Forian holder group reports 70.5% stake after reorg

Forian Inc.’s largest shareholder group has reorganized its holdings through a new Contribution Agreement.

Rhea-AI Filing Summary

Forian Inc.’s largest shareholder group has reorganized its holdings through a new Contribution Agreement. Max C. Wygod, Emily Bushnell and related Wygod family trusts contributed all of their Forian common shares to a holding entity referred to as Parent, receiving an equivalent number of Parent common units.

Following this internal restructuring, the reporting persons are deemed to beneficially own 21,991,929 Forian shares, representing 70.5% of the company’s common stock based on 31,208,751 shares outstanding as of March 25, 2026. Voting and dispositive power over these shares is reported as shared among the group members.

Key Figures

Beneficially owned shares: 21,991,929 shares Ownership percentage: 70.5% Shares outstanding baseline: 31,208,751 shares +2 more

5 metrics

Beneficially owned shares 21,991,929 shares Aggregate Forian common shares reported by the group

Ownership percentage 70.5% Portion of Forian common stock represented by reported holdings

Shares outstanding baseline 31,208,751 shares Forian common shares outstanding as of March 25, 2026

Sole voting power 0 shares Per reporting person; all voting power reported as shared

Shared voting power 21,991,929 shares Voting power over Forian shares reported as shared by each person

Key Terms

Contribution Agreement, beneficially own, Schedule 13D, Consortium Agreement, +1 more

5 terms

Contribution Agreement financial

"Parent entered into the Contribution Agreement with each of the Reporting Persons"

beneficially own financial

"each of the Contributors is deemed to beneficially own the total amount of Shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Schedule 13D regulatory

"for purposes of Section 13(d)(3) of the Act"

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.

Consortium Agreement financial

"Because of the arrangements in the Consortium Agreement"

group regulatory

"may be deemed to have formed a "group" for purposes of Section 13(d)(3)"

FAQ

What does the latest Schedule 13D/A reveal about Forian (FORA) ownership?

The filing shows a Wygod-related group beneficially owns 21,991,929 Forian shares, or 70.5% of the common stock. This reflects an internal restructuring where all shares were contributed to a holding entity called Parent in exchange for equivalent membership units.

How many Forian (FORA) shares does the Wygod group now report owning?

The reporting persons collectively report beneficial ownership of 21,991,929 Forian common shares. This figure represents the aggregate shares now held by Parent after each contributor exchanged all of their Forian shares for an equal number of Parent common units.

What percentage of Forian’s common stock is controlled by the reporting group?

The group reports beneficial ownership of 70.5% of Forian’s common stock. This percentage is calculated using 31,208,751 shares outstanding as of March 25, 2026, as reported in Forian’s Form 10-K for the year ended December 31, 2025.

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

The Contribution Agreement is an arrangement where each reporting person contributed all Forian shares they held to Parent. In return, they received an equivalent number of Parent common units, leaving Parent as the direct holder of the Forian shares while contributors retain indirect economic exposure.

Did the Schedule 13D/A report any recent Forian share transactions by the group?

The filing states there were no transactions in Forian shares by the reporting persons in the past 60 days other than those described. The main change reported is the contribution of all previously held shares to Parent under the Contribution Agreement.

How is voting and dispositive power over Forian (FORA) shares allocated in this filing?

Each reporting person lists zero sole voting and dispositive power, and 21,991,929 shares of shared voting and shared dispositive power. This reflects coordinated control through the group structure and the Parent holding entity, rather than individual control of separate share blocks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/15/2026 - 09:51 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Forian Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

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

CUSIP Number(s): 34630N106

1

Name of reporting person

Max C. Wygod

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,991,929.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,991,929.00

11

Aggregate amount beneficially owned by each reporting person

21,991,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

70.5 %

14

Type of Reporting Person (See Instructions)

IN

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. 4 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. 4) 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

CUSIP Number(s): 34630N106

1

Name of reporting person

Emily Bushnell

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,991,929.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,991,929.00

11

Aggregate amount beneficially owned by each reporting person

21,991,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

70.5 %

14

Type of Reporting Person (See Instructions)

IN

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. 4 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. 4) 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

CUSIP Number(s): 34630N106

1

Name of reporting person

ADMINISTRATIVE TRUST U/ WYGOD FAMILY RV

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,991,929.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,991,929.00

11

Aggregate amount beneficially owned by each reporting person

21,991,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

70.5 %

14

Type of Reporting Person (See Instructions)

OO

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. 4 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. 4) 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

CUSIP Number(s): 34630N106

1

Name of reporting person

MAX WYGOD & EMILY W BUSHNELL CO-TTEE WYGOD FAMILY REV LT U/T/A

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,991,929.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,991,929.00

11

Aggregate amount beneficially owned by each reporting person

21,991,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

70.5 %

14

Type of Reporting Person (See Instructions)

OO

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. 4 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. 4) 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

