Professional Diversity Network, Inc. (IPDN): debt financing — Professional Diversity Network issues $400K in convertible notes with 12% interest and conversion at floor of $0.47

Professional Diversity Network, Inc.

Entered two convertible note purchase agreements on July 7 and July 9, 2025, for aggregate proceeds of $400,000.
Notes bear 12% interest, mature in 360 days; default rate rises to 18%; unsecured and include customary events of default.
Conversion price is greater of $0.47 floor or 80% of lowest of 15-day avg close, 10-day VWAP, or 3-day VWAP for First Note; Second Note uses 15-day avg close only.
Issued to two non-affiliated accredited investors under Section 4(a)(2) and Regulation D exemption.
Proceeds used for general corporate purposes; conversion shares are restricted securities.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Professional Diversity Network, Inc. incurred convertible notes of $250,000 with two non-affiliated accredited investors at 12% per annum maturing 360 days after the applicable purchase price payment date.

Instrument: convertible notes
Principal: $250,000
Counterparty: two non-affiliated accredited investors
Rate: 12% per annum
Maturity: 360 days after the applicable purchase price payment date
Event: incurrence

Exact text from the filing

the Company issued and sold to the Purchasers unsecured convertible promissory notes on July 7, 2025 and July 9, 2025, in the principal amounts of $250,000 (the “First Note”) and $150,000 (the “Second Note”, and together with the First Note, the “Notes”), respectively, for aggregate gross proceeds of $400,000.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Professional Diversity Network, Inc. incurred convertible notes of $150,000 with two non-affiliated accredited investors at 12% per annum maturing 360 days after the applicable purchase price payment date.

Instrument: convertible notes
Principal: $150,000
Counterparty: two non-affiliated accredited investors
Rate: 12% per annum
Maturity: 360 days after the applicable purchase price payment date
Event: incurrence

Exact text from the filing

the Company issued and sold to the Purchasers unsecured convertible promissory notes on July 7, 2025 and July 9, 2025, in the principal amounts of $250,000 (the “First Note”) and $150,000 (the “Second Note”, and together with the First Note, the “Notes”), respectively, for aggregate gross proceeds of $400,000.

View on SEC.gov

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Professional Diversity Network, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-25-022561

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