UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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Commission (“DEAC” or “the Commission”) requiring Aspen to prove why its current accreditation should not be withdrawn and to require Aspen to undergo a special visit by a team of DEAC evaluators.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 | |||