APEI plans to combine APUS, Rasmussen, Hondros into one institution; expects Q3 2025 close

AMERICAN PUBLIC EDUCATION INC

Plan to consolidate APUS, Rasmussen University, Hondros College of Nursing into a single institution named American Public University System.
Combined institution to operate two divisions: APUS Global and Rasmussen; expected close in Q3 2025.
HLC application submitted for June 2025 meeting; state approvals including nursing boards required.
Company does not expect ED change-in-control trigger due to common ownership; Title IV expansion needed.
Preliminary 90/10 compliance: each institution estimates compliance for CY2024.

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