Highest-materiality recent filing
Aspen Group COO Gerard Wendolowski resigns effective May 15, 2023
Gerard Wendolowski resigned as Chief Operating Officer effective May 15, 2023.
Aspen Group closes $12.4M private placement of 15% senior secured debentures with JGB Management
Sold $12.4M face value 15% senior secured debentures (11% OID, net ~$11M) and 2.2M warrants at $0.01/share exercise price.
Aspen Group terminates CAO Robert Alessi effective May 4, 2023 in cost-cutting move
Robert Alessi, Chief Accounting Officer, notified of termination on April 14, 2023, effective May 4, 2023.
Aspen University entered Amendment to Sept. 2022 Consent Agreement with Arizona Board of Nursing on March 23, 2023.
Aspen Group voluntarily delists from Nasdaq; last trading day March 31, 2023
Voluntary delisting from The Nasdaq Global Market; last day of trading expected March 31, 2023.
Arizona nursing board moves to terminate Aspen University BSN program early, citing violations
Arizona State Board of Nursing voted to notify Aspen University BSN program of intent to terminate teach-out process and close program early.
DEAC requires Aspen to prove why accreditation should not be withdrawn; Show Cause is a procedural order.
Aspen University placed on Heightened Cash Management 2 by DOE, delaying federal aid reimbursements
DOE placed Aspen University subsidiary on HCM2 effective Feb 7, 2023, citing Show Cause Directive from accreditor.
Aspen University issued Show Cause Directive by DEAC; accreditation at risk
DEAC requires Aspen to prove why accreditation should not be withdrawn within a show cause period.
Aspen Group removes borrowing restriction on $20M lines of credit
Second Amendment removes prohibition on drawing down under $20M secured revolving lines of credit.
Aspen Group elects six directors, ratifies auditor at 2022 annual meeting
Elected Michael Mathews, Andrew Kaplan, Douglas Kass, Michael Koehneman, Joan Prince, Sanford Rich as directors.
Aspen Group Q2 FY2023 revenue $17.1M; gross margin rises to 60% from 51%
Revenue $17.1M, down ~10% YoY from $18.9M, but gross margin expanded to 60% from 51%.
Surety bond requirement reduced from $18.3M to $5.5M under revised stipulated agreement with Arizona board.
Aspen Group receives Nasdaq delisting notice for bid price noncompliance
Company failed to maintain minimum $1.00 bid price for 30 consecutive business days.
Aspen University voluntarily surrendered program approval for its pre-licensure nursing program in Phoenix due to inability to meet minimum 80% NCLEX first-time pass rate for 2022.
Aspen Group Q1 revenue $18.9M, net loss widens to $3.7M; guidance signals cost cuts
Q1 FY2023 revenue of $18.9M, down from $19.4M YoY; net loss of $3.7M vs $0.9M loss last year.
Aspen Group enters $3M ATM equity distribution agreement with Northland Securities
Issuance of up to $3.0M of common stock via an at-the-market offering through Northland Securities.
Aspen Group corrects earlier misstatements about $18.3M surety bond requirement
CEO and CFO incorrectly identified the Arizona entity requiring the $18.3M surety bond on the July 19 earnings call.
Aspen Group FY2022 revenue up 13% to $76.7M; net loss narrows to $9.6M
Full-year revenue $76.7M vs $67.8M prior year; Q4 revenue $19.4M vs $19.1M.
Aspen Group shareholders approve increase in authorized common stock from 40M to 60M shares
Amendment to Certificate of Incorporation filed July 6, 2022, effective immediately.
Aspen Group regains Nasdaq minimum bid price compliance
Received Nasdaq letter on June 14, 2022 confirming compliance with Listing Rule 5450(a)(1).
Aspen Group receives Nasdaq delisting notice for bid price below $1.00
Nasdaq notified Aspen Group on May 25, 2022 of noncompliance with minimum bid price rule (closing bid <$1.00 for 30 consecutive business days).
FY2022 revenue $76.7M (+13% YoY vs $67.8M); Q4 revenue $19.4M vs $19.1M prior-year quarter.
