As previously reported, on March 3, 2022, Victor K. Nichols, a Class I director of Zovio Inc. who has served as a director of the Company since September 2014, advised the Company that he had determined not to stand for re-election to the Company's Board of Directors (the “Board”) at the Company's upcoming 2022 annual meeting of stockholders (the “2022 Annual Meeting”). Because the Company's 2022 Annual Meeting is not yet scheduled, on April 29, 2022, Mr. Nichols notified the Company of his intention to resign from the Board effective May 12, 2022. Mr. Nichols indicated that his departure from the Board was not the result of any disagreement with management or the Board but was in order to pursue other commitments in a timely manner.

The Board intends to reduce the size of the Board from eleven to ten members in accordance with the provisions of the Company's bylaws, effective upon the resignation of Mr. Nichols.