**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D. C. 20549**

**FORM      10-Q**

**x **

**June      30**
***,***
**      2008**

**000-52919**

*Commission      file No.)*

**CAMDEN      LEARNING CORPORATION**

*(Exact      name of registrant as specified in its charter)*

| **DELAWARE**                                                                                   | **83-0479936**                                        |
|------------------------------------------------------------------------------------------------|-------------------------------------------------------|
| *(State                or other jurisdiction of incorporation or                organization)* | *(I.R.S.                employer identification no.)* |

**500      East Pratt Street**

**Suite      1200**

**Baltimore,      MD 21202**

*(Address      of principal executive offices)*

**(410)      878-6800**

*(Issuer's      telephone number, including area code)*

**x**

| Large Accelerated filer o | Accelerated filer o | Non-Accelerated filer o | Smaller reporting company **x** |
|--------------------------------|--------------------------|------------------------------|---------------------------------|

**x**

----

**TABLE      OF CONTENTS**

| **PART              I - FINANCIAL INFORMATION** |                                                                                                                                                                                                                                                                                                                           |   |
|-------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                1.**                      | **Financial                Statements**                                                                                                                                                                                                                                                                                        |   |   |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
|                                            | Condensed** **Balance                Sheets as of June 30, 2008 (Unaudited) and December 31,                2007                                                                                                                                                                                                          |   | F-1 |
|                                            | Condensed                Statements of Operations (Unaudited) for the three and six months                ended                June 30, 2008, for the period from April 10, 2007 (inception) to                June 30,                2007 and for the period from April 10, 2007 (inception) to June 30,                2008 |   | F-2 |
|                                            | Condensed                Statements of Stockholder’s Equity (Unaudited) for the period from April                10, 2007 (inception) through June 30, 2008                                                                                                                                                              |   | F-3 |
|                                            | Condensed                Statements of Cash Flows (Unaudited) for the six months ended June                30,                2008, for the period from April 10, 2007 (inception) to June 30,                2007 and                for the period from April 10, 2007 (inception) to June 30, 2008                          |   | F-4 |
|                                            | Notes                to Condensed Financial Statements (Unaudited)                                                                                                                                                                                                                                                             |   | F-5  |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                2.**                      | **Management’s                Discussion and Analysis of Financial Condition and Results of                Operations**                                                                                                                                                                                                  |   | 3 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                3.**                      | **Quantitative              and Qualitative Disclosures About Market Risk**                                                                                                                                                                                                                                                    |   | 7 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                4.**                      | **Controls                and Procedures**                                                                                                                                                                                                                                                                                     |   | 7 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **PART                II - OTHER INFORMATION**  |                                                                                                                                                                                                                                                                                                                           |   |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |
| **Item                1.**                      | **Legal                Proceedings**                                                                                                                                                                                                                                                                                           |   | 8 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                8.**                      | **Unregistered                Sales of Equity Securities**                                                                                                                                                                                                                                                                     |   | 8 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                3.**                      | **Defaults                upon Senior Securities**                                                                                                                                                                                                                                                                             |   | 8 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                4.**                      | **Submission                of Matters to a Vote of Security Holders**                                                                                                                                                                                                                                                         |   | 8 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                5.**                      | **Other                Information**                                                                                                                                                                                                                                                                                           |   | 8 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **Item                6.**                      | **Exhibits**                                                                                                                                                                                                                                                                                                                   |   | 8 |
|                                            |                                                                                                                                                                                                                                                                                                                           |   |   |
| **SIGNATURES**                                  |                                                                                                                                                                                                                                                                                                                           | 9      |

