American Public Education Announces Pricing of $80 Million Public Offering of Common Stock

About this update from American Public Education, Inc.

[{"type":"text","content":"\n CHARLES TOWN, W.Va., Feb. 25, 2021 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) today announced the pricing of its public offering of 3,200,000 shares of its common stock at a public offering price of $25.00 per share. APEI has granted the underwriters a 30-day option to purchase up to an additional 480,000 shares of common stock offered in the public offering at the public offering price, less the underwriting discount. Gross proceeds to APEI from the offering, before deducting the underwriting discount and other offering expenses, are expected to be approximately $80 million, excluding any exercise of the underwriters' option. The offering is expected to close on March 1, 2021, subject to customary closing conditions.\n\n \n \n \n \n \n \n\n \nAPEI expects to use the net proceeds from the offering for general corporate purposes, which may include working capital and capital expenditures. If APEI completes its acquisition of Rasmussen University, it may use a portion of the net proceeds of the offering to fund costs associated with closing of the acquisition, including to replace APEI's obligation to issue $29 million of preferred stock at the closing of that transaction.\nTruist Securities and William Blair are acting as joint lead book-running managers and as representatives of the underwriters for the proposed offering. B. Riley Securities is also acting as a book-running manager for the offering, and Barrington Research and Sidoti & Company, LLC are acting as co-managers.\nThe securities are being offered pursuant to a shelf registration statement on Form S-3 (333-252980), which was declared effective by the Securities and Exchange Commission (SEC) on February 19, 2021. The final prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. When available, copies of the final prospectus supplement and accompanying base prospectus relating to these securities may be obtained for free by contacting either Truist Securities, Inc. Attention: Prospectus Department, 3333 Peachtree Road NE, 9th Floor, Atlanta, Georgia 30326, email: [email protected], or William Blair & Company, L.L.C., Attention: Prospectus Department, The William Blair Building, 150 North Riverside Plaza, Chicago, Illin...

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