Item 8.01. Other Events.

On May 14, 2021, Grand Canyon Education, Inc. (the "Company") entered into an accelerated share repurchase ("ASR") agreement with Morgan Stanley & Co. LLC ("Morgan Stanley") to repurchase up to $50.0 million of its outstanding shares of common stock as part of the Company's previously disclosed, board-approved share repurchase program. Under the ASR agreement, the Company will receive initial delivery of approximately 418.3 thousand shares of common stock on May 17, 2021, representing approximately 80% of the number of shares of common stock initially underlying the ASR agreement based on the closing price of the common stock of $95.63, on May 14, 2021. The total number of shares that the Company will repurchase under the ASR program will be based on the volume-weighted average price of the common stock during the term of the ASR agreement, less a discount, and subject to potential adjustments pursuant to the terms and conditions of the ASR agreement. The final settlement of the share repurchases under the ASR agreement is expected to be completed no later than September 9, 2021.

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