The regular price (MSRP) of the Forma is
$250 in the US.
Refurbished devices are sold with a discount at $220.
It happens quite often, that refurbished items are handled seperately and are not included in special sales offers. Leading to situations like this.
The real news here should be, that it looks like Kobo is starting to clear their inventory of the Forma, because it is currently on sale in all Kobo Stores around the globe. (And it is the only Kobo on sale. None of the other devices are.)
So if you wanted one, this might be your last chance to get it (new) at a decent price.
US Store: $40 off on the 8 GB version ($50 off on the 32 GB version)
UK Store: £40 off on the 8 GB version (£60 off on the 32 GB version)
FR Store: €40 off on the 8 GB version (€60 off on the 32 GB version)