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TEMECULA - Legacy Education Inc. (NYSE American: LGCY), a for-profit post-secondary education provider, has announced the pricing of its initial public offering (IPO) at $4 per share. The company is offering 2.5 million shares, aiming to raise $10 million before underwriting discounts and offering expenses. The shares are expected to start trading on the NYSE American today under the ticker symbol LGCY.
The offering includes a 30-day option for underwriters to purchase up to an additional 375,000 shares to cover any over-allotments. Northland Securities, Inc. is the sole book-running manager, with Ladenburg Thalmann serving as the lead manager.
Legacy Education, established in 2009, is known for its career-focused education, particularly in the healthcare sector, offering degrees in nursing, medical technology, dental assisting, and business administration, among others. The company aims to use the net proceeds from the IPO to invest in its facilities, develop new programs, and for other general working capital purposes.
The closing of the offering is scheduled for September 27, 2024, contingent upon customary closing conditions. The registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and was declared effective on September 25, 2024.
The company has outlined that the IPO securities will be available only through a prospectus. Interested parties can obtain copies of the final prospectus, once available, from Northland Securities, Inc. and Ladenburg Thalmann.
This press release contains forward-looking statements regarding the company's expectations, plans, and prospects. These include the anticipated trading commencement and closing dates and the expected use of proceeds. However, such statements are subject to market conditions and other factors that could affect the completion of the IPO.
Legacy Education emphasizes its commitment to providing accessible and affordable high-quality education, with a focus on organic enrollment growth, new program additions, and strategic acquisitions. The information reported here is based on a press release statement.
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