Limestone University faces possible closure
GAFFNEY, S.C. (WSPA) – After 179 years as an institution of higher education, Limestone College could soon close its doors.
The college held meetings with students and staff on Wednesday to inform them the college is facing 'financial uncertainty,' which could lead to the school switching to a fully-online model or permanently closing.
According to a press release on the college website, Limestone's Board of Trustees has announced unless the university can obtain 'immediate financial support in the amount of $6 million' the institution will need to move fully online or begin the process of closing.
The Board will convene on April 22, to discuss the next steps for the institution.
'Limestone remains committed to our students and we will work directly with current students to help them identify the best path to successfully complete their educational journey,' said Randall Richardson, chair of the Limestone University Board of Trustees. 'We are reaching out separately to students with information regarding options to continue their education.'
In the event the university were to swap to online model, it would discontinue all in-person operations, including athletics in Gaffney.
'The Board's priority is to preserve the Limestone mission of education and service on our campus in addition to online. But without this financial lifeline, we will have no choice but to move all operations online, which means closing our physical campus,' said Richardson.
The college said its financial challenges stem from a combination of nationwide enrollment declines, rising costs, and long-standing structural pressures facing small, private institutions. The proposed $6 million emergency fund would stabilize operations and give the university the opportunity to pursue long-term solutions that preserve its on-campus identity, according to a media release.
Limestone University opened in 1845 as Limestone College, an independent non-denomination Christian college located in Gaffney. The school changed its name to include the university moniker in 2020.
At the time of its opening, Limestone was the first women's college in South Carolina, and among the first in the country. The college began admitting men in the early 1900s, but did not allow them to live on campus.
The school offers programs on-campus and online from associate, undergraduate and masters programs.
In 2024 the college named Dr. Nathan Copeland as its newest president. Earlier this year the school kicked off a $1.5 million athletic campaign by naming its first female athletic director.
According to nonprofit investigative journalism outlet ProPublica, Limestone University's finances have dipped in recent years. The school operated at a $12.6 million deficit in 2022-23, up significantly from a $2 million annual deficit in previous years.
A tax form for the 2022-23 tax year show the university received $9 million less in donations and grants that year.
Notes from tax forms said the university was home to 2,250 full-time equivalent students and 330 employees.
In a post on Facebook, Gaffney Mayor Lyman Dawkins said the closure would be a 'significant blow to our community.'
'The economic impact will be substantial. Limestone has provided countless jobs, brought in students and families who supported local businesses and served as a catalyst for growth. In our current efforts to revitalize downtown Gaffney, Limestone students have played a vital role. Their energy, involvement, and contributions have breathed life into our city and helped us build momentum for the future.'
'The psychological and emotional toll will be equally profound. Limestone has been a point of pride, tradition, and inspiration for our residents. It has opened doors for countless local students and families. Many of them were first-generation college students and helped shape dreams into realities. As a proud alumni, I will forever love and honor Limestone University.'
Mayor Lyman Dawkins III
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Annual Report 33 (Form 10-K) (May 16, 2025), see sections Consolidated Statements of Operations and Comprehensive (Loss) Income. 3 SPAR Grp., Inc., Schedule 14A 25 (Form DEF14A) (May 23, 2025). 4 SPAR Grp., Inc., Current Report Exh. 99.1, (Form 8-K) (Jan. 3, 2025). 5 SPAR Grp., Inc., Current Report (Form 8-K) (Apr. 23, 2025). 6 SPAR Grp., Inc., Current Report Exh. 99.1 (Form 8-K) (Apr. 23, 2025). 7 SPAR Grp., Inc., Schedule 14A 23 (Form DEF14A) (May 23, 2025). 8 Amended and Restated Bylaws, adopted effective as of January 18, 2022, attached as Exhibit 3.3 to the Company's Current Report (Form 8-K) (Jan. 25, 2022) (hereinafter referred to as the "A&R Bylaws") (Mr. Brown alleges (x) that the Company's failure to have a Board of 7 members for the calendar year of 2024 was a violation of Section 3.01 of the A&R Bylaws; (y) the terms of the written letter of resignations for directors was changed to terms other than as specified in Section 3.11 of the Bylaws; and (z) Section 3.09 provides that the shareholders may remove a director, but the Board requires each director to execute a resignation letter that permits other members of the Board to remove such director). 9 SPAR Grp., Inc., Schedule 14A (Form DEF14A) (May 23, 2025). 10 SPAR Grp., Inc., Schedule 14A (Form DEF14A) (May 23, 2025). 11 SPAR Grp., Inc., Current Report, Exh. 99.1, (Form 8-K) (Jan. 3, 2025); SPAR Grp., Inc., (Form 8-K) (Mar. 11, 2025). 12 SPAR Grp., Inc., Annual Report. 33 (Form 10-K) (May 16, 2025), see Consolidated Statements of Operations and Comprehensive (Loss) Income. 13 2022 Policy Guidelines, Glass Lewis, 27 (last visited May 30, 2025) United States Proxy Voting Guidelines, Glass Lewis, 33 (Jan. 9, 2025) 14 A&R Bylaws Sections 2.02 and 2.11(a). 15 A&R Bylaws Sections 3.04, 4.04 and 5.05. 16 Id. 17 SPAR Grp., Inc., Current Report (Form 8-K) (July 12, 2022) (Proposal (ii), the ratification of the appointment of BDO USA, LLP, as the independent registered accounting firm received 7,613,862 votes against, and only 6,925,283 votes "for"). 18 Mr. Brown currently is in a dispute with the Company over certain provisions of the Change of Control, Voting and Restricted Stock Agreement, dated as of January 28, 2022 (Exhibit 10.1 of the Company's Current Report Form 8-K filed Jan. 28, 2022), having alleged that the Company is in breach of various terms therein. 19 SPAR Grp., Inc., Current Report (Form 8-K) (Aug. 30, 2024). 20 SPAR Grp., Inc., Current Report (Form 8-K) (Aug. 30, 2024), (Exh. 2.1: Agreement and Plan of Merger, by and among Highwire Capital LLC, Highwire Merger Co 1, Inc., and SPAR Group Inc. 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About the Aspire Targeted Oral Delivery Platform Aspire's sublingual delivery technology has been developed using our patent-pending methodology, and "trade secret" process. The technology's new mechanism of action allows for rapid sublingual absorption and entry into the bloodstream of supplements and other substances. The benefits of "rapid absorption" are to provide rapid impact in more precise quantities. About Aspire Biopharma, Inc. Headquartered in Humacao, Puerto Rico, Aspire Biopharma has developed a disruptive technology through a Novel Soluble Formulation which can deliver supplements and drugs rapidly and precisely. For more information, please visit Safe Harbor Statement Certain statements made in this communication are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as "estimate," "projects," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "potential," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the financial position, business strategy and the plans and objectives of management for future operations. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Aspire's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Aspire Biopharma Holdings, Inc. ContactTraDigital IRKevin McGrath+1-646-418-7002kevin@ SOURCE: Aspire Biopharma Holdings, Inc.
