FONAR Receives Preliminary Buyout Proposal From Timothy Damadian And Management-Led Group At 10%+ Premium To Average Closing Price Of Common Stock For Last 90 Days; Special Committee Formed To Review Offer

Author: Benzinga Newsdesk | July 09, 2025 05:05pm
FONAR Corporation (NASDAQ: FONR) ("FONAR"), The Inventor of MR Scanning™, today announced that its board of directors (the "Board") received a preliminary, non-binding proposal letter, dated July 7, 2025 from a Proposed Acquisition Group led by Timothy Damadian and consisting of certain members of the management team and Board of Directors of FONAR Corporation and third parties, to acquire all of the outstanding capital stock of FONAR not currently owned by the Proposed Acquisition Group, at a price per share anticipated to be "at a premium of no less than 10% to the average closing market price of FONAR's common stock for the 90 trading days immediately preceding July 1, 2025". The letter states that the Proposed Acquisition Group currently beneficially owns approximately 5.01% of the outstanding FONAR Stock. The Board has established a special committee consisting of independent and disinterested directors of the Board, who will carefully review the proposal to determine the course of action that is in the best interests of the Company and all shareholders. No action is required by FONAR shareholders at this time.

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