As filed with the Securities and Exchange Commission on June 7, 2023
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
American Public Education, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 01-0724376 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
111 West Congress Street Charles Town, West Virginia |
25414 | |
(Address of Principal Executive Offices) | (Zip Code) |
American Public Education, Inc. Employee Stock Purchase Plan
(Full title of the plan)
Thomas A. Beckett
Senior Vice President, General Counsel and Secretary
American Public Education, Inc.
111 West Congress Street
Charles Town, West Virginia 25414
(Name and address of agent for service)
304-724-3700
(Telephone number, including area code, of agent for service)
Copy to:
William I. Intner
J. Nicholas Hoover
Hogan Lovells US LLP
100 International Drive, Suite 2000
Baltimore, Maryland 21202
(410) 659-2700
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ¨ | Accelerated filer | x |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
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 7(a)(2)(B) of the Securities Act. ¨
EXPLANATORY NOTE
This Registration Statement on Form S-8 (this “Registration Statement”) of American Public Education, Inc. (the “Registrant”) is being filed to register 500,000 additional shares of the Registrant’s common stock, par value $0.01 per share (“Common Stock”) authorized for issuance pursuant to the American Public Education, Inc. Employee Stock Purchase Plan (the “Plan”). The Registrant previously registered shares of Common Stock under the Plan on Registration Statements on Forms S-8 (File Nos. 333-150454, 333-197086, and 333-238536), as filed with the Securities and Exchange Commission on April 25, 2008, June 27, 2014, and May 20, 2020 (as amended on May 21, 2020), respectively (the “Prior Registration Statements”). On March 20, 2023, the Registrant’s Board of Directors adopted an amendment to the Plan to increase the number of shares of Common Stock available for issuance thereunder by 500,000 (the “Amendment”), subject to stockholder approval. The Registrant’s stockholders approved the Amendment at the Registrant’s Annual Meeting of Stockholders on May 19, 2023.
As permitted by General Instruction E to Form S-8, this Registration Statement incorporates by reference the contents of the Prior Registration Statements, except to the extent supplemented, amended, or superseded by the information set forth herein.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 8. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore, State of Maryland, on June 7, 2023.
AMERICAN PUBLIC EDUCATION, INC. | ||
By: | /s/ Richard W. Sunderland, Jr., CPA | |
Richard W. Sunderland, Jr., CPA | ||
Executive Vice President and Chief Financial Officer |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.
Signature | Title | Date | ||
/s/ Angela Selden | President, Chief Executive Officer and Director | June 7, 2023 | ||
Angela Selden | (Principal Executive Officer) | |||
/s/ Richard W. Sunderland, Jr. CPA | Executive Vice President and | June 7, 2023 | ||
Richard W. Sunderland, Jr., CPA | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) | ||||
* | Chairperson of the Board of Directors | June 7, 2023 | ||
Eric C. Andersen | ||||
* | Director | June 7, 2023 | ||
Granetta B. Blevins | ||||
* | Director | June 7, 2023 | ||
Michael D. Braner | ||||
* | Director | June 7, 2023 | ||
Anna M. Fabrega | ||||
* | Director | June 7, 2023 | ||
Jean C. Halle | ||||
* | Director | June 7, 2023 | ||
James Kenigsberg | ||||
* | Director | June 7, 2023 | ||
Dr. Barbara L. Kurshan | ||||
* | Director | June 7, 2023 | ||
Daniel S. Pianko | ||||
* | Director | June 7, 2023 | ||
William G. Robinson, Jr. |
*By: | /s/ Richard W. Sunderland, Jr., CPA | |
Richard W. Sunderland, Jr., CPA | ||
Attorney in Fact |
Exhibit 5.1
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Hogan Lovells US LLP Harbor East 100 International Drive Suite 2000 Baltimore, MD 21202 T +1 410 659 2700 F +1 410 659 2701 www.hoganlovells.com |
June 7, 2023
Board of Directors
American Public Education, Inc.
111 W. Congress Street
Charles Town, West Virginia 25414
To the addressee referred to above:
We are acting as counsel to American Public Education, Inc., a Delaware corporation (the “Company”), in connection with its registration statement on Form S-8 (the “Registration Statement”), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”) relating to the proposed offering of up to 500,000 newly issued shares of the common stock, $0.01 par value per share of the Company (the “Shares”), all of which shares are issuable pursuant to the American Public Education, Inc. Employee Stock Purchase Plan (the “Plan”). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.
For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.
This opinion letter is based as to matters of law solely on the Delaware General Corporation Law, as amended. We express no opinion herein as to any other statutes, rules or regulations.
Based upon, subject to and limited by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Plan, and (iii) receipt by the Company of the consideration for the Shares specified in the applicable resolutions of the Board of Directors and in the Plan, the Shares will be validly issued, fully paid, and nonassessable.
Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia. “Hogan Lovells” is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris Philadelphia Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest Jakarta Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville. Legal Services Center: Berlin. For more information see www.hoganlovells.com
American Public Education, Inc. | - 2 - | June 7, 2023 |
This opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes in the foregoing subsequent to the effective date of the Registration Statement.
