UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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Item 3.02 Unregistered Sales of Equity Securities.
On June 5, 2020, Aspen Group, Inc. (the “Company”) reduced by 5% the exercise price of the common stock purchase warrants issued to The Leon and Toby Cooperman Family Foundation (the “Foundation”), of which Mr. Leon Cooperman, a stockholder of the Company, is the trustee. The warrants were issued on November 5, 2018 (the “2018 Cooperman Warrants”) and on March 5, 2020 (the “2019 Cooperman Warrants”). The 2018 Cooperman Warrants exercise price was reduced from $5.85 to $5.56 per share. The 2019 Cooperman Warrants exercise price was reduced from $6.00 to $5.70 per share. On June 8, 2020, the Foundation immediately exercised the 2018 and 2019 Cooperman Warrants paying the Company $1,081,792 and the Company issued 192,049 shares of common stock to the Foundation.
In consideration of the amendment, the Foundation in addition to its immediate exercise executed a lock-up agreement agreeing not to request registration of or sell the underlying shares of common stock for at least six months.
In addition, the Company has issued the following shares of common stock which have not been previously reported.
| Date Shares of Common Stock were Acquired | Amount of Shares of the Company’s Common Stock Acquired | Method of Acquisition |
| December 24, 2018 | 29,803 | Annual grants to directors |
| June 10, 2019 | 9,597 | Cashless warrant exercise |
| June 25, 2019 | 25,000 | Grant to officer |
| September 19, 2019 | 4,708 | Option exercise |
| October 4, 2019 | 2,960 | Cashless option exercise |
| October 18, 2019 | 21,812 | Option exercise |
| January 17, 2020 | 16,666 | Option exercise |
Except for the cashless exercises which were exempt from registration under Section 3(a)(9) of the Securities Act of 1933, the shares of common stock reported above were exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) of Regulation D promulgated thereunder since each of the investors was an accredited investor and the shares were acquired for investment and not with a view for distribution.
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: June 8, 2020 | By: | /s/ Michael Mathews | |
| Name: Michael Mathews | |||
| Title: Chief Executive Officer | |||