---
schema_version: "secwatch.filing_event.v1"
accession: "0001305323-22-000079"
form_type: "8-K"
ticker: null
cik: "0001305323"
company_name: "Zovio Inc"
filed_at: "2022-11-30T23:59:59+00:00"
generated_at: "2026-06-21T11:33:22.637774+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Zovio sells Fullstack Academy for $31M cash; proceeds to settle creditors, none for stockholders

## Summary
- Sale price $31M cash, adjusted by $6M regulatory, $4.1M debt assumption, $1.7M fees.
- Proceeds used to settle creditors in dissolution; no distribution expected to stockholders.
- Pro forma net loss for 9M 2022: $9.2M vs historical $15.6M after eliminating Fullstack.
- FY2021 pro forma net loss $32.4M vs historical $42.3M after eliminating Fullstack operations.

## SEC filing metadata
- accession: 0001305323-22-000079
- form_type: 8-K
- cik: 0001305323
- company_name: Zovio Inc
- filed_at: 2022-11-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1305323/000130532322000079/0001305323-22-000079-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1305323/000130532322000079/zvo-20221123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001305323-22-000079
- JSON: https://secwatch.observer/filing/0001305323-22-000079.json
- Plain text: https://secwatch.observer/filing/0001305323-22-000079.txt

## Key facts
- M&A Transactions
  Zovio Inc completed a disposition involving Simplilearn Americas, Inc. for $31 million in cash (closed 2022-11-23).
  - Action: disposition
  - Counterparty: Simplilearn Americas, Inc.
  - Consideration: $31 million in cash
  - Closing: 2022-11-23
  source text: the transaction contemplated thereby, the “Transaction”) pursuant to which the Company sold all of its right title and interest in Fullstack to Purchaser for a purchase price of $31 million in cash, which is subject to certain adjustments and a customary post-closing working capital adjustment as set forth in the Purchase Agreement. The adjustments result in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1305323/000130532322000079/0001305323-22-000079-index.htm
- Material Agreements
  Zovio Inc entered into Purchase Agreement with Simplilearn Americas, Inc. valued at $31 million (effective 2022-11-23).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Simplilearn Americas, Inc.
  - Value: $31 million
  - Effective: 2022-11-23
  source text: On November 23, 2022, Zovio Inc, a Delaware corporation (“Zovio” or the “Company”), Fullstack Academy, LLC, a California limited liability company and a wholly-owned subsidiary of Zovio (“Fullstack”), and Simplilearn Americas, Inc. (“Purchaser”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement” and the transaction contemplated thereby, the “Transaction”) pursuant to which the Company sold all of its right title and interest in Fullstack to Purchaser for a purchase price of $31 million in cash, which is subject to certain adjustments and a customary post-closing working capital adjustment as set forth in the Purchase Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1305323/000130532322000079/0001305323-22-000079-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.