<SEC-DOCUMENT>0001731122-25-000991.txt : 20250717
<SEC-HEADER>0001731122-25-000991.hdr.sgml : 20250717
<ACCEPTANCE-DATETIME>20250717194025
ACCESSION NUMBER:		0001731122-25-000991
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250717
DATE AS OF CHANGE:		20250717

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FONAR CORP
		CENTRAL INDEX KEY:			0000355019
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				112464137
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-33323
		FILM NUMBER:		251132095

	BUSINESS ADDRESS:	
		STREET 1:		110 MARCUS DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6316942929

	MAIL ADDRESS:	
		STREET 1:		110 MARCUS DRIVE
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Damadian Timothy Raymond
		CENTRAL INDEX KEY:			0001949366
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		110 MARCUS DR.
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <reportingPersonInfo>
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        <securityTitle>Common Stock, $0.0001 par value per share</securityTitle>
        <issuerName>FONAR Corp</issuerName>
        <issuerPrincipalAddress>
          <com:street1>110 MARCUS DR</com:street1>
          <com:city>Melville</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>11747</com:zipCode>
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        <commentText>This Amendment No. 1 ("Amendment No. 1") amends the Schedule 13D jointly filed with the U.S. Securities and Exchange Commission on July 11, 2025 (the "Initial Schedule 13D") on behalf of: Timothy Raymond Damadian ("T. Damadian"), Luciano Benedetto Bonanni ("Bonanni"), Ronald George Lehman II ("Lehman"), Richard Alan Feigenbaum ("Feigenbaum"), Xavier Patrick Rodrigo ("Rodrigo"), Jevan Damadian ("J. Damadian"), James Joseph Flanagan ("Flanagan"), Kurt William Reimann ("Reimann"), Janice Veroline ("Veroline"), and James Persoons ("Persoons"), with respect to the common stock, par value $0.0001 per share (the "Common Stock"), of FONAR Corporation, a Delaware corporation (the "Issuer"). The foregoing persons are hereinafter sometimes referred to, collectively, as "Reporting Persons" and, individually, as a "Reporting Person."
Except as specifically set forth in this Amendment No. 1, there are no changes or supplements to the information set forth in the Initial Schedule 13D.  Since the filing of the Initial Schedule 13D, none of the Reporting Persons have acquired or disposed of any securities of the Issuer, including shares of Common Stock.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby supplemented by the following:
On July 17, 2025, T. Damadian, on behalf of the Reporting Persons, delivered a letter to the special committee of the Board of Directors of the Issuer providing further information concerning the proposal of the Reporting Persons to the Issuer to acquire the Issuer, including the proposed per share acquisition price for the shares of Common Stock of the Issuer.  A copy of such letter is attached as Exhibit 3 to this Schedule 13D.</transactionPurpose>
      </item4>
      <item7>
        <filedExhibits>Item 7 is hereby supplemented by the following:
Exhibit 3 - Letter to the Special Committee of the Board of Directors of Issuer, dated July 17, 2025.</filedExhibits>
      </item7>
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          <date>07/17/2025</date>
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          <signature>/s/ Ronald George Lehman II</signature>
          <title>Ronald George Lehman II</title>
          <date>07/17/2025</date>
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          <signature>/s/ Richard Alan Feigenbaum</signature>
          <title>Richard Alan Feigenbaum</title>
          <date>07/17/2025</date>
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        <signatureReportingPerson>Xavier Patrick Rodrigo</signatureReportingPerson>
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          <signature>/s/ Xavier Patrick Rodrigo</signature>
          <title>Xavier Patrick Rodrigo</title>
          <date>07/17/2025</date>
        </signatureDetails>
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          <signature>/s/ Jevan Damadian</signature>
          <title>Jevan Damadian</title>
          <date>07/17/2025</date>
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        <signatureReportingPerson>James Joseph Flanagan</signatureReportingPerson>
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          <signature>/s/ James Joseph Flanagan</signature>
          <title>James Joseph Flanagan</title>
          <date>07/17/2025</date>
        </signatureDetails>
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          <signature>/s/ Kurt William Reimann</signature>
          <title>Kurt William Reimann</title>
          <date>07/17/2025</date>
        </signatureDetails>
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        <signatureReportingPerson>Janice Veroline</signatureReportingPerson>
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          <signature>/s/ Janice Veroline</signature>