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value per share
(b)	Name of Issuer: Forian Inc.
(c)	Address of Issuer's Principal Executive Offices: 41 University Drive, Suite 400, Newtown, PENNSYLVANIA , 18940.
Item 1 Comment: This Amendment No. 4 to Schedule 13D ("Amendment No. 4") relates to shares of Common Stock, par value $0.001 per share ("Shares") of Forian Inc., a Delaware corporation (the "Issuer"). This Amendment No. 4 is being filed on behalf of the following persons (collectively, the "Reporting Persons"): Max C. Wygod, an individual and executor of the Estate of Martin J. Wygod, (ii) Emily Bushnell, an individual, (iii) the ADMINISTRATIVE TRUST U/ WYGOD FAMILY RV (the "Administrative Trust") and (iv) the MAX WYGOD & EMILY W BUSHNELL CO-TTEE WYGOD FAMILY REV LT U/T/A (the "Family Trust" and together with the Administrative Trust, the "Wygod Trusts") and amends the Statement on Schedule 13D filed by the Reporting Persons on January 27, 2025 (the "Initial Schedule 13D").
Item 4.	Purpose of Transaction
	Item 4 of the Initial Schedule 13D is hereby amended and supplemented by adding the following text: Contribution Agreement On April 15, 2026, Parent (as defined in Item 4 of the Initial 13D) entered into the Contribution Agreement (the "Contribution Agreement") with each of the Reporting Persons listed on Schedule A thereto (each, a "Contributor"). Pursuant to the Contribution Agreement, each Contributor has contributed to Parent all Shares held by such Contributor (the "Contributed Shares"), in exchange for an equivalent number of common units of membership interests of Parent (the "Common Units"). Following the execution of the Contribution Agreement, each of the Contributors is deemed to beneficially own the total amount of Shares that are now owned by Parent. The foregoing description of the Contribution Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, which is filed herewith as Exhibit 99.8, and is incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Initial Schedule 13D is hereby amended and supplemented by adding the following text: The information set forth on the cover pages of this Amendment No. 4 is incorporated herein by reference. The percentages used in this Amendment No. 4 are calculated based on 31,208,751 Shares outstanding as of March 25, 2026, as reported on the Issuer's Annual Report on Form 10-K for the fiscal ended December 31, 2025.
(b)	Item 5(b) of the Initial Schedule 13D is hereby amended and supplemented by adding the following text: See rows (7) through (10) of the cover pages to this Amendment No. 4 for the Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. Because of the arrangements in the Consortium Agreement (as defined in the Initial 13D), the members of the Consortium (as defined in the Inintial 13D) may be deemed to have formed a "group" for purposes of Section 13(d)(3) of the Act. Neither the filing of this Schedule 13D nor any of its contents, however, shall be deemed to constitute an admission by the Reporting Persons that any of them is the beneficial owner of any of the 21,991,929 Shares beneficially owned in the aggregate by the Consortium members other than such Shares that each Reporting Person has reported as beneficially owned by the respective Reporting Person in this Amendment No. 4, for purposes of Section 13(d) of the Act or for any other purpose, and such beneficial ownership is expressly disclaimed.
(c)	Except as set forth in this Schedule 13D, there have been no transactions in Shares effected during the past 60 days by the Reporting Persons.
(d)	To the knowledge of the Reporting Persons, no person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, Shares beneficially owned by the Reporting Persons.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Initial Schedule 13D is hereby amended and supplemented by adding the following text: Item 4 references the Contribution Agreement, the description of which is incorporated herein by reference. A copy of the Contribution Agreement is attached as Exhibit 99.8 to this Amendment No. 4, and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1* - Offer Letter, dated August 25, 2025 (incorporated by reference to Exhibit 99.1 to the Schedule 13D/A filed by the Reporting Persons with the SEC on August 25, 2025). https://www.sec.gov/Archives/edgar/data/1829280/000094787125000797/ss5247285_ex990 1.htm Exhibit 99.2* - Consortium Agreement, dated August 25, 2025 incorporated by reference to Exhibit 99.1 to the Schedule 13D/A filed by the Reporting Persons with the SEC on August 25, 2025). https://www.sec.gov/Archives/edgar/data/1829280/000094787125000797/ss5247285_ex990 2.htm Exhibit 99.3* - Confidentiality Agreement, dated September 29, 2025(incorporated by reference to Exhibit 99.3 to the Schedule 13D filed by the Reporting Persons with the SEC on October 2, 2025). Exhibit 99.4* - Power of Attorney for Emily Bushnell, dated as of October 2, 2025 (incorporated by reference to Exhibit 99.17 to the Schedule 13D filed by the Reporting Persons with the SEC on October 3, 2025). Exhibit 99.8 - Contribution Agreement, by and between Parent and the Reporting Persons listed on Schedule A thereto, dated April 16, 2026. * Previously filed

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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

MAX WYGOD & EMILY W BUSHNELL CO-TTEE WYGOD FAMILY REV LT U/T/A

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