Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 384

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1A
Chunk 384
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 from these agencies. On July 30, 2024, ED provided written confirmation the offering as described would not constitute a change of
control under its regulations. However, subsequent offerings, transactions or other events could be deemed to be a change of control in
the future.

With
regard to the agencies that institutionally accredit our institutions or authorize them to operate in the state of California:

    ●
    BPPE:
    BPPE regulations require that institutions that are authorized based on their accredited status and which undergo a change in
    ownership timely submit notice of such change with accompanying documentation to demonstrate that the change was made in accordance
    with the applicable accreditation standards. On August 8, 2024, BPPE responded to our request for guidance regarding a potential
    change of ownership process and stated that it would look to the determinations of ABHES and ACCET with respect to the initial
    public offering. As described below, ABHES and ACCET have provided written confirmation that the initial public offering as
    described would not constitute a change in legal status, ownership or control under the respective standards. Based on those
    responses from ABHES and ACCET, we sought confirmation that our institutions need not undergo an approval process with BPPE prior to
    the offering, and BPPE confirmed on September 11, 2024 that the initial public offering would not be viewed as a change in control
    and would not require approval from BPPE.
  
    ●
    ABHES:
    ABHES accreditation standards require that institutions undergoing a change in legal status, ownership or control submit an
    application for approval of the change at least 90 days in advance, and that ABHES must approve the change before it takes place.
    ABHES accreditation standards also require institutions undergoing a change in legal status, ownership or control to submit an
    additional application within five days after the change, which would also be subject to ABHES approval. We requested guidance from
    ABHES regarding whether the initial public offering as described will constitute a change in in legal status, ownership or control
    for the purposes of its accreditation standards. On August 12, 2024, ABHES provided written confirmation that the initial public
    offering as described would not constitute a change in legal status, ownership or control under its standards. 
  
    ●
    ACCET:
    ACCET accreditation standards require that institutions undergoing a change in ownership or control submit a