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Legacy Education Inc. Completes Acquisition of Contra Costa Medical Career College
LGCYLegacy Education Inc.(LGCY) Prnewswire·2024-12-18 21:05

Core Insights - Legacy Education Inc. has successfully completed the acquisition of Contra Costa Medical Career College for a total purchase price of 8,000,000,whichincludescash,apromissorynote,andcommonstockissuance[1][2][3]−TheacquisitionexpandsLegacyEducation′spresencetosixcampusesinCalifornia,enhancingitsabilitytoprovidehigh−qualityalliedhealtheducation[1][2]−TheacquisitionalignswithLegacyEducation′sstrategytomeetthegrowingdemandforskilledhealthcareprofessionalsandimproveaccesstoeducationinthehealthcaresector[2][3]FinancialDetails−Thepurchasepricebreakdownincludes8,000,000, which includes cash, a promissory note, and common stock issuance [1][2][3] - The acquisition expands Legacy Education's presence to six campuses in California, enhancing its ability to provide high-quality allied health education [1][2] - The acquisition aligns with Legacy Education's strategy to meet the growing demand for skilled healthcare professionals and improve access to education in the healthcare sector [2][3] Financial Details - The purchase price breakdown includes 6,133,079.84 paid at closing, a promissory note of 400,000,andtheissuanceof118,906sharesofcommonstockvaluedat400,000, and the issuance of 118,906 shares of common stock valued at 1,000,000 [1] - The initial purchase price was set at $6,600,000, adjusted for estimated closing capital [1] Company Background - Legacy Education is a nationally accredited, for-profit post-secondary education company founded in 2009, focusing on career-oriented education primarily in the healthcare field [4] - The company offers a variety of programs, including nursing, medical technicians, and dental assisting, with a commitment to providing accessible and affordable education [4] - Legacy Education aims to grow its educational footprint through organic enrollment growth, new program additions, and strategic acquisitions [4]