Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 110

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 110
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 ten days following the change.
    We requested guidance from ACCET regarding whether the initial public offering as described will constitute a change in ownership or
    control under its accreditation standards and confirmation no approval would be required from ACCET. On September 6, 2024, ACCET
    provided written confirmation that the initial public offering as described would not constitute a change in ownership or control
    under its standards.

The
California Board of Registered Nursing requires pre-closing approval of a change of ownership before it occurs and requires
post-closing approval of a change in organizational structure. We requested confirmation from the California Board of Registered
Nursing that the initial public offering as described will not be treated as a change in ownership that requires approval before the
offering occurs, but have not received a determination from the agency. If the California Board of Registered Nursing determines we
were required to obtain the agency’s approval prior to the initial public offering under its statutes, rules or standards,
then, as noted above, we could be subject to sanctions by this agency including potential loss of our approval.

We
are in the process of initiating communications with our education regulators and accreditors on this subject and have not received
responses as to whether they will treat the initial public offering as a change in ownership or control requiring agency approval.
If we are required to go through a change of ownership and/or control review process with these agencies, one or more of these
agencies could impose additional conditions or restrictions or delay or decline to issue an approval. If an agency does not require
us to go through a change of ownership and/or control review process, we may be required to submit notices or other information to
the agency which could result in further scrutiny or inquiries by the agency.

A
change of control could occur as a result of future transactions in which the Company or our institutions are involved. Some corporate
reorganizations and some changes in the board of directors of the Company are examples of such transactions. Once we become a publicly
traded corporation, ED regulations provide that a change of control also could occur in one of at least two ways: (a) if a person acquires
ownership and control of the corporation so that the corporation is required to file a Current Report on Form 8-K with the Securities
and Exchange Commission disclosing the change of control or (b) if the corporation has a shareholder that owns at least 25% of the total
outstanding voting stock of the corporation and is the largest shareholder of the corporation,