Professional Diversity Network to sell 2.5M shares at 80c in direct offering

Professional Diversity Network (IPDN) has entered into a securities purchase agreement with a single institutional investor for the issuance and sale of 2,500,000 shares of its common stock in a registered direct offering at a purchase price of $0.80 per share. In a concurrent private placement, the Company also agreed to issue to the same investor series A common stock purchase warrants to purchase up to 2,500,000 shares of common stock and series B common stock purchase warrants to purchase up to 2,500,000 shares of common stock. The Series A Warrants will have an exercise price of $0.86 per share, will be exercisable commencing six months from the date of issuance, and will expire five and one-half years following the date of issuance. The Series B Warrants will have an exercise price of $0.86 per share, will be exercisable commencing six months from the date of issuance, and will expire twenty-four months following the date of issuance. The gross proceeds from the offerings, before deducting the placement agent’s fees and other offering expenses payable by the Company, are expected to be approximately $2 million. The Company expects to use the net proceeds from the offerings for general working capital. A.G.P./Alliance Global Partners is acting as sole placement agent for the offerings. The offerings are expected to close on or about November 20, 2024, subject to the satisfaction of customary closing conditions.