Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 44

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 44
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2025, ABHES approved the change in ownership.

    ●
    California Board of
    Vocational Nursing and Psychiatric Technicians (“BVNPT”): BVNPT instructed CCMCC to submit formal notification of
    the change of ownership after receiving BVNPT’s approval to admit a new class of students. CCMCC received such approval on
    February 4, 2025 and submitted the required form for the change of ownership on February 12, 2025, and is awaiting approval.

    ●
    California Department
    of Public Health, Laboratory Field Services (“CDPH”): CDPH requires certain training programs undergoing a change
    of ownership to notify CDPH within 30 days after the change has occurred and submit a new application package. CCMCC notified CDPH
    of the change and submitted the application on February 6, 2025, and is awaiting approval.

28

If
agencies require us to obtain other approvals in connection with the CCMCC Transaction, we will be required to undergo an application
process for approvals from the applicable agencies and could be subject to conditions or restrictions (or loss of approval) depending
on the outcome of the approval process. If any applicable agencies determine that we did not follow required procedures in providing
notification and seeking approval of the CCMCC Transaction, or if any agencies do not approve the CCMCC Transaction, we could be subject
to sanctions by the applicable agencies including loss of CCMCC’s approvals from these agencies.

Change
of Control. In addition to school acquisitions, other types of transactions can also cause a change of control. ED, most of our
state education agencies, our accreditors, and other regulators have standards pertaining to the change of control of schools, but these
standards are not uniform. ED regulations describe some transactions that constitute a change of control, including the transfer of a
controlling interest in the voting stock of an institution or the institution’s parent corporation including our Company. A significant
purchase or disposition of our common stock could be determined by ED to be a change of control under this standard. On October 28, 2022,
ED published a final rule revising its change in ownership regulations, which became effective July 1, 2023. The new requirements, such
as requiring notice to ED and current and prospective students at least 90 days prior to a change in ownership, could make it more difficult
to execute a change in