Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 100

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 100
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 might have to close those
institutions, which could have a material adverse effect on our total student enrollment, financial condition, results of operations
and cash flows.

If
ED denies, or significantly conditions, recertification of any of our institutions to participate in the Title IV Programs, that institution
could not conduct its business as it is currently conducted.

Under
the provisions of the HEA, an institution must apply to ED for continued certification to participate
in the Title IV Programs at least every six years or when it undergoes a change in ownership resulting in a change of control. ED defines
an institution to consist of both a main campus and its additional locations, if any. Under this definition, for ED purposes, we operate
the following four institutions, collectively consisting of four main campuses and two additional locations: HDMC with locations in Lancaster,
Bakersfield, and Temecula; CCC located in Salinas; Integrity located in Pasadena, and CCMCC with a location in Antioch. Generally, the
recertification process includes a review by ED of an institution’s educational programs and locations, administrative capability,
financial responsibility and other oversight categories. The current expiration date of the program participation agreements for HDMC
and CCC is September 30, 2026. Integrity and CMCC are currently participating in the Title IV Programs under a temporary provisional
program participation agreement in connection with their change in ownership and control resulting from our acquisition of the institutions.
The CCMCC temporary provisional program participation agreement had an expiration date of January 31, 2025 and the Integrity temporary
provisional program participation agreement had an expiration date of November 30, 2020, but each temporary provisional program participation
agreement continues on a month-to-month basis thereafter based on the institution’s submission to ED of certain required documentation
and remains in effect until the conclusion of ED’s review of Integrity’s and CCMCC’s pending applications for approval
of its change in ownership and control.

ED
typically provides provisional certification to an institution following a change in ownership resulting in a change of control and also
may provisionally certify an institution for other reasons, including, but not limited to, noncompliance with certain standards of administrative
capability and financial responsibility. Our Integrity and CCMCC institutions are currently approved under a temporary provisional program
participation agreement which (as described in the subsequent section) permits an institution to continue participating in the Title
IV Programs on a month-to-month basis while ED reviews the change