Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 56

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 56
---
 of Unregistered Securities.

On December 18, 2024, we issued 118,906 shares of
common stock to Contra Costa Medical Career College (“CCMC”) pursuant to that
certain asset purchase agreement (the “APA”) dated October 22, 2024 by and among the Buyer, Legacy Education Inc. (the “Company”),
Legacy Education, LLC, a wholly-owned subsidiary of the Company (“Legacy LLC” and together with the Company and the Buyer,
the “Buyer Parties”), CCMC, Contra Costa Medical Career College Online, Inc. (“CCMCC Online” and together with
CCMCC, “Sellers”), and, solely with respect to certain portions of the APA, Stacey Orozco and Bulmaro Orozco, the sole owners
CCMCC and CCMCC Online (collectively, the “Owners”). The shares of common stock are being held in escrow by Equinti Trust Company, LLC for a period of one year from the
date of issuance.

The foregoing issuance was made in reliance upon Section 4(a)(2) of the
Securities Act of 1933, as amended.

(b)
Use of IPO Proceeds.

On
September 27, 2024, we completed our IPO pursuant to which we issued and sold 2,500,000 shares of common stock at a price of $4.00 per
share. We also issued 375,000 shares of common stock pursuant to the exercise by the underwriters of their over-allotment option, at
a price to the public of $4.00 per share in the second quarter of fiscal 2025. The securities were sold pursuant to our Registration
Statement on Form S-1 (File No. 333-281586) which was declared effective by the SEC on September 25, 2024.

We
received net proceeds of approximately $7.9 million from the sale of the 2,500,000 shares of common stock after deducting underwriting
discounts and commissions and offering expenses We also received net proceeds of approximately $1.4 million, which includes 375,000 shares
of common stock issued pursuant to the exercise by the underwriters of their over-allotment option, after deducting underwriting discounts
and commissions and offering expenses.

The
offering commenced on September 25, 2024, and did not terminate before all securities registered in the registration statement were sold.

None
of