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Saturday, December 3, 2022

Zovio Inc (OTCMKTS: ZVOI) Former Nasdaq Online Educator Hits the Bulletin Boards with a Bang

Zovio Inc (OTCMKTS: ZVOI) is moving northbound since reversing off $0.0505 all-time lows on Friday, November 11, the first day the stock traded on the OTCQB since being delisted by the Nasdaq stock exchange for staying under $1 for 30 consecutive business days. 

During a recent shareholder meeting the shareholders of ZVOI voted to approve the voluntary liquidation and dissolution of the Company pursuant to the Plan of Dissolution which authorizes the Company to liquidate and dissolve the Company in accordance with the Plan of Dissolution. 

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Zovio Inc (OTCMKTS: ZVOI) operated as an education technology services company that partnered with higher education institutions and employers to deliver innovative, personalized solutions and learning experiences to help learners and leaders achieve their aspirations and help institutions grow. Zovio’s expertise across academic disciplines, credential levels, learning experiences, and modalities has powered student and partner success through a tailored, customer-focused approach bolstered by data analytics. The Company provides student recruitment and enrollment systems, retention strategies, educational tools and curriculums. 

In 2019 the Company acquired Fullstack Academy, Inc an immersive coding bootcamp offering web development and cybersecurity training to students looking for competitive paying and in-demand tech jobs. Also, in 2019 the Company acquired TutorMe.com, Inc. which provides 24/7 tutoring services. Students are matched online with tutors within minutes who can help them with more than 300 subjects. With live video chat, whiteboarding, and screen sharing, students can get the personalized help they need, in the subject they need, at a time that works for them. 

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ZVOI

ImageOn October 25 Zovio held its Special Meeting of Stockholders. Of the 34,221,081 shares of the Company’s common stock, par value $0.01 per share outstanding as of September 22, 2022, holders of 18,168,780 shares of Common Stock were represented, either by attending the Special Meeting or by proxy, constituting (i) a quorum under the Company’s bylaws and (ii) approximately 53% of the outstanding shares of Common Stock entitled to vote. The matters voted on at the Special Meeting and the votes cast with respect to each such matter are set forth below. 

Dissolution Proposal. To approve the voluntary liquidation and dissolution of the Company pursuant to the Plan of Dissolution which authorizes the Company to liquidate and dissolve the Company in accordance with the Plan of Dissolution. The Dissolution Proposal was approved. 

Zovio recently received an expected written notification from the Listing Qualifications Department of the NASDAQ Stock Market LLC notifying the Company that the closing bid price for its common stock had been below $1.00 for 30 consecutive business days and that the Company therefore is not in compliance with the minimum bid price requirement for continued inclusion on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). 

In light of the Company’s previously disclosed pending dissolution as authorized by the Company’s stockholders on October 25, 2022, the Company has elected not to appeal the delisting of its common stock. Pursuant to the Notice, the Company’s common stock will therefor cease to trade on The Nasdaq Capital Market following the close of business on November 10, 2022. At that time, the Company has further instructed its transfer agent to close the Company’s stock transfer records and discontinue recording transfers of the Company’s securities. 

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Currently trading at a $1.7 million market valuation ZVOI hit the bulletin boards after being dlisted by the Nasdaq on Friday November 11. The stock initially hit all-time lows of $0.0505 before moving steadily northbound and is now trading well over $0.07 up 40% on the day. During a recent shareholder meeting the shareholders of ZVOI voted to approve the voluntary liquidation and dissolution of the Company pursuant to the Plan of Dissolution which authorizes the Company to liquidate and dissolve the Company in accordance with the Plan of Dissolution. Even when the Company liquidates all the assets the sec filing shell with stay around and possibly be acquired by a new Company looking to gain access to the public markets. In any case $1.7 million is significantly undervalued for an SEC filer that was trading on the Nasdaq over $1 several months ago and has a gap to fill from current levels. We will be updating on ZVOI when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in ZVOI either long or short and we have not been compensated for this article.

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