Legacy Education, Inc. (LGCY), a for-profit post-secondary education provider, announced on Thursday the pricing for its initial public offering (IPO) of 2.5 million shares of common stock, set at $4.00 per share. This move aims to raise $10 million in gross proceeds, prior to deductions for underwriting discounts and offering expenses.
The company has also extended a 30-day option to the underwriters, permitting the purchase of up to an additional 375,000 shares to cover any over-allotments, at the public offering price minus the underwriting discount.
The net proceeds from the offering are slated for investments in facility enhancements, the development of new programs, and general working capital needs.
Scheduled to commence trading on the NYSE American under the ticker symbol 'LGCY' on September 26, 2024, the offering is anticipated to close on September 27, 2024, contingent upon the fulfillment of customary closing conditions.
Northland Securities, Inc. is serving as the sole book-running manager for the offering, with Ladenburg Thalmann acting as the lead manager.
