Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 90

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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. As of March 31, 2025, Contra Costa had 468 students enrolled in its
programs.

Recent
Developments

Regulatory
Updates

Acquisition
Agreement with Contra Costa Medical Career College

As
previously reported on a Current Report on Form 8-K filed with the SEC, on October 22, 2024, Legacy Education Antioch, LLC, a wholly-owned
subsidiary of Legacy LLC (as defined herein) (the “Buyer”) entered into an asset purchase agreement (the “APA”)
with 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”), Contra Costa Medical Career College, Inc. (“CCMCC”),
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 (the “CCMCC
Transaction”). The CCMCC Transaction was consummated on December 18, 2024.

2

When
a company acquires an institution that is eligible to participate in the Title IV Programs, like CCMCC, the acquisition generally will
result in the institution undergoing a change of ownership resulting in a change of control as defined by ED and under the rules of other
educational agencies and accreditors. Upon such a change, an institution’s eligibility to participate in the Title IV Programs
is generally suspended until it has applied for recertification by ED as an eligible school under its new ownership, which requires that
the school also re-establish its state authorization and accreditation. ED may temporarily and provisionally certify an institution seeking
approval of a change of control under certain circumstances while ED reviews the institution’s application. The temporary provisional
certification typically remains in effect on a month-to-month basis during ED’s review of the application as long as the school
timely submits certain documentation during the course of ED’s review. Legacy timely submitted a materially complete change in
ownership application to ED and CCMCC is now a party to a temporary provisional program participation agreement (“TPPPA”)
that allows CCMCC to continue participating in the Title IV Programs. CCMCC also timely filed the required documentation for