On May 23, 2022, Zovio Inc, a Delaware corporation (“Zovio” or the “Company”), TutorMe, LLC, a California limited liability company and a wholly-owned subsidiary of Zovio (“TutorMe”), Liminex, Inc., a Delaware corporation (“Purchaser Parent”), and Zorro Holdco, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Purchaser Parent (“Purchaser”), entered into an Asset Purchase Agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company and TutorMe sold substantially all of the assets of TutorMe’s business (the “Business”) to Purchaser in consideration for the payment by Purchaser of $55.0 million in cash and the assumption by Purchaser of certain liabilities of the Business. The consideration payable pursuant to the Purchase Agreement is subject to a customary post-closing working capital adjustment. The Company and TutorMe completed the sale of the Business to the Purchaser on May 23, 2022.
https://ir.zovio.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=15841971
