K12 -5% as renewal to operate Agora school looks iffy

|About: K12 Inc. (LRN)|By:, SA News Editor

Shares of charter school operator K12 (LRN -4.9%) sink after last night's news that the board in charge of the Agora Cyber Charter School in Wayne, Pa., has put out a request for proposals to operate the school during the 2015-16 school year.

The proposals are due by July 25 and will need to include an application to renew Agora's charter agreement with the state; LRN says it is working with Agora's board of trustees on the proposal process," and that it is "confident that this process will lead to an even stronger application" to state officials.

The Agora school generated ~13% of LRN's total revenue during its FY 2012.