Grand Canyon Education : Termination of a Material Definitive Agreement - Form 8-K
December 03, 2021 at 04:22 pm EST
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 2021
Grand Canyon Education, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-34211
20-3356009
(State or other Jurisdiction of
(Commission File Number)
(IRS Employer Identification No.)
Incorporation)
2600 W. Camelback Road
Phoenix, Arizona
85017
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (602) 247-4400
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
LOPE
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.02. Termination of a Material Definitive Agreement.
On December 3, 2021, Grand Canyon Education, Inc. (the "Company") received formal notice from Grand Canyon University ("GCU") that it plans to repay, on or around December 9, 2021, the remaining outstanding balance of $469.9 million owed by GCU to the Company on the secured note originally issued by GCU on July 1, 2018 in connection with its acquisition of Grand Canyon University from the Company. In connection with the repayment, the Company will release the trust obligation that it received in connection with GCU's initial payment of $500.0 million to the Company on the secured note on October 29, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GRAND CANYON EDUCATION, INC.
Date: December 3, 2021
By:
/s/ Daniel E. Bachus
Daniel E. Bachus
Chief Financial Officer
(Principal Financial Officer)
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Grand Canyon Education Inc. published this content on 03 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 21:21:19 UTC.
Grand Canyon Education, Inc. is an education services company, which primarily serves colleges and universities. The Company has developed technological solutions, infrastructure and operational processes to provide services to its institutions on a large scale. It provides technology and academic services, which include learning management system (LMS), internal administration, infrastructure, support, program and curriculum, faculty and related training and development, class scheduling and skills and simulation lab sites. The Company provides counseling services and support, including admissions services, financial aid, counseling services, and field experience counseling. The Company provides marketing and communication services that include lead acquisition, digital communication strategies, brand identity advertising, media planning and strategy, video, data science and analysis. Its back-office services include finance and accounting, human resources, audit and procurement.
GRAND CANYON EDUCATION, INC. 
