Professional Diversity Network, Inc. (NasdaqCM:IPDN) announced that it has entered in a stock purchase agreement for private placement of 312,500 common shares at a price of $9.60 per share for gross proceeds of $3,000,000 on January 13, 2017. The transaction will include participation from existing investor Cosmic Forward Ltd. After giving effect to this transaction, investors’ beneficial ownership in the company would increase from 51% to approximately 54.64% on a fully-diluted basis. The company expects to receive net proceeds of approximately $2,800,000, giving effect to payment of transaction related expenses. The proposed transaction was approved and adopted by a special committee of the board of directors of the company, composed entirely of independent directors who are not Cosmic Forward Limited board designees. The transaction is subject to customary closing conditions. The company expects to complete the proposed transaction in mid-January 2017. The common shares are being offered and sold to in the transaction are under Section 4(a)(2) under the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated there under and have not been registered under the Securities Act.