Item 8.01. Results of Operations and Financial Condition.
Entry into Memorandum of Understanding with Valparaiso University. On August 28,
2020, Grand Canyon Education, Inc., a Delaware corporation (the "Company"),
entered into a Memorandum of Understanding (the "MOU") with Valparaiso
University, a private nonprofit university located in Valparaiso, Indiana
("Valpo"). The MOU describes the key terms of two agreements that the parties
propose to enter into with one another:
(i) Under a services agreement between the Company's Orbis Education
subsidiary and Valpo, Orbis Education would assist Valpo in establishing and
managing hybrid (online and ground-based) nursing and related healthcare
programs of Valpo at two sites located in the Midwest United States. The terms
of this agreement would be generally consistent with those that have been
entered into with Orbis Education's other 25 university partners.
(ii) Under a separate services agreement between the Company and Valpo, the
Company would assist Valpo in creating and managing certain online graduate
programs (the "Graduate Programs"). The key terms of this agreement, including
the term and fees, remain to be negotiated.
The MOU is non-binding, the obligations of the parties to effect a relationship
based on the terms described above are subject in all respects to the
negotiation, execution, and delivery of mutually acceptable definitive
agreements, and no assurance can be given that such agreements will be entered
Item 9.01. Exhibits.
Exhibit No. Description
104 Cover Page Interactive Data File (formatted in Inline XBRL and
contained in Exhibit 101)
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