----

**Item      1. Financial Statements**

**Item      2. Management's Discussion and Analysis of Financial Condition or Plan of      Operation**

**FORWARD-LOOKING      STATEMENTS**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS OF**

**FINANCIAL      CONDITION AND RESULTS OF OPERATIONS**

**OVERVIEW**

----

----

**CHANGES      IN FINANCIAL CONDITION**

**Liquidity      and Capital Resources**

----

**RESULTS      OF OPERATIONS**

----

**Contractual      Obligations**

** **

**Item      3. Quantitative and Qualitative Disclosures About Market      Risk.**

**Item      4(T). Controls and Procedures.**

**Disclosure      Controls and Procedures**

----

**Internal      Control over Financial Reporting**

**PART      II - OTHER INFORMATION**

**Item      1.**
**Legal      Proceedings.**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

**Recent      Sales of Unregistered Securities**

**Item      3. **
**Defaults      upon Senior Securities.**

**Item      4. **
**Submission      of Matters to a Vote of the Security Holders.**

**Item      5.**
**Other      Information.**

**Item      6. Exhibits and Financial Statement Schedules.**

| **Exhibit                No.** |   | **Description**                                                                                        |
|--------------------------------|--------|--------------------------------------------------------------------------------------------------------|
| 31.1                           |   | Certifications                Pursuant to Section 302 of the Sarbanes-Oxley Act of                2002 |
| 31.2                           |   | Certifications                Pursuant to Section 302 of the Sarbanes-Oxley Act of                2002 |
| 32.1                           |   | Certifications                Pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |
| 32.2                           |   | Certifications                Pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |

----

**SIGNATURES**

|         |                                                                                                                           |                                                |
|--------------|--------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|         | **CAMDEN                LEARNING CORPORATION.**                                                                                |
|    |                                                                                                                      |                                           |
|         | By:                                                                                                                  | /s/ David              L.              Warnock |
|         | Name:                David L. WarnockTitle:                Chief Executive Officer(Principal                Executive Officer) |

|   |                                                                                                                           |                                                |
|--------|--------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|   | By:                                                                                                                  | /s/ Donald              W.              Hughes |
|   | Name:                Donald W. HughesTitle:                Chief Financial Officer(Principal                Financial Officer) |

----

**Camden        Learning Corporation**

**(a        corporation in the development stage)**

**Condensed        Balance Sheets**

|                                                                                                                                                                      |   | **June                  30, 2008** |       | **December                  31, 2007** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|----------------------------------------|--------|
| **Assets**                                                                                                                                                                |   | **(unaudited)**                    |       |                                   |   |
| Current                  assets:                                                                                                                                          |   |                               |       |                                   |   |
|                               Cash                                                                            |   | $                                  | 323,082    |                                   | $      | 858,347 |   |
|                               Prepaid expenses                                                                |   |                               | 133,529    |                                   |   | — |   |
|                               Prepaid income tax                                                              |   |                               | 82,483     |                                   |   | — |   |
|                       Total                  current assets |   |                               | 539,094    |                                   |   | 858,347 |   |
|                                                                                                                                                                      |   |                               |       |                                   |   |   |   |
| Restricted                  funds held in trust                                                                                                                           |   |                               | 52,897,568 |                                   |   | 52,543,772 |   |
| Deferred                  tax asset                                                                                                                                       |   |                               | 135,893    |                                   |   | 19,141 |   |
|                                                                                                                                                                      |   |                               |       |                                   |   |   |   |
| Total                  assets                                                                                                                                             |   | $                                  | 53,572,555 |                                   | $      | 53,421,260 |   |

| **Liabilities                  and Stockholders’ Equity**                                                                                                                       |   |   |       |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Current                  liabilities:                                                                                                                                                 |   |   |       |   |   |
|                               Accounts payable and accrued expenses                                                       |   | $      | 208        |   | $      | 104,656 |   |
|                               Income tax payable                                                                          |   |   | —    |   |   | 47,009 |   |
|                       Total                  current liabilities        |   |   | 208        |   |   | 151,665 |   |
|                                                                                                                                                                                  |   |   |       |   |   |   |   |
| Deferred                  underwriting compensation                                                                                                                                   |   |   | 1,590,312  |   |   | 1,590,312 |   |
|                                                                                                                                                                                  |   |   |       |   |   |   |   |
| Total                  Liabilities                                                                                                                                                    |   |   | 1,590,520  |   |   | 1,741,977 |   |
|                                                                                                                                                                                  |   |   |       |   |   |   |   |
| Commitments                                                                                                                                                                           |   |   |       |   |   |   |   |
|                                                                                                                                                                                  |   |   |       |   |   |   |   |
| Common                  stock, subject to possible redemption 1,987,889 shares                                                                                                        |   |   | 15,744,081 |   |   | 15,744,081 |   |
|                                                                                                                                                                                  |   |   |       |   |   |   |   |
| Stockholders’                  equity                                                                                                                                           |   |   |       |   |   |   |   |
|                               Preferred Stock, $.0001 par value, 1,000,000 shares                                         |   |   |       |   |   |   |   |
| authorized;                  none issued or outstanding                                                                                                                               |   |   | —    |   |   | — |   |
|                               Common Stock, $.0001 par value, 20,000,000 shares                                           |   |   |       |   |   |   |   |
| authorized;                  8,188,800 shares issued and outstanding (less 1,987,889 shares                  subject                  topossible                  redemption)         |   |   | 620        |   |   | 620 |   |
|                               Additional paid-in capital                                                                  |   |   | 35,889,005 |   |   | 35,890,392 |   |
|                               Retained earnings accumulated during the development stage                                  |   |   | 348,329    |   |   | 44,190 |   |
|                       Total                  stockholders’ equity |   |   | 36,237,954 |   |   | 35,935,202 |   |
| Total                  liabilities and stockholders’ equity                                                                                                                     |   | $      | 53,572,555 |   | $      | 53,421,260 |   |