          <title>Janice Veroline</title>
          <date>07/17/2025</date>
        </signatureDetails>
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        <signatureReportingPerson>James Persoons</signatureReportingPerson>
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          <signature>/s/ James Persoons</signature>
          <title>James Persoons</title>
          <date>07/17/2025</date>
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<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>2
<FILENAME>e6711_ex3.htm
<DESCRIPTION>EXHIBIT 3
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TIMOTHY R. DAMADIAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>110 Marcus Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Melville, New York 11747-4292</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">July 17, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>VIA EMAIL AND FIRST CLASS MAIL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">FONAR Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">110 Marcus Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Melville, New York 11747-4292</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Members of the <FONT STYLE="letter-spacing: -0.1pt">Special Committee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">By letter (the &ldquo;<B>Letter</B>&rdquo;)
to the Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of FONAR Corporation (&ldquo;<B>FONAR</B>&rdquo;), dated July 7, 2025, I, on
behalf of myself and certain others referred to in the Letter collectively as the &ldquo;<B>Proposed Acquisition Group</B>,&rdquo; informed
the Board that the Proposed Acquisition Group are contemplating the pursuit of a plan to acquire all of the outstanding shares of the
capital stock of FONAR not owned by the Proposed Acquisition Group in a &ldquo;going private&rdquo; transaction, which is referred to
in the Letter as the &ldquo;<B>Acquisition Transaction</B>.&rdquo; On behalf of the Proposed Acquisition Group, I am pleased to submit
this supplement to the Letter by advising the Special Committee that members of the Proposed Acquisition Group are proposing to acquire
all of the outstanding capital stock of FONAR that the members of the Proposed Acquisition Group do not beneficially own at an <FONT STYLE="letter-spacing: -0.1pt">acquisition
</FONT>price of $17.25 per share of the common stock, par value $0.0001 per share (the &ldquo;Common Stock&rdquo;), of FONAR, payable
in cash. Capital stock of FONAR other than the Common Stock will be acquired with applicable acquisition prices calculated on an &ldquo;as
converted&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">The proposed acquisition price represents
a premium of approximately 27% over the average closing price of the <FONT STYLE="letter-spacing: -0.1pt">C</FONT>ommon Stock for the
90 trading day trading period ending on June 30, 2025, the last day of FONAR&rsquo;s 2024-2025 fiscal year end. This proposal represents
a unique opportunity for FONAR&rsquo;s stockholders to monetize their investment at a premium to the Common Stock&rsquo;s recent stock
price. The proposed price also represents a higher price than the <FONT STYLE="letter-spacing: -0.2pt">Common S</FONT>tock has traded
for, on average, since July 2020. I encourage you to disregard the recent price increase as a result of speculation associated with the
Proposed Acquisition Group&rsquo;s offer as you evaluate the Proposed Acquisition Group&rsquo;s proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">The Proposed Acquisition Group believes
that the consummation of the Acquisition Transaction will ensure FONAR has flexibility and structure to successfully navigate FONAR&rsquo;s
market environment in the years to come. Post-COVID market challenges have created a sharply competitive landscape, and <FONT STYLE="letter-spacing: -0.1pt">the
Proposed Acquisition Group </FONT>believes it is now more important than ever to embrace a more entrepreneurial perspective where we are
all incentivized to grow and develop FONAR&rsquo;s products, brand, and business with a longer term perspective. The Proposed Acquisition
Group believes it is increasingly difficult to develop this type of culture in a public company context, where the public markets are
increasingly focused on short-term results, in addition to the overly burdensome public company requirements, especially since FONAR has
now transitioned to an Accelerated Filer status. The Proposed Acquisition Group is convinced that private ownership is in the best interests
of the business and the operations, and that the Acquisition Transaction is in the best interests of the stock<FONT STYLE="letter-spacing: -0.1pt">holders,
of FONAR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">The Proposed Acquisition Group, whose membership
may be expanded, plans to invest all of the <FONT STYLE="letter-spacing: -0.2pt">FONAR capital stock beneficially owned by its members
</FONT>in the proposed Acquisition <FONT STYLE="letter-spacing: 1.35pt">T</FONT>ransaction. In addition to <FONT STYLE="letter-spacing: -0.55pt">the
