An Osceola County charter school that is closing because it received two consecutive failing grades will stay open until the end of the year.

Upset parents packed Liberty High School's auditorium Thursday night to learn the school district had sign the papers to take over Acclaim Academy Charter School.

State law requires the charter school to close. But instead of allowing for a transitional period, the school district said Acclaim Academy's CEO chose to close the school on March 31.

Now the school district will run the school through the end of the year, allowing students to finish out at a school they loved.

District leaders said seven new charter schools are opening in Osceola County in August, meaning the 300 plus students transferring from Acclaim Academy will have several options.

“Children are coming all the time," said Superintendent Melba Luciano. "Next year we are anticipating another 1,000 students coming into our district."

The district’s good news was a day too late for one mother. Now she’s regretting transferring her two children from Acclaim Academy to another charter school on Wednesday.

"Acclaim Academy is my family," said parent Janette Martinez. "The school, the teachers, the staff. But I believe I did a smart choice where they are now.”

But for seniors and their parents, the school staying open is a dream come true for the Class of 2015.

“It’s amazing," said parent Lillian Irizarry. "I literally felt like crying when they said that she was all set for the year because now we don’t have to have the concern of her not being able to go through graduation, go to a nice prom, do everything that I did when I was growing up, and get into a good school afterwards."

Acclaim Academy CEO Dennis Mope released a statement Thursday:

"Acclaim Academy committed several weeks ago to ensure that all outstanding issues were settled in order to have a smooth transition. Documents have been signed and the students are able to finish out the school year at Acclaim Academy Osceola. We have always kept the Osceola School District informed on our progress and they were notified today of our resolution. Despite all the misinformation and distractions this was always our focus. We remain dedicated to our students and are happy to have this resolved."

Acclaim Academy has another charter school in Orange County.