Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 4, 2016 (March 4, 2016)

 

 

Grand Canyon Education, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34211   20-3356009

(State or other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

3300 W. Camelback Road

Phoenix, Arizona

   85017
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (602) 639-7500

(Former name or former address if changed since last report.)

 

 

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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01. Other Events

On October 29, 2014, Grand Canyon Education, Inc. (the “University”) issued a press release announcing the decision of its board of directors to explore the possibility of effecting a conversion of the University to a nonprofit entity. On March 2, 2016, the University received notification from the Higher Learning Commission, the University’s regional accreditor, that the HLC Board of Trustees had not approved the University’s application to convert Grand Canyon University to a nonprofit entity. On March 4 2016, the University issued a press release announcing the termination of those current efforts. A copy of the press release is attached hereto as Exhibit 99.1.

On March 3, 2016, the Board of Directors of Grand Canyon Education, Inc. authorized the University to repurchase up to $100.0 million of common stock, from time to time, depending on market conditions and other considerations. The expiration date on the repurchase authorization is December 31, 2017. Repurchases occur at the University’s discretion. Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules.

Item 9.01. Consolidated Financial Statements and Exhibits.

 

99.1   

Press release dated March 4, 2016

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, thereunto duly authorized.

 

    GRAND CANYON EDUCATION, INC.
Date: March 4, 2016     By:   /s/ Daniel E. Bachus
      Daniel E. Bachus
      Chief Financial Officer
      (Principal Financial and Principal Accounting Officer)

EXHIBIT INDEX

 

Exhibit

No.

   

Description

99.1    Press Release dated March 4, 2016