Proposed Acquisition Group&rsquo;s </FONT>equity and cash investments, it is anticipated that the Acquisition Group will raise additional
funds as necessary through committed financing from one or more third-party financing sources. Copies of any executed commitment letters
will be delivered to you under separate cover as soon as they become available following customary due diligence by such financing sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">Following the transaction, it is expected
that the Company&rsquo;s existing management team would remain in place. In addition, <FONT STYLE="letter-spacing: -0.05pt">the Proposed
Acquisition Group, whose members include senior management of FONAR, </FONT>anticipates maintaining FONAR&rsquo;s valuable employee base,
which I, along with the other members of the Proposed Acquisition Group, view as one of FONAR&rsquo;s most important assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black"><B>TIMOTHY R. DAMADIAN </B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">Board of Directors</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">FONAR Corporation</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">July 17, 2025</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">Page - 2 -</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">The Proposed Acquisition Group is aware
of the formation of the special committee, consisting of independent directors of FONAR who are not interested parties to the proposed
Acquisition Transaction, to consider the Proposed Acquisition Group&rsquo;s proposal on behalf of FONAR&rsquo;s public stockholders. The
Proposed Acquisition Group expects that the special committee will retain its own independent legal and financial advisors to assist in
its review of the proposed Acquisition Transaction. The Proposed Acquisition Group does not anticipate moving forward with the proposed
Acquisition Transaction unless it is approved by the special committee. Given my extensive history and knowledge of FONAR, I, on behalf
of the Proposed Acquisition Group, along with legal and other advisors, am prepared to negotiate a merger agreement with the special committee
and the special committee&rsquo;s advisors and complete the transaction in an expedited manner. The merger agreement will ensure that
the transaction will be subject to a non-waivable condition requiring the approval of <FONT STYLE="letter-spacing: -0.25pt">the holders
of </FONT>a majority of the shares of FONAR that are not beneficially owned by the Proposed Acquisition Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">In considering this proposal, please note
that in my capacity as a stockholder of <FONT STYLE="letter-spacing: -0.15pt">FONAR, I </FONT>am interested only in the Proposed Acquisition
Group acquiring FONAR by means the proposed Acquisition Transaction, and that, in such capacity, I have no interest in a disposition or
sale of my equity interest in <FONT STYLE="letter-spacing: -0.2pt">FONAR</FONT>, nor is it my intention, in my capacity as a stockholder,
to vote in favor of any alternative sale, merger, or similar transaction involving FONAR. Other members of the proposed Acquisition Group
may feel similarly. If the special committee does not recommend, or the public stockholders of the Company do not approve, the proposed
Acquisition Transaction, such a determination would not adversely affect my future relationship and positions with FONAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">In accordance with our legal obligations,
the Proposed Acquisition Group will <FONT STYLE="letter-spacing: -0.25pt">promptly </FONT>file an amendment to <FONT STYLE="letter-spacing: -0.3pt">its
initial </FONT>Schedule 13D, <FONT STYLE="letter-spacing: -0.35pt">filed with the U.S. Securities and Exchange Commission on July 11,
2025. A copy </FONT>of this letter will be made an exhibit to such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">Please note that no binding obligation on
the part of <FONT STYLE="letter-spacing: -0.05pt">FONAR, the Proposed Acquisition Group, or </FONT>myself will arise with respect to the
Proposed Acquisition Group&rsquo;s proposal or any transaction unless and until such time as definitive agreements are entered into between
the appropriate parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">I would welcome the opportunity to meet
with the special committee and/or its advisors as soon as possible to discuss the Proposed Acquisition Group&rsquo;s proposal. I look
forward to your response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 0pt; width: 55%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; width: 45%; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">/s/ Timothy R. Damadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Timothy R. Damadian,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">On behalf of the</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Proposed Acquisition Group, and, where noted, personally</FONT></TD></TR>
  </TABLE>
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