Legacy Education Inc. Prices IPO at $5.00-$7.00 Per Share (LGCY)

Legacy Education Inc. (LGCY) plans to raise $12 million in an IPO on Friday, September 27th, IPO Scoop reports. The company plans to issue 2,000,000 shares at $5.00-$7.00 per share.

In the last 12 months, Legacy Education Inc. generated $42.8 million in revenue and $5 million in net income. Legacy Education Inc. has a market-cap of $69.6 million.

Legacy Education Inc. provided the following description of their company for its IPO: “The Company owns and operates the following career institutions that focus on real-life training by utilizing educational practices in different job markets: High Desert Medical College (“HDMC”), Central Coast College (“CCC”), and Integrity College of Health (“Integrity”). (Incorporated in Nevada) Note: As of June 30, 2024, we enrolled 2,187 students. Revenue for the year ended June 30, 2024, is expected to range from approximately $45.7 million to $46.5 million, as compared to $35.5 million for the year ended June 30, 2023. Operating income for the year ended June 30, 2024, is expected to range from approximately $7.3 million to $8.2 million, as compared to $3.6 million for the year ended June 30, 2023. High Desert Medical College (HDMC) has three campuses located in Lancaster, California; Bakersfield, California, and Temecula, California. HDMC offers the following certificate or degree programs: ultrasound technician (“UT”), vocational nursing (“VN”), VN Associate of Applied Science, Associate Degree of Nursing, nursing assistant, Magnetic Resonance Imaging (“MRI”) Associate of Applied Science, cardiac sonography, pharmacy technician, dental assisting, clinical medical assisting and medical administrative assisting programs (including medical billing and coding programs), veterinary assistant, UT Associate of Applied Science degree, phlebotomy technician and nursing assistant avocational courses, and a number of continuing education programs. HDMC also plans to offer an emergency medical technician (EMT) program beginning in October 2024 and is in the process of obtaining approvals for the program (for which HDMC is not planning to apply for ED approval to make Title IV Program funds available for students who enroll in the program). We acquired HDMC in July 2010. HDMC is institutionally accredited by the Accrediting Council for Continuing Education and Training (“ACCET”). Additionally, the licensed VN program at HDMC is approved by the State of California Board of Vocational Nursing and Psychiatric Technicians (“BVNPT”). The California Board of Registered Nursing, the California Department of Public Health, and the Dental Board of California approve one or more of HDMC’s programs. Central Coast College (CCC) has one campus located in Salinas, California. CCC offers the following certificate or degree programs: business administrative specialist, computer specialist: accounting, medical administrative assistant, medical assisting, nursing assistant, UT, UT Associate of Applied Science, veterinary assistant, veterinary technology Associate of Applied Science, and VN. CCC also offers an avocational phlebotomy technician program. We acquired CCC in January 2019. CCC is institutionally accredited by ACCET. Additionally, the veterinary technology program at CCC is an Associate of Applied Science degree offering and has been granted initial accreditation by the Council on Veterinary Technical Education and Activities of the American Veterinary Medical Association (“AVMA CVTEA”). These agencies approve either one or more of CCC’s programs from BVNPT and the California Department of Public Health. CCC also has obtained approval from ACCET to offer the following programs and plans to begin doing so in October 2024, pending additional approvals: surgical technology (Associate of Applied Science), dental assisting, and sterile processing technician. CCC is also in the process of applying for approvals for a pharmacy technician program and an Associate Degree in Nursing program that it intends to provide in the future. Integrity College of Health (Integrity) has one campus located in Pasadena, California. Integrity offers VN, VN Associate of Applied Science, Registered Nurse to Bachelor of Science in Nursing (“RN to BSN”), medical assisting, medical billing and coding, veterinary assistant, and Diagnostic Medical Sonography programs. Integrity also plans to offer an emergency medical technician (EMT) program beginning in October 2024 and is in the process of obtaining approvals for the program (for which Integrity is not planning for ED approval to make Title IV Program funds available for students who enroll in the program). The RN to BSN program holds pre-accreditation candidacy status from the Commission for Nursing Education Accreditation. On December 31, 2019, we entered into a Membership Interest Purchase Agreement with the sole member of Integrity pursuant to which we purchased from the sole member of Integrity on that date 24.5% of her interest and obtained an exclusive option to acquire her remaining membership interest upon payment of $100, which was exercised on September 15, 2020. Integrity is institutionally accredited by the Accrediting Bureau of Health Education Schools (“ABHES”). Additionally, the licensed VN program at Integrity is approved by the BVNPT. The institutions offer programs in career paths such as healthcare, veterinary, medical information technology, and business management The Company’s financial statements include accounts of Legacy Education, L.L.C. d/b/a High Desert Medical College and its wholly owned subsidiary, Legacy Education Monterey LLC (“Monterey”) d/b/a Central Coast College, and its wholly owned subsidiary, Advanced Health Services, LLC d/b/a Integrity College of Health. We are a provider of post-secondary education services through our accredited academic institutions: HDMC, CCC, and Integrity. HDMC was established in California in 2002 and has three campuses in California: Lancaster, Bakersfield, and Temecula. CCC was established in 1983 and has one campus in Salinas, California. Integrity was established in 2007 and has one campus in Pasadena, California. We believe that the community college system in California, where we currently operate, is not meeting current educational and workforce needs. The California community college system is currently plagued by poor completion rates, uncertain career pathways and corresponding poor job placement rates. Students wanting in-demand skills are too often forced to choose between expensive four-year programs with course requirements unrelated to their interests and community colleges that lack clear mission and ability to deliver job placement. We combat these industry trends with our focused, high-quality programs on strategically located campuses. Our campuses are located near hospitals and clinics to allow easy access for externships and full-time employment opportunities. Our target demographic is early to mid-20-year-olds with a desire to better their economic situation by choosing a program with strong job opportunities. We market to students located within an 100 mile radius of each campus. Our current campus geographic footprint is concentrated within Southern to Central California, home to approximately 24 million people, including an aging population who will likely increasingly depend on the skills of healthcare professionals. According to the Bureau of Labor Statistics, employment in the healthcare industry is projected to grow 16% from 2020 to 2030 resulting in over 2.6 million new jobs nationwide. Note: Net income and revenue are for the 12 months that ended March 31, 2024. Note: Revenue for the year ended June 30, 2024, is expected to range from approximately $45.7 million to $46.5 million, as compared to $35.5 million for the year ended June 30, 2023. Operating income for the year ended June 30, 2024, is expected to range from approximately $7.3 million to $8.2 million, as compared to $3.6 million for the year ended June 30, 2023. (Note: Legacy Education filed its S-1/A on Sept. 11, 2024, and disclosed the terms for its IPO: 2.0 million shares at a price range of $5.00 to $7.00 to raise $12.0 million. Background: Legacy Education filed its S-1 for its IPO on Aug. 16, 2024, without disclosing the terms.)  “.

Legacy Education Inc. was founded in 2009 and has 266 employees. The company is located at 701 W Avenue K, Suite 123, Lancaster, CA 93534 and can be reached via phone at (661) 940-9300 or on the web at http://www.legacyed.com/.