Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 170

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 170
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 in legal
    status, ownership, or control within five days after the change. CCMCC submitted the application on December 23, 2024. By letter
    dated January 29, 2025, ABHES approved the change in ownership.

    ●
    California
    Board of Vocational Nursing and Psychiatric Technicians (“BVNPT”): BVNPT instructed CCMCC to submit formal notification
    of the change of ownership 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, and is awaiting approval.

    ●
    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, and is awaiting approval.

3

If
agencies require us to obtain other 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. 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 “Education Regulations – Negotiated Rulemaking.”

On
April 4, 2025, ED announced