----

**Camden        Learning Corporation**

**(a        corporation in the development stage)**

**Condensed        Statements of Operations**

**For        the three and six months ended June 30, 2008, for the period from April 10,        2007        (inception) through June 30, 2007 and for the period from**

**April        10, 2007 (inception) through June 30, 2008**

**(unaudited)**

|                                                                     |   |  **Three                    months ended****June                    30, 2008** |      | **April                    10, 2007 (inception) through****June                    30, 2007** |   | **Six                    months ended****June                    30, 2008** |   | **April                    10, 2007 (inception) through****June                    30, 2008** |      |
|--------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|-----------|
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |
| Operating                    expenses:                                   |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |
|    Operating                    and formation expenses    |   | $                                                                                   | 147,043   |                                                                                          | $      | 1,130                                                                       |   | $                                                                                             | 299,876   |   | $ | 359,423 |   |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Loss                    from operations                                  |   |                                                                                | (147,043  | )                                                                                             |   | (1,130                                                                      | )      |                                                                                          | (299,876  | ) |   | (359,423 | ) |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Other                    income/(expense):                               |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
|    Interest                    income/(expense), net      |   |                                                                                | 319,272   |                                                                                          |   | (4,300                                                                      | )      |                                                                                          | 792,771   |   |   | 924,376 |   |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Income/(loss)                    before provision for taxes              |   |                                                                                | 172,229   |                                                                                          |   | (5,430                                                                      | )      |                                                                                          | 492,895   |   |   | 564,953 |   |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Provision                    for income taxes                            |   |                                                                                | (63,801   | )                                                                                             |   | —                                                                     |   |                                                                                          | (188,756  | ) |   | (216,624 | ) |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Net                    income/(loss)                                     |   | $                                                                                   | 108,428   |                                                                                          | $      | (5,430                                                                      | )      | $                                                                                             | 304,139   |   | $ | 348,329 |   |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Net                    income /(loss) per share                          |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
|    Basic                                                  |   | $                                                                                   | 0.02      |                                                                                          | $      | (0.00                                                                       | )      | $                                                                                             | 0.05      |   |   |   |   |
|    Diluted                                                |   | $                                                                                   | 0.01      |                                                                                          | $      | (0.00                                                                       | )      | $                                                                                             | 0.04      |   |   |   |   |
|                                                                     |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
| Weighted                    average shares outstanding    |   |                                                                                |      |                                                                                          |   |                                                                        |   |                                                                                          |      |   |   |   |   |
|    Basic                                                  |   |                                                                                | 6,626,300 |                                                                                          |   | 1,562,500                                                                   |   |                                                                                          | 6,626,300 |   |   |   |   |
|    Diluted                                                |   |                                                                                | 8,360,701 |                                                                                          |   | 1,562,500                                                                   |   |                                                                                          | 8,360,701 |   |   |   |   |

