UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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Item 7.01 Regulation FD Disclosure.
On February 10, 2022, Aspen University, Inc. ("Aspen University", "we" or "our"), the wholly-owned subsidiary of Aspen Group, Inc., issued a public statement regarding actions taken by the Arizona Board of Nursing (“Arizona Board”) and its proposed probation terms on Aspen University’s BSN pre-licensure program (the “Program”) in Arizona.
Aspen University began the Program in Phoenix nearly three and a half years ago, and our initial cohort graduated in 2020 meeting all Arizona State standards. Throughout the calendar year 2021, as the spread of COVID-19 worsened, Nursing schools were forced into primarily virtual teaching and clinical environments, a less than optimal educational experience. As a result of these challenges, nationwide NCLEX-RN first-time pass rates among all nursing schools dropped from 78.4% in 2020 to 71.9% in 2021. Aspen University’s NCLEX-RN first-time pass rates in 2021 were 58%, consequently we failed to meet the minimum 80% standard set by the Arizona Board.
Aspen University adopted numerous changes throughout 2021 increasing the Program rigor which are already showing results as we expected. In the first calendar quarter of 2022 (as of February 10, 2022), Aspen University’s pass rate is 85%. It is our hope that the Arizona Board will recognize our improvements and not choose to diminish our ability to provide a pathway to meet the increasing demand for nurses in Arizona with qualified professionally certified nurses.
However, following a request of the Arizona Board, Aspen University has chosen to immediately stop new student enrollments at our main Phoenix campus and HonorHealth campus and not begin our February cohorts at these campuses scheduled to begin on February 15th.
The information in Item 7.01 of this report, including the information in the public statement attached as Exhibit 99.1 to this report, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Furthermore, the information in Item 7.01 of this report, including the information in the public statement attached as Exhibit 99.1 to this report, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Incorporated by Reference | Filed or Furnished | |||||||||
| Exhibit # | Exhibit Description | Form | Date | Number | Herewith | |||||
| 99.1 | Aspen University Public Statement issued February 10, 2022 | Filed | ||||||||
| 104 | Cover Page Interactive Data File -- the cover page XBRL tags are embedded within the Inline XBRL document | |||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ASPEN GROUP, INC. | |||
| Date: February 10, 2022 | By: | /s/ Michael Mathews | |
| Name: Michael Mathews | |||
| Title: Chief Executive Officer | |||
Exhibit 99.1
Aspen University is working with the Arizona Board of Nursing to remedy our mutual concerns as quickly and expeditiously as possible. We all recognize that the COVID pandemic has damaged the ability of nearly all academic institutions to meet minimum standards much less excel. We intend to continue to work with the Board to ensure our program meets and exceeds the standards set by the State of Arizona.
Aspen began our program in Phoenix three and a half years ago, and our initial cohort graduated in 2020 meeting all State standards. Clearly, we failed to meet those standards in 2021. We adopted numerous changes throughout 2021 increasing the program rigor which are already showing results as we expected. In the first calendar quarter of 2022, we have an 85% pass rate as of 2/10/22.
Aspen was provided the Nursing Board’s consent agreement earlier this week. We are reviewing that presently. We will not, though, sign any agreement that jeopardizes our currently enrolled student’s ability to continue to work within our academic institution to finish their degree. Our most recent test scores indicate our commitment to improvement. It is our hope that the Board of Nursing will recognize our improvements and not choose to diminish our ability to provide a pathway to meet the increasing demand for nurses in Arizona with qualified professionally certified nurses.
| /s/ Michael Mathews | ||
| Chairman and CEO of Aspen Group, Inc. | ||
Cover |
Feb. 10, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 10, 2022 |
| Entity File Number | 001-38175 |
| Entity Registrant Name | ASPEN GROUP, INC. |
| Entity Central Index Key | 0001487198 |
| Entity Tax Identification Number | 27-1933597 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 276 Fifth Avenue |
| Entity Address, Address Line Two | Suite 505 |
| Entity Address, City or Town | New York |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 10001 |
| City Area Code | (646) |
| Local Phone Number | 448-5144 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.001 par value |
| Trading Symbol | ASPU |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |