Professional Diversity Network, Inc. (NASDAQ:IPDN) Files An 8-K Other Events
Item 8.01 Other Events.
On November 25, 2019, PDN (China) International Culture Development Co. Ltd. (“PDN China”), a wholly-owned subsidiary of Professional Diversity Network, Inc. (the “Company”), received a Seizure Decision Notice (the “Notice”) from the Yuexiu District Branch of the Police Department of Guangzhou City. The Notice stated that it is necessary to seize the assets of PDN China in connection with the criminal investigation of alleged illegal public fund raising by Gatewang Group, a separate company organized under the laws of the People’s Republic of China, with which certain former officers of the Company who are affiliated with Cosmic Forward Limited, a major shareholder of the Company, may have a relationship. The Chinese authority also advised the employees of PDN China to not come to work pending further notice. As a result, operations of PDN China are suspended for now.
The Company is actively investigating the situation and exploring alternatives.
About Professional Diversity Network, Inc. (NASDAQ:IPDN)
Professional Diversity Network, Inc. is an operator of professional networks with a focus on diversity. The Company serves various communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, Disabled, Military Professionals, and Lesbian, Gay, Bisexual and Transgender (LGBT). The Company’s segments include Professional Diversity Network (PDN Network), which includes online professional networking communities with career resources for the needs of various diverse cultural groups; National Association of Professional Women (NAPW Network), a women-only professional networking organization, and Noble Voice operations (Noble Voice), a career consultation and lead generation service. The Noble Voice call centers qualify callers for real-time job placement. The PDN Network consists of various online professional networking communities dedicated to serving diverse professionals in the United States and employers seeking to hire diverse talent.
