iSpecimen Enters $5.5M Securities Purchase Agreement with Investors

iSpecimen announced that it entered into a securities purchase agreement with accredited investors for aggregate gross proceeds of approximately $5.5M, before deducting fees to the placement agent and other offering expenses payable by the company. In connection with the offering, the company will issue 6,875 shares of newly designated Series C convertible preferred stock at a price of $800 per share. Each share of preferred stock is convertible into shares of the company's common stock based on a $1,000 stated value per preferred stock share and a conversion price of 85% of the closing price of the common stock as of the date prior to each conversion date. The company intends to use the net proceeds from the offering for marketing, working capital, and general corporate purposes. The offering is expected to close on or about December 31, subject to the satisfaction of customary closing conditions. E.F. Hutton & Co. is acting as the exclusive placement agent in connection with the offering.