White Winston Select Asset Funds LLC and its managers declareda 15.8% stake in Professional DiversityNetwork Inc. and disclosed an agreement withthe company that will allow the shareholder group to nominate directors to the company'sboard.
The fund beneficially owns 2,750,000 shares of the company viatwo immediately exercisable warrants to purchase shares. The shares can be boughtfor about $137,600.25 at an exercise price of 25 cents per share if the fund andits managers decide to purchase the common shares underlying the warrants. The warrantswill expire June 30, 2021.
The fund also has a warrant to buy an additional 1 million sharesof the company's stock, which will be exercisable five years from Dec. 30, at $2.50per share, according to a Schedule 13D filed July 11.