Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 33

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 33
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 recalculated composite score of less than 1.0 as determined by ED as a result of an institutional liability
    from a monetary award or judgment or settlement resulting from a legal proceeding;

    ●
    an institution (or an entity
    that has submitted financial statements to ED in connection with a change in ownership) is subject to a government enforcement action
    (sued by a federal or state authority or via a qui tam action) and the action has been pending for 120 days and no motion to dismiss
    is pending or has been granted;

    ●
    the institution’s
    recalculated composite score is less than 1.0 after ED initiates action to recoup funds from institution after BDR claim decided
    in borrower’s favor;

22

    ●
    an institution or entity
    that submitted an application with ED for a change of ownership has a recalculated composite score is less than 1.0 after a final
    monetary judgment, award or settlement that was entered against it at any point through the end of the second full fiscal year after
    the change of ownership;

    ●
    a proprietary institution
    with a composite score of less than 1.5 or that underwent a change of ownership in the current or previous fiscal year has a recalculated
    composite score of. less than 1.0 as determined by ED as a result of a withdrawal of owner’s equity from the institution unless
    certain exceptions apply;

    ●
    at least half of Title
    IV funds in the institution’s most recently completed fiscal year are for “failing” gainful employment programs;

    ●
    the institution is required
    to submit a teach-out plan due to financial concerns;

    ●
    the SEC takes certain actions
    against a publicly listed entity that directly or indirectly owns at least 50% of an institution or such entity fails to comply with
    certain filing requirements;

    ●
    the institution did not
    receive at least 10 percent of its revenue from sources other than Federal educational assistance as calculated under 90/10 rule
    during its most recently completed fiscal year;

    ●
    the institution’s
    two most recent cohort default rates are 30 percent or greater, unless a pending appeal could reduce one of the rates;

    ●
    the institution’s
    composite score is less than 1.0 when recalculated to reflect the offset of distribution after a contribution;

    ●
    the