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SCHEDULE 13D/A 0000947871-25-000799 0002083167 XXXXXXXX LIVE 1 Common Stock, $0.001 par value per share 09/29/2025 false 0001829280 34630N106 Forian Inc. 41 University Drive Suite 400 Newtown PA 18940 Creighton Condon (212) 848-7628 599 Lexington Ave. New York NY 10022 0002083167 N 2025 Acquisition Corp b PF N DE 0.00 0.00 0.00 0.00 0.00 N 0.0 CO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 0001847923 N Max C. Wygod b PF N X1 1328927.00 2530475.00 1328927.00 2530475.00 2530475.00 N 12.4 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Emily Bushnell b PF N X1 901224.00 2530475.00 901224.00 2530475.00 3431699.00 N 11 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ADMINISTRATIVE TRUST U/ WYGOD FAMILY RV b OO N X1 0.00 1040899.00 0.00 1040899.00 1040899.00 N 3.3 OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Anthony Vuolo b PF N X1 4015795.00 0.00 4015705.00 0.00 4015795.00 Y 12.9 IN 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 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y WYGOD FAMILY REV LT U/T/A b OO N X1 0.00 1489576.00 0.00 1489576.00 1489576.00 N 4.8 OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 0001911170 N MAX WYGOD FAMILY DYNASTY TRUST b OO N X1 0.00 3645399.00 0.00 3645399.00 3645399.00 N 11.7 OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 0000926475 N FEINBERG LARRY N b PF N X1 281380.00 1084727.00 281380.00 1084727.00 1366107.00 N 4.4 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ORACLE PARTNERS, L.P. b PF N DE 0.00 935598.00 0.00 935598.00 935598.00 N 3 PN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ORACLE INSTITUTIONAL PARTNERS, L.P. b PF N DE 0.00 113929.00 0.00 113929.00 113929.00 N 0.37 PN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ORACLE INVESTMENT MANAGEMENT, INC. EMPLOYEES' RETIREMENT PLAN b PF N CT 0.00 28000.00 0.00 28000.00 28000.00 N 0.1 EP OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y THE FEINBERG FAMILY FOUNDATION b PF N CT 0.00 7200.00 0.00 7200.00 7200.00 N 0.0 OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ORACLE ASSOCIATES, LLC b PF N DE 0.00 1049527.00 0.00 1049527.00 1049527.00 N 3.37 HC OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ORACLE INVESTMENT MANAGEMENT, INC. b PF N DE 0.00 1077527.00 0.00 1077527.00 1077527.00 N 3.5 CO IA ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y FEINBERG FAMILY TRUST b PF N X1 0.00 748865.00 0.00 748865.00 748865.00 N 2.4 OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ADAM USDAN b PF N X1 0.00 748865.00 0.00 748865.00 748865.00 Y 2.4 IN ITEMS 8, 10, 11 Mr. Usdan disclaims beneficial ownership of these shares. ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 0001847745 N Adam H. Dublin b SC N X1 2505533.00 0.00 2505533.00 0.00 2505533.00 N 8 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y ADAM H. DUBLIN 2019 FAMILY TRUST b PF N X1 0.00 1831526.00 0.00 1831526.00 1831526.00 N 5.9 OO ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Phyllis Dublin b PF N X1 0.00 1831526.00 0.00 1831526.00 1831526.00 Y 5.9 IN ITEMS 8, 10, 11 Ms. Dublin disclaims beneficial ownership of these shares. ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 0001848884 N Edward Francis Spaniel, Jr. b PF N X1 688965.00 1831526.00 688965.00 1831526.00 2520491.00 Y 8.1 IN ITEMS 8, 10 Mr. Spaniel disclaims beneficial ownership of these shares. ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Carl Berg b PF N X1 597000.00 943878.00 597000.00 943878.00 1540878.00 N 4.9 IN ITEMS 8, 10, 11 Includes (i) 525,000 shares held jointly by Mr. Berg and his spouse, Rachel Berg, (ii) 237,578 shares held by Rachel Berg GST Exempt 2012 Trust, of which Mr. Berg is trustee, (iii) 597,000 shares held directly by Mr. Berg, (iv) 52,000 shares held by Rachel Berg, over which Mr. Berg has investment authority, (v) 32,300 shares held by Eric Berg, over which Mr. Berg has investment authority, (vi) 30,300 shares held by Adam Berg, over which Mr. Berg has investment authority, (vii) 36,700 shares held by Emma Berg, over which Mr. Berg has investment authority, and (viii) 30,000 shares held by Alexander Berg, over which Mr. Berg has investment authority. ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y MARBLE LANE PARTNERS I, LLC b PF N DE 1472984.00 0.00 1472984.00 0.00 1472984.00 N 4.7 PN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Michael Sawyer b SC PF N X1 717699.00 717699.00 717699.00 717699.00 717699.00 N 2.3 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y NELL AND JANE CAMERON 2006 TRUST b PF N CT 618908.00 618908.00 618908.00 618908.00 618908.00 N 2.0 HC ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 0001847744 N Shahir Kassam-Adams b PF N X1 202434.00 0.00 202434.00 0.00 202434.00 N 0.6 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y 360 Ventures, LLC b PF N VA 0.00 0.00 0.00 0.00 202434.00 N 0.6 HC ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Charles Mele b OO N X1 103911.00 0.00 103911.00 0.00 103911.00 N 0.3 IN ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Y Michael Glick PF N X1 0.00 80154.00 0.00 80154.00 80154.00 N 0.3 IN ITEMS 8, 10 Includes 80,154.00 shares held by Mr. Glick in joint tenancy with his spouse, Sharon Glick. ITEM 13 Calculated based on 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Common Stock, $0.001 par value per share Forian Inc. 41 University Drive Suite 400 Newtown PA 18940 This Amendment No. 1 to Schedule 13D ("Amendment No. 1") relates to shares of Common Stock, par value $0.001 per share (the "Common Stock") of Forian Inc., a Delaware corporation (the "Issuer"). This Amendment No. 1 is being filed on behalf of the following persons (collectively, the "Reporting Persons"): (i) 2025 ACQUISITION CORPORATION (the "SPV"), a Delaware corporation, (ii) Max. C. Wygod, an individual, (iii) Emily Bushnell, an individual, (iv) the ADMINISTRATIVE TRUST U/ WYGOD FAMILY RV (the "Administrative Trust"), (v) the WYGODFAMILY REV LT U/T/A, (vi) Anthony Vuolo, an individual, (vii) the MAX WYGODFAMILY DYNASTY TRUST, (viii) ORACLE PARTNERS, L.P., a Delaware limited partnership ("Partners"), (ix) ORACLE INSTITUTIONAL PARTNERS, L.P., a Delaware limited partnership ("Institutional Partners"), (x) ORACLE INVESTMENT MANAGEMENT, INC. EMPLOYEES' RETIREMENT PLAN, a employee benefit plan organized in Connecticut (the "Retirement Plan"), (xi) the FEINBERG FAMILY FOUNDATION, a foundation organized in Connecticut (the "Foundation"), (xii) ORACLE ASSOCIATES, LLC, a Delaware limited liability company ("Oracle Associates"), (xiii) ORACLE INVESTMENT MANAGEMENT, INC., a Delaware corporation(the "Investment Manager"), (xiv) Larry N. Feinberg, an individual, (xv) the FEINBERG FAMILY TRUST, a Connecticut Trust, (xvi) Adam Usdan, solely as trustee of the FEINBERG FAMILY TRUST, (xvii) Adam H. Dublin, an individual, (xviii) the ADAM H. DUBLIN 2019 FAMILY TRUST, (xix) Phyllis Dublin, solely as co-trustee of the ADAM H. DUBLIN 2019 FAMILY TRUST, (xx) Edward Francis Spaniel, Jr., an individual and co-trustee of the ADAM H. DUBLIN 2019 FAMILY TRUST, (xxi) Carl Berg, an individual on behalf of Alexander Ryan Berg, Adam Charles Berg, Eric William Berg, and Emma RoseBerg, (xxii) MARBLE LANE PARTNERS I, LLC, (xxiii) Michael Sawyer, an individual, (xxiv) NELL AND JANE CAMERON 2006TRUST, (xxv) Keri Cameron, solely on behalf of the NELL AND JANE CAMERON 2006 TRUST, (xxv) Shahir Kassam-Adams, an individual, (xxvi) 360 Ventures, LLC, a Virginia limited liability company, (xvii) Charles Mele, an individual, and (xxviii) Michael Glick, an individual. and amends the Statement on Schedule 13D filed by the Reporting Persons on August 25, 2025 (the "Initial Schedule 13D"). Item 4 of the Initial Schedule 13D is hereby amended and supplemented by adding the following