Professional Diversity Network, Inc. Receives Nasdaq Compliance Update

Professional Diversity Network, Inc. (NASDAQ:IPDN) received an update regarding its compliance status with Nasdaq listing requirements. As per a recent 8-K filing with the Securities and Exchange Commission on January 2, 2025, the company disclosed that it had received a notification from the Nasdaq Stock Market in June 2024, indicating non-compliance with Nasdaq Listing Rule 5550(a)(2).

The notification stated that for 30 consecutive business days preceding the notice, the closing bid price of Professional Diversity Network’s common stock had fallen below the minimum requirement of $1.00 per share for listing on Nasdaq. Under Nasdaq rules, the company was granted an initial 180-day compliance period to rectify the situation.

To extend the compliance period, the company needed to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except the bid price mandate. Among these standards includes a minimum stockholder’s equity of $5 million, which was reaffirmed as an important criterion for compliance.

As of the filing date, the unaudited stockholder’s equity was estimated at approximately $5.1 million. The company highlighted that while the full year’s audit is ongoing, the actual stockholder’s equity as of December 31, 2024, might vary from the estimated figure presented in the filing.

Adam He, the Chief Executive Officer of Professional Diversity Network, Inc., signed off on the filing, affirming the company’s commitment to addressing the compliance matter effectively. The ongoing efforts by the company to sustain compliance and meet Nasdaq listing standards remain pivotal during this period.

Investors and stakeholders are advised to monitor the company’s progress in this regard as it navigates the requirements for continued listing on the Nasdaq Stock Market.

Please note that this news piece is based on the information provided in the 8-K filing submitted to the Securities and Exchange Commission by Professional Diversity Network, Inc. on January 2, 2025.

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).