Forian Inc. (FORA)

Forian Inc. was a healthcare analytics and technology company based in Newtown, Pennsylvania. It was formed in 2021 through the combination of MOR Analytics, a healthcare data analytics business, and Helix Technologies, a software company that served the cannabis industry. Its common stock began trading on Nasdaq under the symbol FORA following that transaction.

Forian's business centered on collecting, integrating and analyzing healthcare data, including pharmaceutical and claims-related datasets, and delivering analytics software and data to life sciences and healthcare customers. Its platforms were used by pharmaceutical manufacturers and other commercial teams to understand prescribing patterns, patient access and market performance. Through Helix, the company also had a cannabis software business that provided compliance tracking and point-of-sale systems.

Over time, Forian reorganized its portfolio to concentrate on healthcare and life sciences analytics. It sold or exited its cannabis technology operations in 2023 and emphasized the analytics offerings that grew out of the MOR Analytics business. The company reported modest revenues and worked to improve profitability and cash flow, and its stock traded as a small-cap company with limited analyst coverage.

Forian's ownership included a substantial block held by insiders and affiliated investors. By 2026, the investor group affiliated with the buyer entity, 2025 Acquisition Company, LLC, together with its affiliates, owned about 70 percent of the outstanding shares. This concentration of ownership was a factor in the structure of the transaction.

In April 2026 Forian announced a definitive agreement to become a private company. Bravo Merger Sub, Inc., a wholly owned subsidiary of 2025 Acquisition Company, LLC, commenced a tender offer to purchase all outstanding shares not already owned by the buyer group for $2.17 per share in cash, without interest. The offer was followed by a second-step merger to acquire any shares that were not tendered, at the same price.

The tender offer expired at 11:59 p.m. Eastern time on May 14, 2026. The next day, May 15, 2026, Bravo Merger Sub accepted the tendered shares for payment, including 6,444,415 additional shares, and the merger closed without a stockholder vote. Forian became a wholly owned subsidiary of the parent entity, and its common stock stopped trading on Nasdaq before the market opened that day. Nasdaq filed a Form 25 to delist the stock, and the company planned to file a Form 15 to deregister its common stock under the Securities Exchange Act.