iSpecimen Announces 1-for-20 Reverse Stock Split
WOBURN, Mass., Sept. 11, 2024 (GLOBE NEWSWIRE) -- iSpecimen
Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare
specimen providers, announced today that it will effect a reverse stock split of its issued and outstanding shares of common stock, par value $0.0001 per share, as well as any shares of
common stock held by the Company in treasury, at a ratio of 1-for-20. The reverse stock split will become effective at 4:30 p.m. Eastern Time on September 13, 2024, and the Company's common stock
will begin trading on a split-adjusted basis when the market opens on September 16, 2024. The Company's common stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol
"ISPC." The new CUSIP number for the Company's common stock following the reverse stock split will be 45032V207.
At the Company's annual meeting of stockholders held on July 19, 2024, the stockholders approved a proposal to amend the Company's Fourth Amended and Restated Certificate of Incorporation to effect a reverse stock split in the range of 1-for-10 to 1-for-20, with the final ratio to be determined by the Board of Directors (the “Board”). On August 19, 2024, the Board approved a 1-for-20 reverse stock split.
When the reverse stock split becomes effective, every 20 shares of the Company's issued and outstanding common stock, as well as all shares held by the Company in treasury, will automatically be combined into one share of common stock, without any change in the par value per share. In addition, (i) a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock, (ii) a proportionate adjustment will also be made in the number of shares of common stock issuable upon the vesting of restricted stock units, and (iii) the number of shares reserved for issuance pursuant to the Company's stock incentive plans will also be reduced proportionately. Any fraction of a share of common stock that would be created as a result of the reverse stock split will be rounded up to the nearest whole share.