Current Report Filing (8-k)
April 30 2019 - 4:10PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): April 30, 2019 (April 24, 2019)
PROFESSIONAL
DIVERSITY NETWORK, INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
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001-35824
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80-0900177
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(State
of other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
Number)
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801
W. Adams Street, Sixth Floor, Chicago, Illinois
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60607
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(312) 614-0950
(Former
name or former address if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [X]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
April 24, 2019, Professional Diversity Network, Inc. (the “Company”) received a letter from Nasdaq notifying the Company
that it is not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital
Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million.
In the Company’s Annual Report on Form 10-K for the period ended December 31, 2018, the Company reported stockholders’
equity of $(1,110,788), which is below the minimum stockholders’ equity required for continued listing pursuant to Nasdaq
Listing Rule 5550(b)(1). Further, as of April 24, 2019, the Company does not meet the alternatives of market value of listed securities
or net income from continuing operations.
This
notification has no immediate effect on the Company’s listing on the Nasdaq Capital Market. Nasdaq has provided the Company
with 45 calendar days, or until June 8, 2019, to submit a plan to regain compliance with the minimum stockholders’ equity
standard. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days
from the date of the notification letter, or until October 21, 2019, to evidence compliance.
The
Company is presently evaluating various courses of action to regain compliance and intends to timely submit a plan to Nasdaq to
regain compliance with the Nasdaq minimum stockholders’ equity standard.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date:
April 30, 2019
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PROFESSIONAL
DIVERSITY NETWORK, INC.
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By:
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/s/
Xin (Adam) He
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Xin
(Adam) He
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Chief
Financial Officer
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