Aspen Group secures $18.3M surety bond for Arizona; enters amendment restricting borrowings
Entered agreement with insurer for $18.3M surety bond in favor of State of Arizona.
Director Norman Dicks resigns from Aspen Group board for personal reasons
Norman Dicks resigned from the Board effective April 1, 2022, citing personal reasons.
Arizona nursing board places Aspen University BSN program on probation via consent agreement
Arizona State Board of Nursing entered Consent Agreement with Aspen University's BSN Pre-licensure program in Phoenix on March 31, 2022.
Aspen Group Q3 fiscal 2022 revenue up 14% to $18.9M; net loss widens to $3.7M
Revenue $18.9M vs $16.6M YoY (+14%); net loss of ($3.7M) vs ($2.8M) YoY.
Aspen Group cuts revenue growth forecast to 9% after suspending Phoenix BSN pre-licensure cohorts
Net loss of $3.7M for first six months of FY2022 vs 17% loss margin in prior-year period.
Aspen University halts new enrollments at Phoenix campuses after NCLEX pass rate falls to 58%
2021 NCLEX-RN first-time pass rate was 58%, below Arizona Board's 80% minimum, triggering proposed probation.
Arizona Board of Nursing proposed probation on Aspen University's BSN pre-licensure program due to 58% NCLEX-RN first-time pass rate in 2021, below 80% minimum.
Aspen Group grants 117,316 fully vested shares to directors for 2021 service
Compensation Committee approved fully vested common stock grants to six directors for calendar 2021 service.
Aspen Group shareholders elect directors, approve equity plan increase
All seven director nominees elected; votes for ranged from 10.27M to 12.37M shares.
Aspen Group Q2 FY2022 revenue $18.9M (+12% YoY); net loss improves to $2.9M
Revenue $18.9M vs $17.0M YoY; net loss ($2.9M) vs ($4.4M) a year ago.
Aspen Group Q1 revenue record $19.4M (+28% YoY); net loss flat at $0.9M
Revenue of $19.4M, up 28% YoY from $15.2M; highest-LTV business units generated 55% of revenue.
Aspen Group amends credit facility, extends maturity to Nov 2022, borrows $5M at 12%
Extended $5M revolving credit facility maturity from March 2019 to November 4, 2022.
Aspen Group grants 80,000 RSUs each to COO Gerard Wendolowski and CAO Cheri St. Arnauld
RSUs granted on August 12, 2021, under the 2018 Equity Incentive Plan.
Aspen Group appoints Matthew LaVay as CFO with $325K salary, 125K RSUs
Employment Agreement effective Aug 16, 2021; four-year term with automatic one-year renewals.
Aspen Group receives $498K final distribution from Higher Education Management Group bankruptcy
Received $498,120 as final distribution from Higher Education Management Group, Inc. bankruptcy trustee.
CEO Michael Mathews gets new 3-year employment agreement; base salary raised to $350k
Base salary increased from $325k to $350k per year.
Aspen Group reports record FY2021 revenue of $67.8M (+38%); net loss widens to $10.4M
Revenue $67.8M, up 38% YoY; Q4 revenue $19.1M vs $14.1M.
Effective May 15, 2023, Mr. Gerard Wendolowski resigned as Chief Operating Officer of Aspen Group, Inc. (the “Company”).
On April 14, 2023, Aspen Group, Inc. (the “Company”) notified Robert Alessi, the Company’s Chief Accounting Officer, that his employment with the Company was being terminated, effective May 4, 2023, as a part of the Company’s ongoing efforts to reduce costs.
On April 1, 2022, Norman Dicks notified the Board of Directors (the “Board”) of Aspen Group, Inc. (the “Company”) that he was resigning as a director for personal reasons, effective immediately.
Effective on August 16, 2021, Aspen Group, Inc. (the “Company”) entered into an Employment Agreement with Matthew LaVay, who had been appointed as the Chief Financial Officer of the Company on July 8, 2021 with the effective date of August 16, 2021.
Max materiality 0.85 · Median 0.65 · Most common event regulatory