Forian Inc. (Nasdaq: FORA), a provider of data analytics and information solutions for the life sciences, healthcare, and financial services sectors, announced the successful completion of its cash tender offer and subsequent merger with a subsidiary of 2025 Acquisition Company, LLC. The transaction, valued at $2.17 per share in cash, marks the company's transition from a publicly traded entity to a privately held company. The merger was completed under the terms of the Agreement and Plan of Merger dated April 2, 2026, and the company's common stock will cease trading on the Nasdaq Stock Market effective May 15, 2026.
The tender offer, which expired on May 14, 2026, saw 6,444,415 shares validly tendered, bringing the total shares owned by the buyer parties to over 90% of the outstanding shares. Following the acceptance of tendered shares, Merger Sub merged with and into Forian, with Forian surviving as a wholly owned subsidiary of Parent. The merger was effected without a stockholder vote, as permitted under Maryland law. All remaining shares not tendered were converted into the right to receive the same $2.17 per share cash consideration.
The completion of the merger triggers the delisting of Forian's common stock from Nasdaq. The company has requested that Nasdaq file a Form 25 notification with the U.S. Securities and Exchange Commission (SEC) to delist the shares. 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, suspending its reporting obligations. This move will reduce the company's regulatory burden and allow it to operate with greater flexibility as a private entity.
Forian's suite of data management and analytics solutions serves customers in traditional and emerging life sciences, healthcare payers and providers, and financial services. The company leverages a comprehensive clinical data lake to generate proprietary insights. The transition to private ownership is expected to enable Forian to focus on long-term strategic initiatives without the pressures of quarterly earnings reports and public market scrutiny. The acquisition was led by 2025 Acquisition Company, LLC, though further details about the buyer group were not disclosed.
Michael J. Viola, Forian's CEO, commented on the transaction, stating that the merger provides value to stockholders and positions the company for future growth. However, forward-looking statements in the release caution that actual results may differ due to risks and uncertainties, including those detailed in Forian's SEC filings. The company's website, www.forian.com, provides additional information about its offerings and investor relations.