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Filing Details

Accession Number:: 0001062993-24-015421
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2024-08-20 16:09:24
Reporting Period:: 2024-08-16

Accepted Time:: 2024-08-20 16:09:24
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1201792	American Public Education Inc	APEI	Services-Educational Services (8200)	010724376

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1448795	M. Daniel Friedberg	757 Third Avenue 20Th Floor New York NY 10017	No	No	Yes	Yes
1873893	325 Capital Llc	757 Third Avenue 20Th Floor New York NY 10017	No	No	Yes	Yes
1908015	David Michael Braner	757 Third Avenue 20Th Floor New York NY 10017	Yes	No	Yes	Yes
1908019	K Anil Shrivastava	757 Third Avenue 20Th Floor New York NY 10017	No	No	Yes	Yes
1972758	325 Capital Gp, Llc	757 Third Avenue 20Th Floor New York NY 10017	No	No	No	Yes
1972759	325 Capital Master Fund Lp	757 Third Avenue 20Th Floor New York NY 10017	No	No	No	Yes

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.01	Acquisiton	2024-08-16	3,553	$14.86	330,635	No	4	P	Indirect	By: 325 Capital Master Fund LP
Common Stock, Par Value $0.01	Acquisiton	2024-08-16	30,206	$14.86	1,688,555	No	4	P	Indirect	By: 325 Capital LLC
Common Stock, Par Value $0.01	Acquisiton	2024-08-19	5,550	$14.55	336,185	No	4	P	Indirect	By: 325 Capital Master Fund LP
Common Stock, Par Value $0.01	Acquisiton	2024-08-19	47,183	$14.55	1,735,738	No	4	P	Indirect	By: 325 Capital LLC

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By: 325 Capital Master Fund LP
No	4	P	Indirect	By: 325 Capital LLC
No	4	P	Indirect	By: 325 Capital Master Fund LP
No	4	P	Indirect	By: 325 Capital LLC

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock, Par Value $0.01	19,493	Direct

Footnotes

This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.
The price of $14.86 per share represents a weighted average of purchase prices ranging from $14.765 to $15.00 per share. The Reporting Person undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.
Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.
Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava is a Managing Member of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.
The price of $14.55 per share represents a weighted average of purchase prices ranging from $14.42 to $14.73 per share. The Reporting Person undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.
Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.