Announcement
2025-12-15
First SEC disclosure
Meeting / Vote
2026-01-08
COMPLETED
Effective
2026-01-09
Legal effective date
Market Cap
$68M
At announcement
Why this firm matters
Destination is MD — an outbound move to a non-TX/NV jurisdiction. Retained as a revealed-preference comparator (Y bucket) rather than included in completed-DExit counts.
Vote outcome — reincorporation proposal
Approval standard: majority of outstanding shares entitled to vote (DGCL §266 conversion to Maryland). Meeting type: annual.
Vote totals not yet pulled. Awaiting EDGAR Item 5.07.
Event-study abnormal returns — announcement window
Returns around the announcement date.
Event date: 2025-08-07 · Estimation window: trailing 240 days; 240 valid after NaN drop
| Specification | Day-0 AR | Inference |
|---|---|---|
| Market model (SPY benchmark) HEADLINEi | +0.08% | Patell-z p-value = 0.984 |
Event-study abnormal returns — vote window
Returns around the shareholder-vote (or written-consent) date.
No vote-window CARs available for this firm yet.
Long-run abnormal returns & pooled estimates
Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.
Effective date: 2026-01-09 · n_post = 76 days
Buy-and-hold abnormal returns (BHAR)
| Horizon & benchmark | BHAR | Inference |
|---|---|---|
| 1 month vs S&P 500 | +0.76% | Patell-z = +0.04 · p = 0.968 · n = 21 days |
| 1 month vs sector ETF (XLV) | +1.74% | Patell-z = +0.04 · p = 0.968 · n = 21 days |
| 3 months vs S&P 500 | +3.76% | Patell-z = +0.11 · p = 0.911 · n = 63 days |
| 3 months vs sector ETF (XLV) | +8.44% | Patell-z = +0.11 · p = 0.911 · n = 63 days |
Calendar-time portfolio alpha (CTE)
| Specification | Annualized alpha | Inference |
|---|---|---|
| Calendar-time portfolio alpha vs S&P 500 | +13.40%/yr | t = +0.78 · p = 0.434 · n = 76 days · Newey-West HAC SE (lag=5) |
| Calendar-time portfolio alpha vs sector ETF | +12.79%/yr | t = +0.76 · p = 0.445 · n = 76 days · Newey-West HAC SE (lag=5) |
Cohort-level robustness battery
Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.
Heckman two-step selection correction (controlled-vs-widely-held)
Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).
Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)
This firm: raw p = 0.984, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 1.000. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.
Pooled cohort BHAR (mover firms only)
BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)
See Cohort event study → for the full battery and forest plots.
Source filings
Primary-source documents on SEC EDGAR plus IR / search links.
- IR — https://investors.forian.com/
- EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001829280&type=&dateb=&owner=include&count=40
- Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001829280&type=DEF+14A&dateb=&owner=include&count=40
- 8-K Item 5.07 (vote) ·
0001140361-26-000976— filing →
Classification & audit trail
Bucket
Y
Panel eligibility
PANEL_A_post_SB29_non_TX_NV
Audit status
VERIFIED_EDGAR | PATCHED_v6-rev77_2026-05-24_wave1b_audit_fixes: per firm_roster_audit_2026-05-24.md + batch summaries
Source confidence
VERIFIED_PROXY
Transaction status
COMPLETED
Audit notes
v2.9.2: outbound POST-SB29 to non-TX/NV destination; reclassified A→Z (out of SB29 scope per BLP corroboration)
v2.9.3: bucket_Y=1 (revealed-preference comparator: DE leaver post-SB29 to non-TX/NV destination)
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investors.forian.com/ [2026-04-29] phase5g: actual_effective_date_iso corrected 'None' -> '2026-01-09' (reviewer: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm) [2026-04-29] phase5g: actual_effective_date_iso corrected '2026-01-09' -> '2026-01-09' (reviewer: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm) [2026-04-29] phase5k T2: FORA vote_source_8k (acc 0001140361-26-000976); source: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm [2026-04-29] phase5k T2: FORA vote_source_8k_url paired with acc 0001140361-26-000976; source: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) [2026-04-29] phase5x: Decision #1 per Shane 2026-04-29 -- Y-bucket firms (DE->non-TX/NV) remain in dashboard cohort (flag=1) as revealed-preference comparators; the 'why others left DE' question matters even if destination isn't TX or NV
[2026-04-29] v3.75: VERIFIED via 8-K Item 5.07 — DELAWARE → MARYLAND (NOT TX/NV — comparator/Bucket Y). Special meeting January 8, 2026. Vote tally: 22,312,024 for / 1,620,763 against / 1,308 abstain / 0 broker non-votes (93.2% of votes cast; majority-of-outstanding test also met). DGCL §266 conversion. Per Glass Lewis 2025 DExit report: of 18 firms proposing DExit in 2025, 13 proposed Nevada, 2 proposed Texas, 1 withdrew — FORA is one of the rarer DE→MD comparator moves.
v3.84-rev2 MINOR date correction (provisional): announcement_date_iso changed from 2025-08-07 to 2025-08-20. August 7 was likely board-approval date; DEF 14A filed August 20. PRE 14A verification still pending — if an earlier PRE 14A is found, this date will be revised.
v3.84-rev5 [2026-04-30] cell-audit reconciliation verified: DEF 14A filing date (source_type=DEF14A, quality=HIGH).
