FONAR Discloses MSF Engagement and $14.63 Per Share Valuation in Merger Proxy Update

TL;DR: On July 25, 2025, FONAR’s Special Committee engaged MSF to advise on the proposed merger and related regulatory matters. Marshall & Stevens’ analysis, based on FONAR management projections, values the firm at $97.2 million, or $14.63 per fully diluted share.

Context: FONAR Corp (NASDAQ: FONR) is pursuing a merger that requires an independent fairness opinion. The Special Committee sought a firm with expertise in transaction advisory and regulatory compliance, leading to the MSF engagement letter executed the same day.

Key Facts: Marshall & Stevens calculated the net present value of unlevered, after‑tax free cash flows for years 1‑10 at $75.14 million, added a terminal year cash flow of $12.511 million and a terminal value of $27.653 million. Applying a 29.37 % minority interest adjustment yielded an equity value of about $97.2 million. Dividing by the fully diluted share count of 6,644,553 gives a per‑share value of $14.63.

What It Means: The implied valuation values FONR at roughly $97 million, compared with its market capitalization of about $85 million at the close of July 24, 2025. In after‑hours trading, FONR shares moved less than 0.3 %, indicating a muted immediate market reaction. Investors will watch for the Special Committee’s final recommendation and any subsequent regulatory filings as the merger process advances.