Professional Diversity Network Announces Stock Buyback Program
January 31 2022 - 9:20AM
Professional Diversity Network, Inc. (Nasdaq: IPDN), today
announced its Board of Directors has approved the repurchase
of up to $2 million worth of its outstanding common stock from time
to time on the open market or in privately negotiated transactions.
“This investment reflects our confidence in the Company’s
operating fundamentals and growth prospects. We believe that this
stock repurchase program demonstrates our continued commitment to
deliver long-term shareholder value,” said Adam He, CEO of
Professional Diversity Network Inc.
The timing and amount of any shares repurchased will be
determined by the company’s management based on its evaluation of
market conditions and other factors. Repurchases may also be made
under a Rule 10b5-1 plan of the Securities Exchange Act of 1934,
which would permit shares to be repurchased when the company might
otherwise be precluded from doing so under insider trading laws.
The repurchase program may be suspended or discontinued at any time
in the Company’s sole discretion. Any repurchased shares will be
available for use in connection with its stock plans and for other
corporate purposes.
The repurchase program will be funded using the company’s
working capital. As of December 31, 2021, the company had cash,
cash equivalents and marketable securities of approximately $3.6
million(unaudited).
IPDN had 7,386,830 shares of common stock on the open market as
of December 31, 2021.
About Professional Diversity Network, Inc.
Professional Diversity Network, Inc. (NASDAQ: IPDN) is a global
developer and operator of online and in- person networks that
provides access to networking, training, educational and employment
opportunities for diverse professionals. We operate several other
business units in the United States including the International
Association of Women (IAW), which is one of the largest, most
recognized networking organizations of professional women in the
country, spanning more than 200 industries and professions, and
RemoteMore USA, Inc., an online platform specialized in
remote-hiring of developers. Through an online employee recruitment
platform that leverages our affinity groups, we provide our
employer clients a means to identify and acquire diverse talent and
assist them with their efforts to comply with the Equal Employment
Opportunity Office of Federal Contract Compliance Program. Our
mission is to utilize the collective strength of our affiliate
companies, members, partners and unique proprietary platform to be
the standard in business diversity recruiting, networking and
professional development for women, minorities, veterans, LGBTQ and
disabled persons globally.
Forward-Looking Statements
This press release contains certain forward-looking statements
based on our current expectations, forecasts and assumptions that
involve risks and uncertainties. Statements, including the
Company’s intention to repurchase shares of its common stock from
time to time under the stock repurchase program, the intended use
of any repurchased shares and the source of funding, constitute
forward-looking statements. Forward-looking statements in this
release are based on information available to us as of the date
hereof. Our actual results may differ materially from those stated
or implied in such forward-looking statements, due to risks and
uncertainties associated with our business, which include the risk
factors disclosed in our most recently filed Annual Report on Form
10-K and in our subsequent filings with the Securities and Exchange
Commission. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise. Our most recently filed
Annual Report on Form 10-K, and Quarterly Report on Form 10-Q,
together with this press release, are available on our website,
www.prodivnet.com. Please click on “Investor Relations.”
Press Contact for IPDN:Investor
Inquiries:investors@ipdnusa.com+1 (312) 614-0950Source:
Professional Diversity Network, Inc.
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