American Public Education, Inc. (Nasdaq: APEI) today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares in the offering are to be sold by APEI. APEI also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of shares of common stock offered in the public offering at the public offering price, less the underwriting discount. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

APEI expects to use the net proceeds from this offering for general corporate purposes, which may include working capital and capital expenditures. If APEI completes its acquisition of Rasmussen University, it may use a portion of the net proceeds of this offering to fund costs associated with closing of the acquisition, including to replace APEI's obligation to issue $29 million of preferred stock at the closing of that transaction.

Truist Securities and William Blair are acting as joint lead book-running managers and as representatives of the underwriters for the proposed offering. B. Riley Securities is also acting as a book-running manager for the offering.

About American Public Education, Inc.

American Public Education, Inc. (Nasdaq:APEI) is a provider of higher learning through its wholly owned subsidiaries: American Public University System and Hondros College of Nursing. Together, these institutions serve more than 100,000 adult learners worldwide and offer more than 220 degree and certificate programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts.