(Bloomberg) -- Professional Diversity Network Inc., the operator of an online career search portal, saw its stock jump the most on record Wednesday after being halted for nearly seven months.
Shares of the Chicago-based diversity recruitment platform resumed trading after receiving a non-compliance notice from Nasdaq just before Thanksgiving last year on Nov. 26. According to a Securities and Exchange Commission filing, Professional Diversity Network had not submitted its 10-K form for the 2019 fiscal year on time, which management later filed in early May. The company in a filing late Tuesday said it was back in compliance with Nasdaq listing standards.
Since Professional Diversity Network's stock had been prohibited from trading, a global pandemic ensued, shuttering businesses and leading to widespread layoffs and job cuts. In the U.S., approximately 20.5 million Americans were claiming unemployment benefits from state programs this month.
Also, nationwide protests against police brutality and systemic racism have prompted companies to respond, with some re-examining their diversity hiring practices. PDN says it's focused on “professional development for women, minorities, veterans, LGBT and disabled persons globally.”
Company shares rose as much as 195% on volume of more than 7.8 million before paring to a gain of 70% at $1.55 per share just before midday in New York.
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