iSpecimen Announces Closing of Over-Allotment Option in Connection with its Initial Public Offering

Rhea-AI Summary

On July 1, 2021, iSpecimen (Nasdaq: ISPC) announced the closing of an additional 337,500 shares of common stock due to the full exercise of the underwriters' over-allotment option in its initial public offering (IPO). The shares were sold at $8.00 each, raising $2.7 million and increasing the total gross proceeds of the IPO to $20.7 million. iSpecimen's shares began trading on June 17, 2021. ThinkEquity managed the IPO, and a registration statement was effective as of June 16, 2021.

Positive

• Total IPO proceeds reached $20.7 million, providing significant capital for growth.
• Successful completion of the over-allotment option indicates strong demand for shares.

Negative

• Potential dilution of existing shareholders due to the additional share issuance.

LEXINGTON, Mass., July 1, 2021 /PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online marketplace for human biospecimens, today announced the closing of the issuance of an additional 337,500 shares of its common stock pursuant to the full exercise of the underwriters' over-allotment option in connection with the Company's initial public offering (the "IPO"). The additional shares were sold at the initial offering price of $8.00 per share, resulting in additional gross proceeds of $2,700,000 and bringing the total gross proceeds of the IPO to $20,700,000.

The shares of common stock began trading on the Nasdaq Capital Market under the ticker symbol "ISPC" on June 17, 2021.

ThinkEquity, a division of Fordham Financial Management, Inc., acted as the sole book-running manager for the IPO of the Company.

A registration statement relating to the IPO was declared effective by the Securities and Exchange Commission ("SEC") on June 16, 2021. A final prospectus related to the IPO was filed and is available on the SEC's website at www.sec.gov. The IPO was made only by means of a prospectus. Electronic copies of the final prospectus may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22^nd Floor, New York, New York 10004, by telephone at (877) 436-3673 and by email at prospectus@think-equity.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About iSpecimen

iSpecimen offers an online marketplace for human biospecimens, connecting life scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations. For more information about iSpecimen, please visit www.ispecimen.com.

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the IPO and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the IPO will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

 

 

 

 

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SOURCE iSpecimen Inc.

FAQ

What was the purpose of iSpecimen's additional share issuance on July 1, 2021?

The additional share issuance aimed to raise $2.7 million in gross proceeds, contributing to a total of $20.7 million raised in the IPO.

What was the total gross proceeds from iSpecimen's IPO?

The total gross proceeds from iSpecimen's IPO reached $20.7 million, including the additional shares sold.

How many shares of common stock did iSpecimen issue as part of the over-allotment option?

iSpecimen issued an additional 337,500 shares of common stock pursuant to the full exercise of the underwriters' over-allotment option.

What is the trading symbol for iSpecimen on the Nasdaq?

The trading symbol for iSpecimen on the Nasdaq is ISPC.

Who acted as the book-running manager for iSpecimen's IPO?

ThinkEquity, a division of Fordham Financial Management, Inc., acted as the sole book-running manager for iSpecimen's IPO.