Forian, Inc. (FORA) — Reincorporation detail

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.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Forian's announcement-day move was a non-event

**Bottom line.** All four ways of looking at Forian's stock that day point to roughly the same answer: barely moved by about 0.1%, and the move was statistically indistinguishable from a normal trading day (p = 0.98).

This chart shows four different statistical lenses on what Forian's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Forian sits near the middle of the 36-firm cohort

**Bottom line.** Forian's announcement-day reading is close to the cohort-wide mean of +0.69%. Most firms in this cohort moved by similar small amounts; reactions are firm-specific, not regime-specific.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Forian is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

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.

Vote window CARs not yet computed (vote on 2026-01-08).

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.

Classification & audit trail

Bucket

Y

Panel eligibility

PANEL_A_post_SB29_non_TX_NV

Audit status

VERIFIED_EDGAR

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.