----

**Camden        Learning Corporation**

**(a        corporation in the development stage)**

**Condensed        Statements of Stockholders’ Equity**

**For        the period from April 10, 2007 (inception) to June 30,        2008**

|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   | Retained                                 |   |                            |           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------------|------------------------|--------|-----------------------------------------------|--------|---------------------------------|----------------|
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |  Earnings                      |   |                            |           |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   | Accumulated                              |   |                            |           |
|                                                                                                                                                                                                                                                                                            |   |                          |          | Additional   |   |  During                  the   |   | Total                 |           |
|                                                                                                                                                                                                                                                                                            |   | Common                  Stock |          | Paid-In           |   |  Development                             |   | Stockholders’   |           |
|                                                                                                                                                                                                                                                                                            |   | Shares                        |          | Amount                 |   |  Capital                                 |   | Stage                           |           | Equity |   |
| Common                  shares issued to initial stockholders on April 10, 2007 at approximately                  $.02 per share                                                                                                                                                                |   |                          | 1,562,500     |                   | $      | 156                                           |   | $                               | 24,844         |   | $ | — |   | $ | 25,000 |   |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Sale                  of 2,800,000 private placement warrants on November 29, 2007 at                  $1.00                  per warrant                                                                                                                                                       |   |                          | —       |                   |   | —                                       |   |                            | 2,800,000      |   |   | — |   |   | 2,800,000 |   |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Sale                  of 6,626,300 units, net of underwriters’ discount and offering expenses of                  $507,248 (including 1,987,889 shares subject to possible redemption)                  and                  sale of underwriter’s purchase                  option |   |                          | 6,626,300     |                   |   | 663                                           |   |                            | 48,791,861     |   |   | — |   |   | 48,792,524 |   |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Net                  proceeds subject to possible redemption of 1,987,889                  shares                                                                                                                                                                                               |   |                          |          |                   |   | (199                                          | )      |                            | (15,743,882    | ) |   |   |   |   | (15,744,081 | ) |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Discount                  on note payable to affiliate                                                                                                                                                                                                                                          |   |                          | —       |                   |   | —                                       |   |                            | 17,569         |   |   | — |   |   | 17,569 |   |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Net                  income                                                                                                                                                                                                                                                                     |   |                          | —       |                   |   | —                                       |   |                            | —        |   |   | 44,190 |   |   | 44,190 |   |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Balance                  at December 31, 2007                                                                                                                                                                                                                                                   |   |                          | 8,188,800     |                   | $      | 620                                           |   | $                               | 35,890,392     |   | $ | 44,190 |   | $ | 35,935,202 |   |
|  Unaudited:                                                                                                                                                                                                                                                                                |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Offering                  expenses                                                                                                                                                                                                                                                              |   |                          |          |                   |   |                                          |   |                            | (1,387         | ) |   |   |   |   | (1,387 | ) |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| Net                  income                                                                                                                                                                                                                                                                     |   |                          | —       |                   |   | —                                       |   |                            | —        |   |   | 304,139 |   |   | 304,139 |   |
|                                                                                                                                                                                                                                                                                            |   |                          |          |                   |   |                                          |   |                            |           |   |   |   |   |   |   |   |
| **Balance                  at June 30, 2008**                                                                                                                                                                                                                                                   |   |                          | **8,188,800** |                   | **$**  | **620**                                       |   | **$**                           | **35,889,005** |   | **$** | **348,329** |   | **$** | **36,237,954** |   |

----

**Camden        Learning Corporation**

**(a        corporation in the development stage)**

**Condensed        Statements of Cash Flows**

**For        the six months ended June 30, 2008, for the period from April 10, 2007        (inception) through June 30, 2007 and for the period from**

