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Forian (FORA) consortium controls 70.5% via new Contribution Agreement

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Forian Inc. investors led by 2025 Acquisition Company, LLC and related trusts, funds and individuals have filed Amendment No. 3 to their Schedule 13D, reporting collective beneficial ownership of 21,991,929 shares of common stock, or 70.5% of Forian, based on 31,208,751 shares outstanding as of March 25, 2026.

On April 15, 2026, these shareholders entered into a Contribution Agreement under which each contributor transferred all of their Forian shares to a holding entity referred to as Parent in exchange for an equal number of Parent common units. As a result, Parent now holds the shares, and each contributor is deemed to beneficially own the full amount held by Parent, subject to individual disclaimers of beneficial ownership where noted.

The filing also adds several new investors, including Stephen Rich, Kerry Smith, Bradley Khouri, Joe Luter and The Trustees of Union College, to the existing shareholder Consortium. Due to the Consortium Agreement, its members may be deemed to form a group under Section 13(d)(3), collectively reporting the 70.5% stake while expressly disclaiming beneficial ownership of shares beyond those each has individually reported.

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Insights

Consortium formalizes a 70.5% control stake in Forian through a holding entity.

The filing shows a broad Consortium of funds, trusts and individuals collectively reporting beneficial ownership of 21,991,929 Forian common shares, representing 70.5% of the company based on 31,208,751 shares outstanding as of March 25, 2026. This reflects an effective control position.

A new Contribution Agreement moves all member shares into a central holding company, Parent, with contributors receiving equivalent Parent units. This consolidates the stake at one entity level while members remain deemed beneficial owners, subject to explicit disclaimers for certain trustees and individuals.

The amendment also adds new investors, including Stephen Rich, Kerry Smith, Bradley Khouri, Joe Luter and The Trustees of Union College, to the Consortium. Because of the Consortium Agreement, members may be treated as a group under Section 13(d), which can shape future voting and transaction dynamics. Subsequent company disclosures may provide additional detail on how this coordinated ownership influences board and strategic decisions.

Consortium beneficial ownership 21,991,929 shares Common stock reported as beneficially owned in Amendment No. 3
Ownership percentage 70.5% Percent of Forian common stock represented by 21,991,929 shares
Shares outstanding baseline 31,208,751 shares Forian common shares outstanding as of March 25, 2026
Date of event April 15, 2026 Date triggering this Schedule 13D Amendment No. 3
Number of reporting persons categories 39 reporting persons Individuals, trusts, funds and entities listed as Reporting Persons
Contribution Agreement financial
"Parent entered into the Contribution Agreement with each of the Reporting Persons"
Schedule 13D regulatory
"amends the Statement on filed by the Reporting Persons on August 25, 2025"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
beneficially owns financial
"beneficially owns 21,991,929 shares of common stock of the Issuer"
Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.
Consortium financial
"the following shareholders have been added to the Consortium"
A consortium is a temporary partnership where two or more companies, investors, or institutions pool money, skills, or assets to pursue a specific project, bid, or investment. For investors, a consortium matters because it spreads financial risk, combines expertise that can improve the chances of success, and can change who controls or benefits from a deal—similar to several people pooling cash to buy a property they couldn’t afford alone.
Power of Attorney regulatory
"Power of Attorney for Kerry Smith, dated April 12, 2026"
A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.
Section 13(d)(3) regulatory
"may be deemed to have formed a "group" for purposes of Section 13(d)(3) of the Act"





34630N106

(CUSIP Number)
Creighton Condon
599 Lexington Ave.,
New York, NY, 10022
(212) 848-7628

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
04/15/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEMS 7, 9 Includes (i) 3,645,399 shares held by the Max Wygod Family Dynasty Trust of which Mr. Vuolo is trustee and has sole investment and dispositive power; Mr. Vuolo disclaims beneficial ownership of these shares; and 370,396 shares held directly by Mr. Vuolo. ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
The shares reported herein are held in the Reporting Person's personal IRA. ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEMS 8, 10, 11 Mr. Usdan disclaims beneficial ownership of these shares. ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 8, 10, 11 Ms. Dublin disclaims beneficial ownership of these shares. ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEMS 8, 10 Mr. Spaniel disclaims beneficial ownership of these shares. ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D




Comment for Type of Reporting Person:
ITEM 13 Calculated based on 31,208,751 shares of common stock of the Issuer outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The information set forth in rows 8, 10 and 11 of the cover pages of this Amendment No. 3 constitutes shares of common stock of the Issuer in the aggregate contributed by the Reporting Persons on a 1:1 basis to Parent (as defined in the Initial 13D), pursuant to the Reporting Persons entering into the Contribution Agreement (as defined in this Amendment No. 3) with Parent. As a result, the Reporting Persons collectively owns Parent and beneficially owns 21,991,929 shares of common stock of the Issuer.


