iSpecimen Inc. (ISPC) Friday announced that it has priced a $2.5 million private placement with accredited investors. The financing involves the issuance of 488,281 shares of common stock at $5.12 per share, with certain investors receiving pre-funded warrants at $5.1199 per warrant in lieu of shares to manage ownership thresholds.
The company stated that net proceeds will be used for working capital, including up to $900,000 earmarked for marketing expenses. The offering is expected to close today, May 11, 2026, subject to customary conditions.
Under Nasdaq rules, the total number of shares issuable in the transaction is capped at 19.99% of outstanding stock until shareholder approval is obtained. iSpecimen has agreed to file a proxy statement within 30 days and hold a shareholder meeting within 90 days to seek approval.
E.F. Hutton & Co. is acting as exclusive placement agent, with Sichenzia Ross Ference Carmel LLP serving as company counsel and Zarif Law Group P.C. representing the placement agent.
The company recently implemented a 1-for-40 reverse stock split on April 27, 2026.
ISPC closed Friday's trading (May 8, 2026) at $5.12, down 3.21%. During overnight trading, the stock is at $5.33, up 4.10%.
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