17 per share merger consideration. No further trading in FORA is expected. Monitor for the Form 15 filing to confirm deregistration.
Price Chart
Executive Summary
Forian Inc. completed its previously announced all-cash acquisition by a consortium led by Chairman/CEO Max Wygod. The tender offer expired with 6,444,415 shares validly tendered, representing ~91% of outstanding shares combined with the buyer's pre-existing stake. All remaining public shares were converted into the right to receive $2.17 per share in cash. The company's common stock will be delisted from Nasdaq and deregistered with the SEC, marking the end of Forian as a public company.
Key Facts
- Tender offer expired May 14, 2026; 6,444,415 shares validly tendered
- Buyer parties already owned 21,991,929 shares (~70%) prior to offer
- Combined ownership reached ~91% of outstanding shares
- Remaining public shares converted to $2.17 per share in cash
- Merger completed May 15, 2026; Forian now a wholly owned subsidiary of 2025 Acquisition Company, LLC
- Common stock to be delisted from Nasdaq; Form 25 and Form 15 to be filed
- All 7 independent directors resigned; Max Wygod remains sole director
- Articles of incorporation and bylaws amended and restated post-merger
Financial Impact
All-cash consideration of $2.17 per share for ~6.44M publicly tendered shares, plus conversion of remaining outstanding shares at same price. Total equity value ~$68M based on market cap.
Risk Factors
- Delisting and deregistration eliminate public market liquidity for remaining shareholders
- Dissenting shareholders may pursue appraisal rights under Maryland law, creating potential litigation over fair value
- No further public disclosures required post-deregistration, reducing transparency
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-021514 |
| Document: ef20073626_8k.htm | 0001140361-26-021514 |
| Document: ef20073626_ex3-1.htm | 0001140361-26-021514 |
| Document: ef20073626_ex99-1.htm | 0001140361-26-021514 |
| Document: 0001140361-26-021514-index-headers.html | 0001140361-26-021514 |
| Document: 0001140361-26-021514-index.html | 0001140361-26-021514 |
| Document: 0001140361-26-021514.txt | 0001140361-26-021514 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 1, 2026 21w ago | 15-12G | — | awaiting T+20 | — | — |
May 15, 2026 23w ago | 25-NSE | $2.17 | awaiting T+20 | — | — |
May 15, 2026 23w ago | 8-K | $2.17 | awaiting T+20 | — | — |
Apr 3, 2026 29w ago | 8-K | $2.15 $2.15 | · 0.00% | ▼ −8.98% | — |
US Market Status
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