text: On September 29, 2025, the SPV entered into a confidentiality agreement (the "Confidentiality Agreement") with the Issuer, pursuant to which the parties agreed to certain mutual confidentiality restrictions and the Reporting Persons agreed to certain standstill provisions. In connection with the Confidentiality Agreement, the Reporting Persons and Issuer may share information and have discussions regarding the matters set forth above, including the potential acquisition by the Reporting Persons of the Issuer, and the Reporting Persons may make proposals to the Issuer in connection therewith. A copy of the Confidentiality Agreement is filed herewith as Exhibit 99.3. The information set forth on the cover pages of this Amendment No. 1 is incorporated herein by reference. The percentages used in this Amendment No. 1 are calculated based upon an aggregate of 31,112,312 shares of common stock of the Issuer outstanding as of August 13, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. See rows (7) through (10) of the cover pages to Amendment No. 1 for the number of shares of Common Stock 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. The Administrative Trust previously held 500,834 shares issuable upon conversion of convertible notes that were issued on September 1, 2021 (the "Notes"). On September 1, 2025, the Notes were repaid according to their terms and the share counts have been updated in the Amendment No. 1 to reflect that the underlying shares are no longer beneficially owned by the Reporting Persons. Because of the arrangements in the Consortium Agreement (as defined in Item 4 of the Initial Schedule 13D), the members of the Consortium (as defined in Item 4 of the Initial Schedule 13D) may be deemed to have formed a "group" for purposes of Section 13(d)(3) of the Act. Neither the filing of the Initial Schedule 13D nor any of its contents, however, shall be deemed to constitute an admission by any Reporting Person that it is the beneficial owner of any of the 20,654,385 shares of Common Stock beneficially owned in the aggregate by consortium members other than such shares that it has reported as beneficially owned by it on the Initial Schedule 13D for purposes of Section 13(d) of the Act or for any other purpose, and such beneficial ownership is expressly disclaimed. Except as set forth in the Initial Schedule 13D, there have been no transactions in the Common Stock effected during the past 60 days by the Reporting Persons. To the knowledge of the Reporting Persons, no person other than each respective Reporting Person has the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares beneficially owned by such Reporting Persons. Not applicable. Item 6 of the Initial Schedule 13D is hereby amended and supplemented by adding the following text: The description of the Confidentiality Agreement set forth in Item 4 of this of this Amendment No. 1 is incorporated herein by reference. Exhibit 99.1* - Offer Letter, dated August 25, 2025 (incorporated by reference to Exhibit 99.1 to the Schedule 13D filed by the Reporting Persons with the SEC on August 25, 2025). sec.gov/Archives/edgar/data/1829280/000094787125000799/xslSCHEDULE_13D_X01/primary_doc.xml Exhibit 99.2* - Consortium Agreement, dated August 25, 2025 incorporated by reference to Exhibit 99.1 to Schedule 13D filed by the Reporting Persons with the SEC on August 25, 2025). sec.gov/Archives/edgar/data/1829280/000094787125000799/xslSCHEDULE_13D_X01/primary_doc.xml Exhibit 99.3 - Confidentiality Agreement, dated September 29, 2025 Exhibit 99.4 - Power of Attorney for Adam H. Dublin, dated as of October 2, 2025 Exhibit 99.5 - Power of Attorney for Adam Usdan, dated as of October 2, 2025 Exhibit 99.6 - Power of Attorney for Anthony Vuolo, dated as of October 2, 2025 Exhibit 99.7 - Power of Attorney for Carl Berg, dated as of October 2, 2025 Exhibit 99.8 - Power of Attorney for Charles