Star Jones, the Company's President, who will be working with the CFL team to expand the Company's offerings into China, agreed, noting, "I am extremely proud that our partnership with CFL allows Professional Diversity Network to capture a new audience and grow exponentially by taking women's empowerment, diversity recruiting, skills training and innovative technology global."Results of Self-Tender Offer The Company's previously-announced self-tender offer to repurchase up to 312,500 shares of its common stock expired at 10:00 a.m., New York City time, on November 7, 2016. Based on the final count by Continental Stock Transfer & Trust Company, Inc., the depositary for the tender offer, a total of 1,103,966 shares of common stock have been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 51.14% of outstanding shares as of the expiration of the tender offer, therefore the tender offer was oversubscribed. Because the tender offer was oversubscribed, the Company accepted only a portion of the shares of its common stock that were properly tendered and not properly withdrawn, on a pro rata basis in proportion to the number of shares tendered. The proration factor of 28.31% was applied to all shares of PDN common stock that were properly tendered and not properly withdrawn to determine the number of such shares that have been accepted for purchase from each tendering stockholder. After applying the proration factor and adjusting for fractional shares in accordance with the terms of the tender offer, the Company has accepted 312,500 shares of its common stock at a purchase price of $9.60 per share, net to the seller in cash, less any applicable withholding taxes and without interest, for an aggregate purchase price of approximately $3.0 million. The Company will promptly pay for the shares accepted for purchase and promptly return all shares tendered but not accepted for purchase.
About Professional Diversity Network, Inc.Professional Diversity Network, Inc. (PDN) is an Internet software and services company that develops and operates online professional networking communities dedicated to serving women and other diverse professionals in the United States and employers seeking to hire diverse talent. Our subsidiary, National Association of Professional Women (NAPW), is a networking organization of professional women spanning more than 200 industries and professions. Through an online platform and our relationship recruitment affinity groups, we provide our employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. About Cosmic Forward Limited Cosmic Forward Limited is a Seychelles private company wholly-owned by Maoji (Michael) Wang, Jingbo Song, Yong Xiong Zheng and Nan Nan Kou. Forward Looking Statements This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions. Forward-looking statements can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words, and include, without limitation, statements regarding future international expansion and growth of PDN's business and its ability to take advantage of the opportunities in its markets. Forward-looking statements involve risks and uncertainties and our actual results may differ materially from those stated or implied in such forward-looking statements. Factors that could contribute to such differences include, but are not limited to, potential insufficiency of the proceeds from the share issuance to implement our productivity improvement initiatives, our potential failure to realize synergies and other benefits from the transaction with CFL and the risk factors disclosed in our Annual Report on Form 10-K filed on March 30, 2016, as amended and any subsequent filings made by us with the SEC. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K filed on March 30, 2016, as amended, together with this press release, are available on our website, www.prodivnet.com. Please click on "Investor Relations."
CONTACTS:PDNChristopher Wesser, EVP & Secretary(516) firstname.lastname@example.org