APEI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-10

• •risks associated with the combination of American Public University System, or APUS, Rasmussen University, or RU, and Hondros College of Nursing, or HCN, into one consolidated institution encompassing all APUS, RU, and HCN programs, campuses, and operations, or the Combination;

• In June 2025, the Minnesota Board of Nursing, or MBN, issued a stipulation and consent order requiring RU’s Moorhead, Minnesota ADN program to, among other things, reach applicable NCLEX pass rate standards by June 30, 2026. The Moorhead, Minnesota ADN program was not anticipated to reach the applic…

• ADN program at the St. Cloud campus, which offers the same curriculum, or, if academically eligible, (ii) transferring to the BSN program at the Fargo campus.

• Between May 1, 2026 and July 31, 2026, our institutions received 69 BDTR claims from ED, seeking in the aggregate a discharge of approximately $1.5 million in loans. Each of our institutions disputes the validity of these claims and has filed responses to them with ED. We are unable to predict wheth…

• On May 1, 2026, ED published a rule, effective July 1, 2026, relating to One Big Beautiful Bill Act, or OBBBA, student loan provisions, defining “professional degree” programs and changing federal student loan programs. The loan changes could reduce student enrollment, increase reliance on private l…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• •the impact, timing, projected benefits, and terms of the planned combination of American Public University System, or APUS, Rasmussen University, or RU, and Hondros College of Nursing, or HCN, into one consolidated institution encompassing all APUS, RU, and HCN programs, campuses, and operations, o…

• •risks associated with the Combination, including changes in its anticipated timeline;

• Between January 1, 2026 and April 30, 2026, our institutions received 646 BDTR claims from ED, seeking in the aggregate a discharge of approximately $11.0 million in loans.

• Each of our institutions disputes the validity of these claims and has filed responses to them with ED. We are unable to predict whether ED will grant BDTR relief for the claims, or if so, whether it will seek recoupment from our institutions. For additional information regarding risks related to BD…

• Consolidated revenue for the three months ended March 31, 2026, increased to $174.7 million from $164.6 million, or by 6.2%, as compared to the prior year period. The growth was primarily driven by higher net course registrations in our Military+ segment and increased enrollment in our Health+ segme…

Text added vs the prior filing · source: 10-Q · 2026-08-10

• The Company and Mark Arnold, President of RU, determined on August 5, 2026, that his employment will end effective August 20, 2026. Subject to his execution and non-revocation of a separation agreement and general release of claims, Mr. Arnold will receive severance benefits under the terms of the A…

• During the three months ended June 30, 2026, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as described in the table below.

• (1) The figure presented represents shares to be sold upon the vesting of equity awards. The actual number of shares under the trading arrangement may be different than the aggregate number of shares listed due to tax withholdings.

• (2) This trading arrangement will expire upon the earlier to occur of the completion of all eligible sales during the final sale period from April 22, 2027 through April 30, 2027, and the date listed in the table.

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• During the three months ended March 31, 2026, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as described in the table below.

• Modification (March 16, 2026) (1)Rule 10b5-1 Trading Arrangement

• (1) On March 16, 2026, Mr. Beckett modified his Rule 10b5-1 trading arrangement adopted on November 24, 2025, or the Original Beckett Arrangement. A description of the material terms of the Original Beckett Arrangement is incorporated herein by reference from the Annual Report. The modification cons…

• (2) The figure presented represents shares to be sold upon the vesting of equity awards. The actual number of shares under the Modified Beckett Arrangement may be different than the aggregate number of shares listed due to tax withholdings.

• (3) The Modified Beckett Arrangement will expire upon the earlier to occur of the completion of all eligible sales during the final sale period from December 15, 2026, through December 31, 2026, and December 31, 2026.