Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 407

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1A
Chunk 407
---
in other jurisdictions, which could have a material adverse effect on the Company’s business, results of operations, and financial
condition.

77

Certain
provisions of our Articles of Incorporation and Nevada law make it more difficult for a third party to acquire us and make a takeover
more difficult to complete, even if such a transaction were in stockholders’ interest.

Our
Articles of Incorporation and the Nevada Revised Statutes (“NRS”) contain certain provisions that may have the effect of
making it more difficult or delaying attempts by others to obtain control of our company, even when these attempts may be in the best
interests of our stockholders. For example, our Articles of Incorporation authorize us to issue up to 10 million shares of preferred
stock. This preferred stock may be issued in one or more series, the terms of which may be determined at the time of issuance by our
board of directors without further action by stockholders. The terms of any series of preferred stock may include voting rights (including
the right to vote as a series on particular matters), preferences as to dividend, liquidation, conversion and redemption rights and sinking
fund provisions. The issuance of any preferred stock could materially adversely affect the rights of the holders of our common stock,
and therefore, reduce the value of our common stock. In particular, specific rights granted to future holders of preferred stock could
be used to restrict our ability to merge with, or sell our assets to, a third party and thereby preserve control by the present management.
Provisions of our Articles of Incorporation, Bylaws and Nevada law also could have the effect of discouraging potential acquisition proposals
or making a tender offer or delaying or preventing a change in control, including changes a stockholder might consider favorable. Such
provisions may also prevent or frustrate attempts by our stockholders to replace or remove our management. In particular, our Articles
of Incorporation, Bylaws and Nevada law, as applicable, among other things:

    ●
    provide the board of directors
    with the ability to alter the Bylaws without stockholder approval;

    ●
    establish advance notice
    requirements for nominations for election to the board of directors or for proposing matters that can be acted upon at stockholder
    meetings; and

    ●
    provide that vacancies
    on the board of directors may be filled by a majority of directors in office, although less than a quorum.

General
Risk Factors

If
securities or industry analysts do not publish