Benzinga | Jul 7, 2021 02:02PM EDT

Professional Diversity Network To Raise $2.5M Via Institutional Share Sale At 20% Discount

* Professional Diversity Network, Inc. (NASDAQ:IPDN), inked agreements to raise $2.5 million from the sale of shares at $1.70 per share in an institutional offering.

* The offer price signifies a 19.8% discount to the company's Tuesday closing price of $2.12.

* The stock gained 27.7% last week.

* It held $2.3 million in cash and equivalents as of March 31, 2021.

* Price action: IPDN shares traded lower by 20.5% at $1.685 on the last check Wednesday.