Professional Diversity Network, Inc. Reports New Investment
June 29 2020 - 3:38PM
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 sale of common stock in a private placement.
On June 26, 2020, the Company entered into an
agreement with Malven Group Limited, a company established under
the laws of the British Virgin Islands and an existing shareholder
of the Company (“Malven”), in connection with the purchase by
Malven of 312,500 shares of common stock of the Company
(collectively the “Shares”) at a price of $3.20 per share for gross
proceeds of $1,000,000. The closing of the transaction is expected
to take place on June 30, 2020. The issuances of the Shares are
exempt from registration due to the exemption found in Regulation S
promulgated by the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the “Securities Act”).
“This investment will put the company in a
stronger footing financially, further enable the company to take
advantage of the high demand of job seekers during the recovery
stage of COVID-19, and partner with other professional networks,”
said Adam He, PDN’s CEO.
About Professional Diversity
Network
Professional Diversity Network, Inc. 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.ipdnusa.com. Please click on “Investor
Relations.”
IR CONTACT:Professional Diversity Network, Inc.Tel: (312)
778-6313Email: jwu@ipdnusa.com
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