Professional Diversity Network exchanges warrants for 333,333 shares of common stock

Professional Diversity Network, Inc. (NASDAQ:IPDN), a micro-cap company with a market value of $7.04 million that has seen its stock surge over 150% in the past week, entered into a warrant exchange agreement on Monday with a holder of its Series A and Series B warrants. According to a statement released in a Securities and Exchange Commission filing, the agreement involved the surrender and cancellation of 500,000 warrants in exchange for 333,333 shares of the company’s common stock.

The warrants, originally issued on November 20, 2024, consisted of 250,000 Series A warrants and 250,000 Series B warrants, each allowing the holder to purchase one share of common stock at an exercise price of $6.80 per share. The warrants were issued in connection with a registered direct offering and a concurrent private placement that closed on the same date.

Under the terms of the exchange agreement, the holder agreed to surrender all 500,000 warrants, and the company, in return, issued 333,333 shares of common stock. The newly issued shares were provided under an exemption from the registration requirements of the Securities Act of 1933, pursuant to Section 3(a)(9) of the Act.

The company’s common stock is listed on the NASDAQ Stock Market under the symbol IPDN. This information is based on a press release statement included in the company’s recent SEC filing.

In other recent news, Professional Diversity Network, Inc. has announced several significant developments. The company reported a change in its executive team with the resignation of interim CFO Megan Bozzuto, who will continue as president of the International Association of Women, a subsidiary of the company. Lisa Fan has been appointed as the new interim CFO, bringing over 15 years of experience in corporate finance and internal auditing. Additionally, Professional Diversity Network has undergone a reshuffle of its Board of Directors, with the resignations of Michael D. Belsky and Chris Renn, and the appointments of Eloisa Sultan and Long Yi. Sultan and Yi are expected to enhance the company’s governance with their respective expertise in healthcare and finance. Furthermore, the company has regained compliance with Nasdaq’s minimum bid price requirement, resolving a previous non-compliance issue. This compliance ensures that the company’s securities remain listed and traded on the Nasdaq Stock Market. These recent developments reflect the company’s ongoing efforts to strengthen its leadership and maintain its market position.

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