We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Act.
Very truly yours,
/s/ HOGAN LOVELLS US LLP
HOGAN LOVELLS US LLP
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement Form S-8 of our reports dated March 14, 2023 relating to the consolidated financial statements of American Public Education, Inc., and the effectiveness of American Public Education, Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 10-K of American Public Education, Inc. for the year ended December 31, 2022.
/s/ Deloitte & Touche LLP
McLean, Virginia
June 7, 2023
Exhibit 24.1
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Angela Selden, Richard W. Sunderland, Jr., and Thomas A. Beckett, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her in any and all capacities, to sign a Registration Statement on Form S-8 (including post-effective amendments) of American Public Education, Inc. relating to each of the American Public Education, Inc. 2017 Omnibus Incentive Plan and the American Public Education, Inc. Employee Stock Purchase Plan, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.
This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original with respect to the person executing it.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the date set forth below.
Signature | Title | Date | |||
/s/ Angela Selden Angela Selden |
President, Chief Executive Officer and Director (Principal Executive Officer) |
June 6, 2023 | |||
/s/ Richard W. Sunderland, Jr. Richard W. Sunderland, Jr., CPA
|
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
June 2, 2023 | |||
/s/ Eric C. Andersen Eric C. Andersen |
Chairperson of the Board of Directors | June 5, 2023 | |||
/s/ Granetta B. Blevins Granetta B. Blevins |
Director | June 5, 2023 | |||
/s/ Michael D. Braner Michael D. Braner |
Director | June 5, 2023 | |||
/s/ Anna M. Fabrega |
Director | June 6, 2023 | |||
Anna M. Fabrega | |||||
/s/ Jean C. Halle Jean C. Halle |
Director
|
June 5, 2023 | |||
/s/ James Kenigsberg James Kenigsberg |
Director | June 5, 2023 | |||
/s/ Dr. Barbara L. Kurshan Dr. Barbara L. Kurshan |
Director | June 5, 2023 | |||
/s/ Daniel S. Pianko Daniel S. Pianko |
Director | June 5, 2023 | |||
/s/ William G. Robinson, Jr. William G. Robinson, Jr. |
Director | June 6, 2023 |
Exhibit 99.4
AMENDMENT NUMBER THREE TO THE AMERICAN PUBLIC EDUCATION, INC.
EMPLOYEE STOCK PURCHASE PLAN
The American Public Education, Inc. Employee Stock Purchase Plan (the “ESPP”) is hereby amended (this “Amendment”) as set forth below by the Board of Directors of American Public Education, Inc. (the “Corporation”), subject to the approval of this Amendment by the stockholders of the Corporation:
1. The first sentence of Section 2 of the ESPP is amended and restated to read as follows:
“Subject to adjustment as provided in Section 26 below, the aggregate number of shares of Common Stock that may be made available for purchase by participating employees under the Plan is eight hundred thousand (800,000).”
2. The ESPP shall otherwise be unchanged by this Amendment.
This Amendment is adopted subject to approval by the stockholders of the Corporation at the Corporation’s 2023 Annual Meeting of Stockholders. If the stockholders fail to approve this Amendment at the Annual Meeting, the ESPP shall continue in existence in accordance with its terms.
* * *
The foregoing Amendment to the ESPP was duly adopted and approved by the Board of Directors of the Corporation on March 20, 2023, subject to the approval of the Amendment by the stockholders of the Corporation.
/s/ Thomas A. Beckett | |
Thomas A. Beckett | |
Secretary |
The foregoing Amendment to the ESPP was duly adopted by the stockholders of the Corporation at a meeting held on May 19, 2023.
/s/ Thomas A. Beckett | |
Thomas A. Beckett | |
Secretary |
Exhibit 107
Calculation of Filing Fee Tables
Form S-8
(Form Type)
American Public Education, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
Security Type |
Security Class Title |
Fee Calculation Rule |
Amount Registered (1) |
Proposed Maximum Offering Price Per Unit (2) |
Maximum Aggregate Offering Price (2) |
Fee Rate | Amount of Registration Fee |
Equity | Common Stock, $0.01 par value per share | Other (2) | 500,000 | $4.84 | $2,420,000.00 | 0.00011020 | $266.69 |
Total Offering Amounts | $2,420,000.00 | $266.69 | |||||
Total Fee Offsets | -- | ||||||
Net Fee Due | $266.69 |
(1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement also shall cover any additional shares of common stock of American Public Education, Inc., $0.01 par value per share (the “Common Stock”), that may be offered or issued under the American Public Education, Inc. Employee Stock Purchase Plan, as amended, in connection with any stock dividend, stock split, recapitalization or similar transaction. |
(2) | Estimated in accordance with Rules 457(c) and 457(h) under the Securities Act, solely for purposes of calculating the registration fee. based on the average of the high and low prices of the Common Stock, as reported on the Nasdaq Global Select Market on June 2, 2023. |
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