NEW YORK, May 23, 2026, 12:03 (EDT)
Forian Inc. is done as a public name. Shares of FORA will stay halted on Nasdaq after the healthcare data firm finished a $2.17 per share cash tender offer and closed a go-private merger. Forian said the stock stopped trading ahead of the May 15 open.
The U.S. equity market is closed this Saturday and will shut again on Monday, May 25 for Memorial Day. Nasdaq’s regular session runs weekdays from 9:30 a.m. to 4 p.m. Eastern, but Forian has no regular trading session left for a return.
Traders aren’t just stepping out for a long weekend. This is an exit.
Parent 2025 Acquisition Company wrapped up its tender offer for Forian, buying shares directly from shareholders. Broadridge notified the buyer that holders tendered 6,444,415 shares, pushing the buyer’s total to roughly 91% of Forian’s outstanding stock. The merger closed May 15. Forian then filed for a Form 25 with the SEC, which starts the process of delisting. It’s also planning a Form 15 to stop its usual SEC reporting after deregistration.
Forian last traded at $2.17 on Nasdaq on May 14, up 0.46% for the day but unchanged over the past week. MarketScreener, using S&P Capital IQ data, reported the stock was removed from the Nasdaq Composite on May 14, dropped out of the S&P TMI on May 17, and was cut from multiple Russell microcap indexes on May 18.
Forian set up the deal in April, saying a group of investors led by Chairman and CEO Max Wygod planned to buy up shares they didn’t already own. The company said the agreement, an all-cash deal, values its equity at roughly $68 million, a 22.6% premium to the Aug. 22, 2025 close before takeover news drove trading.
Forian isn’t well known in the market and doesn’t move stocks. The company provides data management and analytics to healthcare, life sciences, and financial services firms. Its business relies on large data sets, customer contracts, and licensed data.
The buyer steps in as first-quarter revenue dropped to $6.85 million from $7.06 million. Net loss grew to $3.36 million. Gross profit margin fell to 29% from 56%. Management blamed lower revenue on health science contract terminations, and pointed to heavy reliance on third-party information vendors.
Few close comps remain. After Forian exits, public market investors watch bigger names like Veeva Systems, which sells cloud software, data and consulting for life sciences, and IQVIA, whose tech and analytics unit works with pharma and consumer-health. But these aren’t true replacements for a microcap getting taken private at $68 million.
Forian’s old public shareholders are now looking at process steps this week: cash payouts, delisting updates, and fewer SEC filings. The Forian ticker is just a corporate action now, no longer a trade.
Price closes at $2.17. The rest of the story stays private.