SCHEDULE 13D


2025 Acquisition Company, LLC
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod
Date:04/15/2026
Bravo Merger Sub, Inc.
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod
Date:04/15/2026
Max C. Wygod
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod
Date:04/15/2026
Emily Bushnell
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Emily Bushnell
Date:04/15/2026
ADMINISTRATIVE TRUST U/ WYGOD FAMILY RV
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod, Co-Trustee
Date:04/15/2026
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Emily Bushnell, Co-Trustee
Date:04/15/2026
Anthony Vuolo
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Anthony Vuolo
Date:04/15/2026
MAX WYGOD & EMILY W BUSHNELL CO-TTEE
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod, Co-Trustee
Date:04/15/2026
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Emily Bushnell, Co-Trustee
Date:04/15/2026
MAX WYGOD FAMILY DYNASTY TRUST
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Anthony Vuolo, Trustee
Date:04/15/2026
FEINBERG LARRY N
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg
Date:04/15/2026
ORACLE PARTNERS, L.P.
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Managing Member
Date:04/15/2026
ORACLE INSTITUTIONAL PARTNERS, L.P.
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Managing Member
Date:04/15/2026
Todd Dublin
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Todd Dublin
Date:04/15/2026
ORACLE INVESTMENT MANAGEMENT, INC. EMPLOYEES' RETIREMENT PLAN
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Trustee
Date:04/15/2026
THE FEINBERG FAMILY FOUNDATION
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Trustee
Date:04/15/2026
ORACLE ASSOCIATES, LLC
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Managing Member
Date:04/15/2026
ORACLE INVESTMENT MANAGEMENT, INC.
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, President
Date:04/15/2026
FEINBERG FAMILY TRUST
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Adam Usdan, Trustee
Date:04/15/2026
ADAM USDAN
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Adam Usdan
Date:04/15/2026
Adam H. Dublin
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Adam H. Dublin
Date:04/15/2026
ADAM H. DUBLIN 2019 FAMILY TRUST
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Edward F. Spaniel, Jr., Co-Trustee
Date:04/15/2026
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Phyllis Dublin
Date:04/15/2026
Phyllis Dublin
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Phyllis Dublin
Date:04/15/2026
Edward Francis Spaniel, Jr.
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Edward F. Spaniel, Jr.
Date:04/15/2026
Peter Dublin
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Peter Dublin
Date:04/15/2026
Carl Berg
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Carl Berg
Date:04/15/2026
MARBLE LANE PARTNERS I, LLC
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for David Mehlman, Managing Member
Date:04/15/2026
Michael Sawyer
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Michael Sawyer
Date:04/15/2026
NELL AND JANE CAMERON 2006 TRUST
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Keri Cameron, Trustee
Date:04/15/2026
Shahir Kassam-Adams
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Shahir Kassam Adams
Date:04/15/2026
360 Ventures, LLC
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Shahir Kassam-Adams, General Manager
Date:04/15/2026
Charles Mele
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Charles Mele
Date:04/15/2026
Michael Glick
Signature:/s/ Max C. Wygod
Name/Title:Max C. Wygod / Attorney-in-fact for Michael Glick
Date:04/15/2026
Milk Town Partners LLC
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for Thomas J. Coleman
Date:04/15/2026
Thomas J. Coleman Revocable Trust
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for Thomas J. Coleman
Date:04/15/2026
Kerry Smith
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for Kerry Smith
Date:04/15/2026
Stephen Rich
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for Stephen Rich
Date:04/15/2026
Bradley Khouri
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for Bradley Khouri
Date:04/15/2026
Joe Luter
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for Joe Luter
Date:04/15/2026
The Trustees of Union College
Signature:/s/ Max C. Wygod
Name/Title:Attorney-in-fact for The Trustees of Union College
Date:04/15/2026

FAQ

What ownership stake in Forian Inc. (FORA) does the Consortium now report?

The Consortium reports beneficial ownership of 21,991,929 Forian shares, equal to 70.5% of the company’s common stock. This percentage is calculated using 31,208,751 shares outstanding as of March 25, 2026, as disclosed in Forian’s most recent annual report.

What is the Contribution Agreement described in the Forian (FORA) Schedule 13D/A?

The Contribution Agreement is a contract where each Consortium member contributed all Forian shares they held to a holding entity called Parent. In exchange, they received an equal number of Parent common units, and Parent now owns the Forian shares while contributors are deemed beneficial owners.

Who are the new Consortium members added in this Forian (FORA) Schedule 13D amendment?

The amendment adds five new Consortium members: Stephen Rich, Kerry Smith, Bradley Khouri, Joe Luter and The Trustees of Union College. All references to the Consortium in this and future amendments now include these additional shareholders alongside the original reporting group.

How is the 70.5% ownership figure for Forian (FORA) calculated in the filing?

The 70.5% figure is calculated by dividing the Consortium’s 21,991,929 beneficially owned shares by 31,208,751 Forian common shares outstanding. The outstanding share count is taken from Forian’s Form 10-K for the year ended December 31, 2025, dated March 25, 2026.

Does the Forian (FORA) Consortium consider itself a group under Section 13(d)?

Because of arrangements in the Consortium Agreement, members may be deemed to have formed a group under Section 13(d)(3). However, the filing states that reporting persons expressly disclaim beneficial ownership of any Shares beyond those each has individually reported as beneficially owned.

Did the Forian (FORA) reporting persons trade shares in the 60 days before this amendment?

The amendment states that, except as described in the filing, none of the reporting persons has beneficially owned, acquired or disposed of any Forian shares during the last 60 days. This language indicates no additional share purchases or sales are disclosed for that period.