Strategic Education, Inc. Announces Pricing of Upsized Public Offering of Common Stock

Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) announced today the pricing of an upsized underwritten registered public offering of 1,900,000 shares of its common stock at a public offering price of $105.00 per share. Strategic Education has granted the underwriters an option for 30 days to purchase up to an additional 285,000 shares of its common stock sold at the public offering price, less the underwriting discount. The offering is expected to close on or about August 10, 2020, subject to satisfaction of customary closing conditions.

The net proceeds from the offering will be approximately $191.5 million (or $220.2 million if the underwriters exercise their option to purchase additional shares as described above) after giving effect to the underwriting discounts but before giving effect to any offering expenses payable by Strategic Education. Strategic Education intends to use a portion of the net proceeds of the offering to fund, in part, the cost of the proposed acquisition of Laureate Education, Inc.’s Australia and New Zealand operations, and the remainder for general corporate purposes, which could include future acquisitions, capital expenditures and working capital. The closing of the offering is not conditioned upon the consummation of the proposed acquisition. If the proposed acquisition is not consummated, Strategic Education intends to use the net proceeds of the offering for general corporate purposes, which could include other acquisitions.

BofA Securities and Truist Securities are acting as joint lead book-running managers. BMO Capital Markets and PNC Capital Markets LLC are acting as book-running managers, and TD Securities, BNP PARIBAS and Ramirez & Co., Inc. are acting as co-managers for the offering.

The offering is being made pursuant to an effective shelf registration statement on Form S-3 (Reg. No. 333-241005), including a base prospectus and prospectus supplement filed by Strategic Education with the Securities and Exchange Commission (SEC). You may obtain these documents for free when they are available by visiting the SEC website at www.sec.gov. When available, a copy of the final prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, or by emailing: [e-mail]; or from Truist Securities, 3333 Peachtree Road NE, 9th floor, Atlanta, Georgia 30326, Attention: Prospectus Department, email: [e-mail].