Mele, dated as of October 2, 2025 Exhibit 99.9 - Power of Attorney for Edward Francis Spaniel Jr., dated as of October 2, 2025 Exhibit 99.10 - Power of Attorney for Keri Cameron, dated as of October 2, 2025 Exhibit 99.11 - Power of Attorney for Larry Feinberg, dated as of October 2, 2025 Exhibit 99.12 - Power of Attorney for Marble Lane Partners I, LLC, dated as of October 2, 2025 Exhibit 99.13 - Power of Attorney for Michael Glick, dated as of October 2, 2025 Exhibit 99.14 - Power of Attorney for Michael Sawyer, dated as of October 2, 2025 Exhibit 99.15 - Power of Attorney for Phyllis Dublin, dated as of October 2, 2025 Exhibit 99.16 - Power of Attorney for Adam Kassam-Adams, dated as of October 2, 2025 Exhibit 99.17 - Power of Attorney for Emily Bushnell, dated as of October 2, 2025 *Previously filed 2025 Acquisition Corp /s/ Max C. Wygod Max C. Wygod 10/03/2025 Max C. Wygod /s/ Max C. Wygod Max C. Wygod 10/03/2025 Emily Bushnell /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Emily Bushnell 10/03/2025 ADMINISTRATIVE TRUST U/ WYGOD FAMILY RV /s/ Max C. Wygod Max C. Wygod, Co-Trustee 10/03/2025 /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Emily Bushnell, Co-Trustee 10/03/2025 Anthony Vuolo /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Anthony Vuolo 10/03/2025 WYGOD FAMILY REV LT U/T/A /s/ Max C. Wygod Max C. Wygod, Co-Trustee 10/03/2025 /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Emily Bushnell, Co-Trustee 10/03/2025 MAX WYGOD FAMILY DYNASTY TRUST /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Anthony Vuolo, Trustee 10/03/2025 FEINBERG LARRY N /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg 10/03/2025 ORACLE PARTNERS, L.P. /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Managing Member 10/03/2025 ORACLE INSTITUTIONAL PARTNERS, L.P. /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Managing Member 10/03/2025 ORACLE INVESTMENT MANAGEMENT, INC. EMPLOYEES' RETIREMENT PLAN /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Trustee 10/03/2025 THE FEINBERG FAMILY FOUNDATION /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Trustee 10/03/2025 ORACLE ASSOCIATES, LLC /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, Managing Member 10/03/2025 ORACLE INVESTMENT MANAGEMENT, INC. /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Larry N. Feinberg, President 10/03/2025 FEINBERG FAMILY TRUST /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Adam Usdan, Trustee 10/03/2025 ADAM USDAN /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Adam Usdan 10/03/2025 Adam H. Dublin /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Adam H. Dublin 10/03/2025 ADAM H. DUBLIN 2019 FAMILY TRUST /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Edward F. Spaniel, Jr., Co-Trustee 10/03/2025 /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Phyllis Dublin 10/03/2025 Phyllis Dublin /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Phyllis Dublin 10/03/2025 Edward Francis Spaniel, Jr. /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Edward F. Spaniel, Jr. 10/03/2025 Carl Berg /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Carl Berg 10/03/2025 MARBLE LANE PARTNERS I, LLC /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for David Mehlman, Managing Member 10/03/2025 Michael Sawyer /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Michael Sawyer 10/03/2025 NELL AND JANE CAMERON 2006 TRUST /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Keri Cameron, Trustee 10/03/2025 Shahir Kassam-Adams /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Shahir Kassam Adams 10/03/2025 360 Ventures, LLC /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Shahir Kassam-Adams, General Manager 10/03/2025 Charles Mele /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Charles Mele 10/03/2025 Michael Glick /s/ Max C. Wygod Max C. Wygod / Attorney-in-fact for Michael Glick 10/03/2025