[2026-04-30] v3.84-rev5q: Sev-1 audit fix per Computer (Perplexity) audit: meeting_date_iso 2025-10-09 -> 2026-01-08 (special meeting actually held January 8, 2026 per existing audit-notes vote-tally and 8-K acc 0001140361-26-000976). Per Computer (Perplexity) audit 2026-04-30.
[2026-05-31 rev103] EDGAR-verified DE->Maryland reincorporation. Primary source: 8-K Item 5.07+5.03+3.03 acc 0001140361-26-000976 (https://www.sec.gov/Archives/edgar/data/0001829280/000114036126000976/ef20062689_8k.htm). DEF 14A for Special Meeting filed 2025-12-15. Special Meeting of Stockholders 2026-01-08: 22,312,024 FOR / 1,620,763 AGAINST / 1,308 abstain (approval_pct=93.20%). Statutory conversion effective 12:01am ET 2026-01-09. Move driven by Special Committee recommendation to facilitate take-private offer; Maryland MUTA/MGCL framework was explicit rationale. ONLY DE->MD mover in cohort. announcement_date_iso corrected '2025-08-20' -> '2025-12-15' (DEF 14A filing date).
v2.9.2: outbound POST-SB29 to non-TX/NV destination; reclassified A→Z (out of SB29 scope per BLP corroboration)
v2.9.3: bucket_Y=1 (revealed-preference comparator: DE leaver post-SB29 to non-TX/NV destination)
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investors.forian.com/ [2026-04-29] phase5g: actual_effective_date_iso corrected 'None' -> '2026-01-09' (reviewer: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm) [2026-04-29] phase5g: actual_effective_date_iso corrected '2026-01-09' -> '2026-01-09' (reviewer: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm) [2026-04-29] phase5k T2: FORA vote_source_8k (acc 0001140361-26-000976); source: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm [2026-04-29] phase5k T2: FORA vote_source_8k_url paired with acc 0001140361-26-000976; source: https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_8k.htm [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) [2026-04-29] phase5x: Decision #1 per Shane 2026-04-29 -- Y-bucket firms (DE->non-TX/NV) remain in dashboard cohort (flag=1) as revealed-preference comparators; the 'why others left DE' question matters even if destination isn't TX or NV
[2026-04-29] v3.75: VERIFIED via 8-K Item 5.07 — DELAWARE → MARYLAND (NOT TX/NV — comparator/Bucket Y). Special meeting January 8, 2026. Vote tally: 22,312,024 for / 1,620,763 against / 1,308 abstain / 0 broker non-votes (93.2% of votes cast; majority-of-outstanding test also met). DGCL §266 conversion. Per Glass Lewis 2025 DExit report: of 18 firms proposing DExit in 2025, 13 proposed Nevada, 2 proposed Texas, 1 withdrew — FORA is one of the rarer DE→MD comparator moves.
v3.84-rev2 MINOR date correction (provisional): announcement_date_iso changed from 2025-08-07 to 2025-08-20. August 7 was likely board-approval date; DEF 14A filed August 20. PRE 14A verification still pending — if an earlier PRE 14A is found, this date will be revised.
v3.84-rev5 [2026-04-30] cell-audit reconciliation verified: DEF 14A filing date (source_type=DEF14A, quality=HIGH).
[2026-04-30] v3.84-rev5q: Sev-1 audit fix per Computer (Perplexity) audit: meeting_date_iso 2025-10-09 -> 2026-01-08 (special meeting actually held January 8, 2026 per existing audit-notes vote-tally and 8-K acc 0001140361-26-000976). Per Computer (Perplexity) audit 2026-04-30.
[2026-05-31 rev103] EDGAR-verified DE->Maryland reincorporation. Primary source: 8-K Item 5.07+5.03+3.03 acc 0001140361-26-000976 (https://www.sec.gov/Archives/edgar/data/0001829280/000114036126000976/ef20062689_8k.htm). DEF 14A for Special Meeting filed 2025-12-15. Special Meeting of Stockholders 2026-01-08: 22,312,024 FOR / 1,620,763 AGAINST / 1,308 abstain (approval_pct=93.20%). Statutory conversion effective 12:01am ET 2026-01-09. Move driven by Special Committee recommendation to facilitate take-private offer; Maryland MUTA/MGCL framework was explicit rationale. ONLY DE->MD mover in cohort. announcement_date_iso corrected '2025-08-20' -> '2025-12-15' (DEF 14A filing date).
Related firms
Use these for cross-firm sanity checks — peers in size, sector, or destination.
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