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Laureate Education Inc (NASDAQ: LAUR) is trading higher in Wednesday's after-hours session after the company approved the payment of a special cash distribution of $7.01 per share.
Laureate Education approved a plan of partial liquidation in connection with its previously disclosed sale of Walden e-Learning. The company announced the special cash distribution as part of the plan.
The distribution is scheduled to be paid on Oct. 29 to each holder of record of Laureate Education common stock as of Oct. 6.
According to the press release, "Gross proceeds from the sale include $74 million held in escrow and approximately $84 million of restricted cash related to collateralized regulatory obligations associated with activities of the divested business. In accordance with the plan, upon release of escrow amounts and restricted cash, the company intends to subsequently distribute to stockholders any net proceeds from such amounts in the form of special distributions before the end of calendar year 2022."
Laureate Education provides higher education programs and services to students through an international network of licensed universities and higher education institutions.
LAUR Price Action: Laureate Education is making new 52-week highs in the after-hours session.
The stock was up 5.31% at $17.86 in after-hours trading at time of publication.
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