Professional Diversity Network’s Reverse Stock Split is expected to leave approximately 665,811 common shares outstanding, based on 19,974,323 shares outstanding as of September 9. The transaction leaves authorized share capacity and stockholder percentage ownership unchanged, apart from immaterial fractional-share adjustments.

Key Highlights

  • The reverse stock split takes effect on September 11 after approval by stockholders and the board.
  • Professional Diversity Network’s $0.0001 common-stock Par Value and authorized share total remain unchanged.
  • Equity awards, options, warrants and convertible securities will receive proportionate exercise or conversion adjustments.

Professional Diversity Network, Inc. (NASDAQ: IPDN) is moving to a reverse stock split expected to leave approximately 665,811 common shares outstanding, based on 19,974,323 shares outstanding as of September 9.

September 11 Split Preserves Authorized Shares

The action follows authority granted at a special stockholder meeting on July 13 and by the board on August 26. The reverse stock split becomes effective on September 11, and fractional shares will not be issued, with resulting fractions rounded up to the nearest whole share. The total number of shares Professional Diversity Network is authorized to issue remains unchanged. The common stock’s $0.0001 par value per share also stays the same.

Ownership Percentages Remain Unchanged

The reverse stock split applies uniformly to stockholders and is not expected to change their percentage ownership, except for immaterial adjustments resulting from fractional-share treatment. The company’s common warrants will receive adjustments under their applicable provisions, and holders will be notified. Stockholders whose shares are held electronically or through a bank, broker or nominee do not need to take action. Transhare Corporation is serving as exchange agent, while registered holders of certificated shares will receive instructions concerning their certificates.