UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction | (Commission | (I.R.S. Employer | ||
| of Incorporation) | File Number) | Identification No.) |
(Address of Principal Executive Office) (Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|
(The Nasdaq Global Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other Information.
On February 1, 2023, Aspen Group, Inc. (“AGI”) received notification that its Aspen University institution (“Aspen” or the “Institution”) had been issued a Show Cause Directive by the Distance Education Accrediting Commission (“DEAC” or “the Commission”) requiring Aspen to prove why its current accreditation should not be withdrawn and to require Aspen to undergo a special visit by a team of DEAC evaluators. Show Cause is a procedural order that places the burden on Aspen to prove it remains an entity that meets DEAC’s accreditation standards.
DEAC informed Aspen that certain areas of concern raise serious questions as to Aspen’s ongoing compliance with DEAC Accreditation Standards III.D., V.A., X.B., XI.E., and DEAC Procedures under Part Two, Section XVII.E, including curricula and instructional materials; student achievement; reputation; operations; and notifications. These call into question Aspen’s organizational integrity, administrative capacity, and ability to serve students in a manner that complies with DEAC standards. The letter also requires the Institution to submit certain information to DEAC prior to February 16, 2023, and to constituents within seven business days, and permits continuance of DEAC’s monitoring of monthly financial reports.
To date, Aspen has provided multiple regulatory bodies with requested records and data and the Institution will willingly comply with the Commission’s continued oversight through the 2-year show cause period during which Aspen remains fully accredited. The Institution strongly believes that the oversight will continue to demonstrate Aspen’s compliance with accreditation criteria.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Incorporated by Reference | Filed or Furnished | ||||||||
| # | Exhibit Description | Form | Date | Number | Herewith | |||||
| 104 | Cover Page Interactive Data File (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 2, 2023 | By: | /s/ Michael Mathews | |
| Name: Michael Mathews | |||
| Title: Chief Executive Officer | |||
Cover |
Feb. 01, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 01, 2023 |
| 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 |