Professional Diversity Network, Inc. (IPDN) announced on November 19, 2024, that it entered into a securities purchase agreement with a single institutional investor. The agreement is for the issuance and sale of 2,500,000 shares of its common stock, or common stock equivalents. This transaction is part of a $2 million registered direct offering and concurrent private placement.
The offering is expected to generate gross proceeds of $2 million for the company. This capital infusion is intended to support IPDN's ongoing operations and strategic initiatives. The issuance of new shares will result in dilution for current shareholders.
This financing move provides IPDN with additional working capital. It reflects the company's efforts to strengthen its financial position through capital market activities.
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