Legacy Education announces purchase agreement with Contra Costa

Legacy Education (LGCY) has announced its entry into an asset purchase agreement with Contra Costa Medical Career College and Contra Costa Medical Career College Online. Under this agreement, Legacy Education agrees to acquire substantially all assets of the postsecondary institution known as Contra Costa Medical Career College, located in Antioch, California, for a purchase price of $8M. The purchase price will be structured as follows: $6.6M payable at closing, a promissory note in the principal amount of $400,000, and the issuance of shares from Legacy Education valued at $1M. Terms of the transaction have been disclosed in Legacy’s Form 8-K and completion of the acquisition will occur upon satisfaction of customary closing conditions and regulatory approvals. Located in Northern California, Contra Costa Medical Career College serves over 500 students and specializes in allied health, offering 14 distinct programs.