Professional Diversity Network Terminates Stock Purchase Agreement with Tumim Stone Capital

Professional Diversity Network, Inc. (NASDAQ: IPDN) announced on February 25, 2025, the termination of its Common Stock Purchase Agreement with Tumim Stone Capital LLC. The agreement, originally executed on June 30, 2023, had granted the company the right, though not the obligation, to issue and sell up to $12,775,000 worth of newly issued common stock to the investor. Prior to the termination, the company had sold shares valued at approximately $2,846,017 under the terms of the agreement.

The decision to terminate the agreement was made in accordance with Section 7.1 of the contract, with the termination taking effect on the fifth business day following the notice provided to the investor. As a result of this decision, the company confirmed that no further shares will be sold under the Purchase Agreement.

This development marks a significant change in the company’s financing strategy, reflecting ongoing adjustments in its capital raising efforts. The termination comes after the company had previously registered the sold shares on its Registration Statement on Form S-3. Professional Diversity Network will likely continue to explore alternative financing options in support of its operational and strategic initiatives.

The filing was made pursuant to the Securities Exchange Act of 1934 and provides further insight into the company’s current capital structure and future funding plans.

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.

Professional Diversity Network Company Profile

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).