UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 21, 2023, Professional Diversity Network, Inc. (the “Company”) received a letter from Nasdaq notifying the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. In the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2023, the Company reported stockholders’ equity of $2,136,708, which is below the minimum stockholders’ equity required for continued listing. Further, as of November 20, 2023, the Company does not meet the alternatives of market value of listed securities or net income from continuing operations.
This notification has no immediate effect on the Company’s listing on the Nasdaq Capital Market. Nasdaq has provided the Company with 45 calendar days, or until January 5, 2024, to submit a plan to regain compliance with the minimum stockholders’ equity standard. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification letter to evidence compliance.
The Company is presently evaluating potential courses of action to regain compliance with the Nasdaq minimum stockholders’ equity standard and intends to timely submit a plan to Nasdaq to regain compliance with that standard.
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: November 27, 2023 | /s/ Adam He |
| Adam He, Chief Executive Officer |