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Item 8.01. Other Events.
On January 9, 2023, Expo Experts Events, LLC (the “Subsidiary”), a wholly-owned subsidiary of Professional Diversity Network, Inc. (“PDN”), entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Expo Experts, LLC, an Ohio limited liability company engaged in the business of hosting career expos across North America (the “Seller”), to acquire substantially all of the assets of the Seller (the “Transaction”). The closing of the Transaction took place simultaneously with the signing of the Asset Purchase Agreement.
At the closing of the Transaction, the two principals of the Seller, Ms. Susan Vogt and Ms. Carrie Dunham (the “Seller Principals”), received shares of PDN’s common stock equivalent in value to Two Hundred Thousand Dollars ($200,000.00) based on the volume weighted average price as of twenty (20) days prior to the closing date. The shares were issued as restricted securities in a transaction exempt from registration under the Securities Act of 1933 and represented approximately 1% of PDN’s outstanding shares of common stock. At the closing, the Seller Principals also entered into customary employment agreements with the Subsidiary.
On January 11, 2023, PDN issued a press release announcing the Transaction, and a copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release of Professional Diversity Network, Inc., dated January 11, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Professional Diversity Network, Inc. | |
| Date: January 11, 2023 | /s/ Adam He |
| Adam He, Chief Executive Officer |