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NEWS
Professional Diversity Network, Inc. Announces Additional Investment in QBSG Limited
Tuesday, 10th December at 9:00 am
CHICAGO, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ: IPDN) ("PDN" or the "Company"), a leader in the development and operation of online and in-person diversity talent networks, which provide access to networking, training, educational, and employment opportunities for diverse individuals, today announced that the Company, pursuant to a Profit Participation Agreement (the "Agreement") with Koala Malta Limited, has purchased a 6% right in QBSG Limited (the "Target", previously Koala Crypto Limited)'s distributions and dividends.
The investment, which took place on December 5, 2024, involved the issuance of 1,136,363 shares of the Company's common stock, valued at $500,000, and a cash payment of $700,000. In addition to the 9% stock purchase in the Target on September 27, 2022, PDN now owns right to receive 15% of its declared distributions and dividends. The Target is obligated to distribute dividends at least 50% of its profits as shown by the audited accounts in each fiscal year.
Following the completion of this investment, PDN raises the leverage of its extensive diversity network to expand its job boards into the blockchain area and fin-tech industry, providing new opportunities for diverse talents in this rapidly growing sector.
Tuesday, 10th December at 9:00 am
CHICAGO, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ: IPDN) ("PDN" or the "Company"), a leader in the development and operation of online and in-person diversity talent networks, which provide access to networking, training, educational, and employment opportunities for diverse individuals, today announced that the Company, pursuant to a Profit Participation Agreement (the "Agreement") with Koala Malta Limited, has purchased a 6% right in QBSG Limited (the "Target", previously Koala Crypto Limited)'s distributions and dividends.
The investment, which took place on December 5, 2024, involved the issuance of 1,136,363 shares of the Company's common stock, valued at $500,000, and a cash payment of $700,000. In addition to the 9% stock purchase in the Target on September 27, 2022, PDN now owns right to receive 15% of its declared distributions and dividends. The Target is obligated to distribute dividends at least 50% of its profits as shown by the audited accounts in each fiscal year.
Following the completion of this investment, PDN raises the leverage of its extensive diversity network to expand its job boards into the blockchain area and fin-tech industry, providing new opportunities for diverse talents in this rapidly growing sector.
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