Company: FORA
Filing Date: 2025-12-04
Form Type: PRE 14A
Source: 0001140361-25-044359
Chunk: 26

Company: Forian Inc.
Filing Date: 2025-12-04
Form: PRE 14A
Chunk 26
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 the Maryland Bylaws), and the transactions contemplated thereby, including the Redomiciliation; and (c) subject to Board approval, (I) direct that the Redomiciliation Resolutions be submitted for adoption by the stockholders of the Company, and (II) resolve to recommend that the stockholders of the Company adopt the Redomiciliation Resolutions In the course of evaluating the Redomiciliation, the Special Committee retained Potter Anderson, Miles & Stockbridge, and Houlihan Lokey, and also consulted, where appropriate, with members of Company management and Duane Morris. In reaching its determination and making its recommendations, the Special Committee considered the following non-exhaustive list of material factors, which are not presented in any relative order of importance and each of which the Special Committee viewed as generally supportive of its determination and recommendation to the Board:

| • | Section 203 Impediments. The Company is currently subject to certain anti-takeover protections under Section 203, which prohibits certain transactions between the Company and an “interested stockholder” (as defined in Section 203) of the Company for a period of three years after the date such interested stockholder acquired its stock. These restrictions hinder the Company’s ability to fully take advantage of transactions with Mr. Wygod and other interested stockholders, specifically the Take-Private Offer. These restrictions also hinder the Company’s ability to use equity to compensate its directors and officers who are members of the Consortium. While the Company could seek to amend its Delaware Organizational Documents to opt out of the Section 203 anti-takeover provision, the restrictions under Section 203 would continue to apply to Mr. Wygod or any other current “interested stockholder” of the Company for a period of time while the Company remains a Delaware corporation. Additionally, while the Company could seek the affirmative vote of sixty-six and two-thirds (66 2/3%) of the outstanding shares of Common Stock held by the Company’s stockholders other than the interested stockholders for any transaction with an “interested stockholder,” including the Take-Private Offer, (i) the Consortium has indicated that it is not willing to seek this stockholder approval, and (ii) the Special Committee believes that seeking such a vote would create significant uncertainty as to whether a Take-Private Offer could be consummated due, in part, to the composition of the Company’s stockholder base other than the members of the Consortium. As a result of the Redomiciliation, the Company would no longer be subject to Section 203