Forian Inc. (Nasdaq: FORA) announced Friday the successful completion of its cash tender offer and merger, marking the end of its tenure as a publicly traded company. The data analytics and information solutions provider said that Bravo Merger Sub, Inc., a wholly owned subsidiary of 2025 Acquisition Company, LLC, has 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 as scheduled at one minute after 11:59 p.m., Eastern Time, on May 14, 2026. According to Broadridge Corporate Issuer Solutions, LLC, the depositary for the offer, a total of 6,444,415 shares were validly tendered and not properly withdrawn. Combined with the 21,887,631 shares—representing approximately 70% of the outstanding shares—already owned by the buyer parties prior to the offer, the minimum condition to consummate the offer was satisfied.
Following the acceptance of tendered shares, Merger Sub merged with and into Forian in accordance with Section 3-106.1 of the Maryland General Corporation Law, without a vote of Forian's stockholders. Forian continues as the surviving corporation and is now a wholly owned subsidiary of Parent.
As a result of the merger, 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 notification of delisting on Form 25 with the U.S. Securities and Exchange Commission (SEC). Forian also 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.
The transaction underscores a trend of private equity and acquisition firms taking public companies private, often to pursue long-term strategies without the pressures of quarterly earnings reports. Forian's focus on data management and analytics for life sciences and healthcare sectors may benefit from increased flexibility as a private entity. The company's expertise includes acquiring, integrating, normalizing, and commercializing large-scale healthcare data assets, and its information products aim to generate proprietary insights.
Forian had previously disclosed the merger agreement on April 2, 2026. The offer price of $2.17 per share represented a premium to the company's recent trading levels, though the stock had faced challenges in recent years. The delisting from Nasdaq removes Forian from public market scrutiny, but also limits liquidity for remaining shareholders who did not tender their shares.
Investors who did not tender their shares in the offer will receive the same $2.17 per share consideration through the merger. The company's press release noted that forward-looking statements involve risks and uncertainties, and cautioned against undue reliance on such statements. For more information, visit the company's website at www.forian.com.