**April        10, 2007 (inception) through June 30, 2008**

**(unaudited)**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | **Six                    months ended****June                    30, 2008** |     | **April                    10, 2007 (inception) through****June                    30, 2007** |   | **April                    10, 2007 (inception) through****June                    30, 2008** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|----------|-----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|--------|
| **Cash                    flows from operating activities:**                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                        |     |                                                                                          |   |                                                                                          |   |
|               Net                    income (loss)                                                                                                                                                                                                                                                                                                                                              |   | $                                                                           | 304,139  |                                                                                          | $      | (5,430                                                                                        | )      | $ | 348,329 |   |
|                                 Adjustments to reconcile net income (loss) to net cash provided                    by                    operating activities                                                                                                                                                                                                                                             |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|                                         Accretion of interest on note payable                                                                                                                                                                                                                                                                                     |   |                                                                        | —  |                                                                                          |   | 4,300                                                                                         |   |   | 17,569 |   |
|                                         Deferred income taxes                                                                                                                                                                                                                                                                                                     |   |                                                                        | (116,752 | )                                                                                             |   | —                                                                                       |   |   | (135,893 | ) |
|                                 Changes in assets and liabilities                                                                                                                                                                                                                                                                                                                                         |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|                                         Increase in prepaid expenses                                                                                                                                                                                                                                                                                              |   |                                                                        | (133,529 | )                                                                                             |   | —                                                                                       |   |   | (133,529 | ) |
|                                         Increase/(decrease) in accounts payable                      and                    accrued                    expenses               |   |                                                                        | (48,270  | )                                                                                             |   | 1,000                                                                                         |   |   | 208 |   |
|                                         Decrease                    in income tax payable                                                                                                                                                                                                                                                                         |   |                                                                        | (129,492 | )                                                                                             |   | —                                                                                       |   |   | (82,483 | ) |
|                                     Net cash (used in)/provided by operating activities                                                                                                                                                                                                                                                                                               |   |                                                                        | (123,904 | )                                                                                             |   | (130                                                                                          | )      |   | 14,201 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
| **Cash                    flows from investing activities:**                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|               Restricted                    funds held in trust                                                                                                                                                                                                                                                                                                                                 |   |                                                                        | (353,796 | )                                                                                             |   | —                                                                                       |   |   | (52,897,568 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
| **Cash                    flows from financing activities:**                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|                               Proceeds from sale of stock to initial stockholders                                                                                                                                                                                                                                                                                                                                   |   |                                                                        | —  |                                                                                          |   | 25,000                                                                                        |   |   | 25,000 |   |
|                               Proceeds from note payable to affiliate                                                                                                                                                                                                                                                                                                                                               |   |                                                                        | —  |                                                                                          |   | 200,000                                                                                       |   |   | 200,000 |   |
|                               Advance from affiliates                                                                                                                                                                                                                                                                                                                                                               |   |                                                                        | —  |                                                                                          |   | 37,500                                                                                        |   |   | 37,500 |   |
|                               Repayment to affiliates                                                                                                                                                                                                                                                                                                                                                               |   |                                                                        | —  |                                                                                          |   | —                                                                                       |   |   | (37,500 | ) |
|                               Gross proceeds from initial public offering                                                                                                                                                                                                                                                                                                                                           |   |                                                                        | —  |                                                                                          |   | —                                                                                       |   |   | 53,010,500 |   |
|                               Proceeds from issuance of warrants                                                                                                                                                                                                                                                                                                                                                    |   |                                                                        | —  |                                                                                          |   | —                                                                                       |   |   | 2,800,000 |   |
|                               Payment of offering costs                                                                                                                                                                                                                                                                                                                                                             |   |                                                                        | (57,565  | )                                                                                             |   | (126,350                                                                                      | )      |   | (2,629,051 | ) |
|                               Repayment of note payable to affiliate                                                                                                                                                                                                                                                                                                                                                |   |                                                                        | —  |                                                                                          |   | —                                                                                       |   |   | (200,000 | ) |
|                                     Net cash (used in)/provided by financing activities                                                                                                                                                                                                                                                                                               |   |                                                                        | (57,565  | )                                                                                             |   | 136,150                                                                                       |   |   | 53,206,449 |   |
| Net                    (decrease)/increase in cash                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                        | (535,265 | )                                                                                             |   | 136,020                                                                                       |   |   | 323,082 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
| Cash                    at beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                        | 858,347  |                                                                                          |   | —                                                                                       |   |   | — |   |
| Cash                    at end of period                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                                                           | 323,082  |                                                                                          | $      | 136,020                                                                                       |   | $ | 323,082 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
| Supplemental                    Disclosures:                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|         Non-cash                    financing activities:                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|                             Additional paid-in capital from discount on note payable                    to affiliate                                                                                                                                                                                                                                                                                                          |   |                                                                        | —  |                                                                                          | $      | 17,569                                                                                        |   |   | — |   |
|                             Increase in deferred offering costs, and in related accounts                    payable and                    accrued expenses                                                                                                                                                                                                                                                                   |   |                                                                        | —  |                                                                                          | $      | 34,754                                                                                        |   |   | — |   |
|                             Deferred underwriting compensation                                                                                                                                                                                                                                                                                                                                                                |   |                                                                        | —  |                                                                                          |   | —                                                                                       |   | $ | 1,590,312 |   |
|         Cash                    flow information:                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                        |     |                                                                                          |   |                                                                                          |   |   |   |   |
|                             Cash paid during the period for income taxes                                                                                                                                                                                                                                                                                                                                                      |   | $                                                                           | 435,000  |                                                                                          |   | —                                                                                       |   | $ | 435,000 |   |
|                             Cash paid for interest                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                        | —  |                                                                                          |   | —                                                                                       |   | $ | 5,987 |   |

----

**Camden        Learning Corporation**

**(a        corporation in the development stage)**

**Notes        to Condensed Financial Statements (Unaudited)**

**Note        1 - Organization and Nature of Business Operations**

----

----

**Note        2 - Interim Financial Information**

----

**Note 3          - Initial Public Offering**

----

**Note 4        - Note Payable to Affiliate and Related Party Transactions**

----

**Note 5        - Common Stock Subject to Possible Redemption**

----

**Note 6        - Commitments**

**Note 7        - Preferred Stock**

----