ProfessionalDiversity Network Inc. is amending its amended and restatedcertificate of incorporation to effect a 1-for-8 reverse stock of its common stock.
The reverse stock split will become effective at 12:01 a.m.ET on Sept. 27, and the company's common stock is expected to begin trading ona post-split basis when trading opens, according to a Sept. 26 news release.The reverse stock split will increase the per share trading price of thecompany's common stock to regain compliance with the $1 per share minimum bidprice requirement for continued listing on the Nasdaq Capital Market.
The reverse stock split will reduce the number of shares ofthe company's outstanding common stock to about 1.8 million from about 14.5million. The reverse stock split will also cut the number of common shares thecompany is authorized to issue to about 3.1 million from 25 million.
Professional Diversity Network's shares will continue totrade on the Nasdaq Capital Market under the symbol IPDN. ProfessionalDiversity Network's board approved the 1-for-8 reverse stock split afterreceiving authorization from the company's shareholders at an annual meeting onSept. 26.
Continental Stock Transfer & Trust Co. Inc. will act asthe exchange agent in connection with the reverse stock split.