Professional Diversity Network, Inc. (NASDAQ:IPDN), today announced its Board of Directors has approved the repurchase of up to $2 million worth of its outstanding common stock from time to time on the open market or in privately negotiated transactions.
“This investment reflects our confidence in the Company’s operating fundamentals and growth prospects. We believe that this stock repurchase program demonstrates our continued commitment to deliver long-term shareholder value,” said Adam He, CEO of Professional Diversity Network Inc.
The timing and amount of any shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan of the Securities Exchange Act of 1934, which would permit shares to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time in the Company’s sole discretion. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The repurchase program will be funded using the company’s working capital. As of December 31, 2021, the company had cash, cash equivalents and marketable securities of approximately $3.6 million(unaudited).
IPDN had 7,386,830 shares of common stock on the open market as of December 31, 2021.
