Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 40

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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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.

    ●
    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.

2

If
agencies require us to obtain 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. We will be required to make or obtain notices and/or approvals prior to the CCMCC
Transaction from those agencies that require notice and/or approval to be made or obtained prior to the occurrence of a change in
ownership or control. 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.

Negotiated
Rulemaking

ED
has promulgated a substantial number of new regulations in recent years that impact our business on a broad range of topics that have
had significant impacts on our business, requiring a large number of reporting and operational changes and resulting in changes to and
elimination of certain educational programs. Future regulatory actions by ED or other agencies that regulate our institutions are likely
to occur and to have significant impacts on our business, require us to change our business practices and incur costs of compliance and
of developing and implementing changes in operations, as has been the case with past regulatory changes. See Annual Report at Form 10-K
at “Negotiated Rulemaking.”

In
October through December 2023, ED conducted negotiated rulemaking to develop new regulations related to student debt relief. ED published
proposed regulations on this topic on April 17, 2024, and October 31, 2024. However, ED subsequently withdrew these proposed regulations
effective December 20, 2024.

In
January through March 2024