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Nerdy has successfully completed its business combination with TPG Pace Tech Opportunities, a SPAC, approved on September 14, 2021. Starting September 21, 2021, Nerdy will trade on the NYSE under the ticker "NRDY". This milestone supports Nerdy’s mission to innovate live online learning, providing resources for growth in a changing educational landscape. The merger positions Nerdy to capitalize on a growing demand for personalized learning, leveraging its established platform in delivering diverse educational experiences.
TPG Pace Tech Opportunities (NYSE:PACE) announced a significant milestone as approximately 95% of its stockholders voted in favor of the business combination with Nerdy, a leading online learning platform. The transaction is set to close on September 20, 2021, with the new common stock trading under the symbol "NRDY" starting September 21, 2021. Thirteen proposals related to the business combination received approval during the Special Meeting. The formal voting results will be filed with the SEC.
TPG Pace Tech expects to finalize its business combination with Nerdy on September 20, 2021, pending stockholder approval at a meeting on September 14, 2021. The transaction is projected to generate over
Nerdy, the parent company of Varsity Tutors, released its Back to School Parent Sentiment Report, revealing heightened concerns among parents regarding the long-term effects of the pandemic on education. Notably, 90% of parents fear negative implications for their children's education, up from 63% in 2020. The survey indicates that 66% of parents worry that academic support could harm their careers, while 78% express concerns over potential cuts to extracurricular activities. Furthermore, 80% of parents are inclined to use supplemental learning resources this school year.
Varsity Tutors has launched an After School Clubs subscription service to fill the gap left by pandemic-related closures. Priced at $70/month, the service features weekly, interactive sessions led by experts in various subjects, appealing to students' diverse interests. A survey revealed that 78% of parents are concerned about lost extracurriculars, prompting the need for this service. The clubs cater to grades K-12 and include exclusive content from celebrity instructors, ensuring engaging learning experiences.
Nerdy announced that Founder and CEO Chuck Cohn and CFO Jason Pello will present virtually at the Deutsche Bank 2021 Technology Conference on September 9, 2021, at 8:30 AM ET. A webcast will be available on their investor website and can be replayed for those unable to attend live. Nerdy is a leading platform for live online learning, aiming to enhance education through technology. Their flagship business, Varsity Tutors, offers a variety of learning experiences across over 3,000 subjects. More details are available on Nerdy's official site.
Varsity Tutors has launched new solutions to help K-12 school districts address disruptions and learning loss due to COVID-19. The offerings include Quarantine Support, Distance Learning Supplements, and Learning Gap Solutions, providing immediate access to live tutoring. Schools can utilize funding from the American Rescue Plan Act of 2021 to implement these services efficiently. The new tools aim to assist students who face learning challenges, including those in special education.
TPG Pace Tech Opportunities (NYSE: PACE) announced that its registration statement on Form S-4 related to its business combination with Nerdy has been declared effective by the SEC. The record date for the extraordinary general meeting to approve the business combination is set for August 16, 2021, with the meeting scheduled for September 14, 2021. If approved, the combined company will trade under new ticker symbols, 'NRDY' and 'NRDY WS'. TPG encourages shareholders to vote in advance, and emphasizes the importance of the proposals being put forth.
Nerdy (NYSE: PACE) reported strong Q2 2021 results with revenue reaching $32.8 million, a 52% year-over-year increase, exceeding forecasts by $4.5 million. Year-to-date revenue totaled $67.4 million, up 51%. Active Learners surged by 80%, while Online Sessions and Sessions Taught per Active Expert grew 109% and 31% respectively. Gross profit for Q2 was $21.3 million, also a 51% increase. The company launched “Varsity Tutors for Schools” to address COVID learning loss.
Nerdy, a prominent platform for live online learning, announced that Chuck Cohn and Jason Pello will present at two upcoming investor conferences. The Needham 16th Annual Virtual Technology & Media Conference is set for May 17, 2021, at 1:30 PM ET, while the JP Morgan’s 49th Annual Global TMC Conference will take place on May 26, 2021, at 5:10 PM ET. Interested parties can access live webcasts on Nerdy's and TPG's websites. The company aims to enhance learning experiences through its technology-driven platform.
