Professional Diversity Network Announces Stock Purchase Agreement with Aurus Vertex Limited

Professional Diversity Network, Inc. recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that it entered into a stock purchase agreement with Aurus Vertex Limited on December 19, 2024. This agreement entails the purchase of 2,500,000 shares of common stock at a price of $0.60 per share, representing a 25% premium over the closing price on December 18, 2024. The total aggregate gross proceeds from this transaction amount to $1.5 million.

The closing of this stock purchase agreement between Professional Diversity Network and Aurus Vertex Limited is anticipated to occur on December 23, 2024. The transaction is deemed exempt from registration under Regulation S of the Securities Act of 1933, as amended, and other relevant exemptions from registration requirements. These exemptions were based on confirmations that the offshore investor, Aurus Vertex Limited, was not present in the United States during the purchase and does not act for the benefit of a U.S. Person as defined by Regulation S.

As part of the agreement, the investor holds the option to acquire an additional 1,000,000 shares (designated as the “Second Closing Shares”) at a subsequent closing. To exercise this right, the purchaser must provide written notice to the company after receiving stockholder approval and before a specified deadline. The company is committed to making commercially reasonable efforts to secure the necessary stockholder approval for the issuance and sale of the Second Closing Shares.

An excerpt of the stock purchase agreement, marked as Exhibit 10.1, has been appended to the SEC filing for reference. Additionally, the company has included a cover page interactive data file, embedded within the Inline XBRL document, and categorized under Exhibit 104.

The report was duly signed on behalf of Professional Diversity Network, Inc. by Adam He, the Chief Executive Officer, on December 23, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Professional Diversity Network’s 8K filing here.

About Professional Diversity Network

Professional Diversity Network, Inc operates online professional networking communities with career resources in the United States. It operates through three segments: Professional Diversity Network (PDN Network), National Association of Professional Women (NAPW Network), and RemoteMore USA (RemoteMore).