Professional Diversity Network, Inc. Reports Extension of 2019 Financial Results
April 08 2020 - 3:34PM
Professional Diversity Network, Inc. (NASDAQ: IPDN), (“PDN” or the
“Company”), a global developer and operator of online and in-person
networks that provide access to networking, training, educational
and employment opportunities for diverse individuals, today
announced its receipt of a letter from Nasdaq regarding the
Company’s noncompliance of listing rules.
The Company received the letter on April 2,
2020, which stated that the Company no longer complies with Nasdaq
Listing Rules because it did not file its Annual Report on Form
10-K for the fiscal year ended December 31, 2019 (the “2019 10-K”)
by the due date, March 30, 2020. The letter also stated that the
Company has 60 calendar days to submit a plan to regain compliance
and, if the plan is accepted by Nasdaq, Nasdaq can grant an
exception of up to 180 calendar days from the due date, or until
September 28, 2020, to regain compliance.
The Company previously filed a Form 8-K on April
1, 2020 (the “Extension 8-K”) disclosing its inability to timely
file the 2019 10-K by the original deadline of March 30, 2020 due
to circumstances related to COVID-19 and seeking to rely on the SEC
order dated March 4, 2020 (Release No. 34-88318) (the “SEC Order”)
to extend the due date for the filing of its 2019 10-K until May
14, 2020 (45 days after the original due date). However, due to
personnel change and other technical issues, the Extension 8-K was
filed two days after the March 30, 2020 deadline for automatic
extension under the SEC Order, and thus was not effective to obtain
the automatic extension.
The Company will continue to work diligently and
aim to file the 2019 10-K by May 14, 2020 and regain compliance
within the timeframe provided by Nasdaq.
About Professional Diversity Network
(PDN)
Professional Diversity Network, Inc. (PDN) is a
global developer and operator of online and in-person networks that
provides access to networking, training, educational and employment
opportunities for diverse professionals. Through an online platform
and our relationship recruitment affinity groups, we provide our
employer clients a means to identify and acquire diverse talent and
assist them with their efforts to recruit diverse employees. Our
mission is to utilize the collective strength of our affiliate
companies, members, partners and unique proprietary platform to be
the standard in business diversity recruiting, networking and
professional development for women, minorities, veterans, LGBT and
disabled persons globally.
Forward-Looking Statements
This press release contains certain
forward-looking statements based on our current expectations,
forecasts and assumptions that involve risks and uncertainties.
This release does not constitute an offer to sell or a solicitation
of offers to buy any securities of any entity. Forward-looking
statements in this release are based on information available to us
as of the date hereof. Our actual results may differ materially
from those stated or implied in such forward-looking statements,
due to risks and uncertainties associated with our business, which
include the risk factors disclosed in our most recently filed
Annual Report on Form 10-K and in our subsequent filings with the
Securities and Exchange Commission. Forward-looking statements
include statements regarding our expectations, beliefs, intentions
or strategies regarding the future and can be identified by
forward-looking words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “should,” and
“would” or similar words. We assume no obligation to update the
information included in this press release, whether as a result of
new information, future events or otherwise. Our most recently
filed Annual Report on Form 10-K, together with this press release
and the financial information contained herein, are available on
our website, www.prodivnet.com. Please click on “Investor
Relations.”
IR CONTACT: Professional Diversity Network,
Inc.Tel: (312) 778-6313Email: jwu@ipdnusa.com
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