--- schema_version: "secwatch.filing_event.v1" accession: "0001140361-23-006194" form_type: "8-K" ticker: "FORA" cik: "0001829280" company_name: "Forian Inc." filed_at: "2023-02-13T23:59:59+00:00" generated_at: "2026-06-19T16:38:04.650005+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Forian sells cannabis software unit BioTrack for $30M; CEO Barton resigns ## Summary - Sold BioTrack to Alleaves for $30M: $20M cash at close plus $10M in 12 monthly installments. - Company exits cannabis software business; will focus on healthcare information offerings. - CEO Daniel Barton resigned effective Feb 10, 2023; not due to any disagreement with strategy or policies. - Executive Chairman Max C. Wygod appointed interim CEO and President; no additional compensation. - Board reduced from 11 to 10 members after Barton's departure; unaudited pro forma financials filed. ## SEC filing metadata - accession: 0001140361-23-006194 - form_type: 8-K - ticker: FORA - cik: 0001829280 - company_name: Forian Inc. - filed_at: 2023-02-13T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.01, 5.02, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/0001140361-23-006194-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/brhc10047564_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001140361-23-006194 - JSON: https://secwatch.observer/filing/0001140361-23-006194.json - Plain text: https://secwatch.observer/filing/0001140361-23-006194.txt ## Key facts - Executive change Max C. Wygod was appointed as Interim Chief Executive Officer and President at Forian Inc.. - Action: appointed - Role: Interim Chief Executive Officer and President source text: Effective as of February 10 , 2023 , the Board appointed Max C. Wygod as interim Chief Executive Officer and President. evidence_url: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/0001140361-23-006194-index.htm - Executive change Daniel Barton resigned as Chief Executive Officer, President and Class II Director at Forian Inc.. - Action: resigned - Role: Chief Executive Officer, President and Class II Director source text: On February 13, 2023, the Company announced that Daniel Barton resigned as the Company’s Chief Executive Officer and President and as a Class II member of the Board of Directors (the “Board”) effective February 10, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/0001140361-23-006194-index.htm - M&A Transactions Forian Inc. completed a disposition involving BT Assets Group Inc. for $30 million (closed 2023-02-10). - Action: disposition - Counterparty: BT Assets Group Inc. - Consideration: $30 million - Closing: 2023-02-10 source text: Buyer (the “Transaction”). Through the Transaction, the Company exited the cannabis software business. The total consideration paid by the Buyer under the Purchase Agreement is $30 million, subject to any working capital adjustments. The Buyer paid $20 million in cash at closing and is required to make twelve equal monthly payments totaling $10 million commencing evidence_url: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/0001140361-23-006194-index.htm - Material Agreements Forian Inc. entered into License Agreement with BT Assets Group Inc. valued at Perpetual, world-wide, exclusive, royalty-free, transferrable and sublicensable license to certain U (effective 2023-02-10). - Action: entry - Agreement: license - Counterparty: BT Assets Group Inc. - Value: Perpetual, world-wide, exclusive, royalty-free, transferrable and sublicensable license to certain U - Effective: 2023-02-10 source text: The Company, Helix, BioTrack and the Buyer also entered into that certain License Agreement, dated February 10, 2023 (the “License Agreement”), pursuant to which the Company and its affiliates have been granted a perpetual (subject to certain conditions described below), world-wide, exclusive (subject to certain conditions as described in the License Agreement), royalty-free, transferrable and sublicensable license to certain U.S. transactional data processed by the point of sale software systems owned, licensed or operated by the Buyer and its affiliates. evidence_url: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/0001140361-23-006194-index.htm - Material Agreements Forian Inc. entered into Stock Purchase Agreement with BT Assets Group Inc. valued at Total consideration of $30 million, $20 million cash at closing plus twelve equal monthly payments t (effective 2023-02-10). - Action: entry - Agreement: asset purchase - Counterparty: BT Assets Group Inc. - Value: Total consideration of $30 million, $20 million cash at closing plus twelve equal monthly payments t - Effective: 2023-02-10 source text: On February 10, 2023, Helix Technologies, Inc., a Delaware corporation (“Helix”) and a wholly owned subsidiary of Forian Inc. (the “Company”), completed the sale of 100% of the outstanding capital stock of its wholly owned subsidiary, Bio-Tech Medical Software, Inc., a Florida corporation (“BioTrack”), to BT Assets Group Inc., a Delaware corporation (“Buyer”) and a wholly owned subsidiary of Alleaves Inc., a Delaware corporation (“Alleaves”), pursuant to that certain Stock Purchase Agreement (the “Purchase Agreement”), dated February 10, 2023, by and among Helix, BioTrack and the Buyer (the “Transaction”). evidence_url: https://www.sec.gov/Archives/edgar/data/1829280/000114036123006194/0001140361-23-006194-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.