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iSpecimen Inc. Announces Closing of $5 Million Public Offering of Common Stock and Pre-Funded Warrants

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iSpecimen Inc. (Nasdaq: ISPC), an online marketplace connecting scientists with biospecimen providers, has closed its previously announced $5 million public offering of common stock and pre-funded warrants at $3.00 per share. The proceeds will be used for debt repayment, potential acquisitions or investments in businesses, products and technologies, marketing services, and working capital. WestPark Capital served as the exclusive placement agent for the offering, which was made through a registration statement on Form S-1 declared effective by the SEC on October 29, 2024.

iSpecimen Inc. (Nasdaq: ISPC), un mercato online che collega scienziati con fornitori di biospecimen, ha concluso la sua offerta pubblica di 5 milioni di dollari di azioni ordinarie e warrant prefinanziati a 3,00 dollari per azione. I proventi saranno utilizzati per rimborso di debiti, potenziali acquisizioni o investimenti in aziende, prodotti e tecnologie, servizi di marketing e capitale circolante. WestPark Capital ha servito come agente di collocamento esclusivo per l'offerta, effettuata tramite una dichiarazione di registrazione sul Modulo S-1 dichiarato efficace dalla SEC il 29 ottobre 2024.

iSpecimen Inc. (Nasdaq: ISPC), un mercado en línea que conecta a científicos con proveedores de biospecimenes, ha cerrado su oferta pública de 5 millones de dólares en acciones comunes y warrants prefinanciados a 3,00 dólares por acción. Los ingresos se utilizarán para pago de deudas, adquisiciones potenciales o inversiones en negocios, productos y tecnologías, servicios de marketing y capital de trabajo. WestPark Capital actuó como el agente de colocación exclusivo para la oferta, que se realizó a través de una declaración de registro en el Formulario S-1 declarada efectiva por la SEC el 29 de octubre de 2024.

iSpecimen Inc. (Nasdaq: ISPC), 과학자와 바이오 샘플 제공자를 연결하는 온라인 마켓플레이스,은 500만 달러의 공모주당 3.00 달러의 사전 자금을 받은 워런트의 공모를 종료했습니다. 수익금은 부채 상환, 기업, 제품 및 기술에 대한 잠재적 인수 또는 투자, 마케팅 서비스 및 운영 자본에 사용될 예정입니다. WestPark Capital은 2024년 10월 29일 SEC에 의해 효력이 발생한 S-1 양식을 통해 이루어진 이번 공모의 독점 배치 대행사로 활동했습니다.

iSpecimen Inc. (Nasdaq: ISPC), un marché en ligne qui relie les scientifiques aux fournisseurs de biospécimens, a clôturé son offre publique de 5 millions de dollars d'actions ordinaires et de bons de souscription préfinancés à 3,00 dollars par action. Les recettes seront utilisées pour remboursement de dettes, acquisitions potentielles ou investissements dans des entreprises, des produits et des technologies, des services de marketing et du fonds de roulement. WestPark Capital a agi en tant qu'agent de placement exclusif pour l'offre, qui a été réalisée par le biais d'une déclaration d'enregistrement sur le formulaire S-1 déclarée effective par la SEC le 29 octobre 2024.

iSpecimen Inc. (Nasdaq: ISPC), ein Online-Marktplatz, der Wissenschaftler mit Anbietern von Biomaterialien verbindet, hat seine zuvor angekündigte 5 Millionen Dollar öffentliche Angebot an Stammaktien und vorfinanzierten Warrants zu 3,00 Dollar pro Aktie abgeschlossen. Die Einnahmen werden für Schuldenrückzahlung, potenzielle Akquisitionen oder Investitionen in Unternehmen, Produkte und Technologien, Marketingdienstleistungen und Betriebskapital verwendet. WestPark Capital diente als exklusive Platzierungsagentur für das Angebot, das über eine Registrierungserklärung auf Formular S-1, die von der SEC am 29. Oktober 2024 für wirksam erklärt wurde, durchgeführt wurde.

Positive
  • Secured $5 million in additional funding through public offering
  • Debt reduction planned with portion of proceeds
  • Strategic flexibility for potential acquisitions and business investments
Negative
  • Dilution of existing shareholders through new share issuance
  • Indicates need for external funding for operations and debt repayment

Insights

This $5 million public offering at $3.00 per share represents a significant capital raise for iSpecimen, though it comes with notable dilution for existing shareholders. The offering's structure, including pre-funded warrants, provides flexibility in timing the share issuance. The stated use of proceeds for debt repayment and potential acquisitions suggests a strategic pivot, but the company's micro-cap status ($2.66 million market cap) raises concerns about long-term sustainability.

The involvement of WestPark Capital as placement agent and the successful closing indicates institutional support, but investors should note that the offering price represents a substantial discount to recent trading levels. The debt repayment priority could strengthen the balance sheet, while the focus on acquisitions and marketing suggests an aggressive growth strategy, albeit with execution risks given the company's small size.

WOBURN, Mass., Oct. 31, 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 the closing of its previously announced public offering of approximately $5 million of the Company’s common stock and pre-funded warrants to purchase shares of common stock at a public offering price of $3.00 per share (minus $0.0001 per pre-funded warrant). The Company intends to use the proceeds of the offering for repayment of outstanding debt, potential acquisitions of assets or investments in businesses, products and technologies and for marketing and advertising services. The remainder of the proceeds will be used for working capital purposes.

WestPark Capital, Inc. is acting as the exclusive placement agent in connection with the offering.

The securities described above are being offered pursuant to the Company’s registration statement on Form S-1 (File No. 333-282736) (the “Registration Statement”), initially filed with the Securities and Exchange Commission (the “SEC”) on October 18, 2024, and subsequently declared effective by the SEC on October 29, 2024. The offering is being made only by means of a prospectus which is a part of the Registration Statement. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at https://www.sec.gov/. Copies of the final prospectus relating to this offering may be obtained from WestPark Capital, Inc., 1800 Century Park East, Suite 220, Los Angeles, CA 90067, at 310-843-9300 or jstern@wpcapital.com.

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

About iSpecimen

iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens, connecting 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, please visit www.ispecimen.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," “believe," "estimate," "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in the Company's filings with the SEC, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company's forward-looking statements occurs, the Company's business, financial condition and operating results may vary materially from those expressed in the Company's forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

Investor Contact
KCSA Strategic Communications
Phil Carlson
iSpecimen@kcsa.com


FAQ

What is the size and price of iSpecimen's (ISPC) October 2024 public offering?

iSpecimen's public offering closed at $5 million, with shares priced at $3.00 per share and pre-funded warrants at $2.9999 per warrant.

How will iSpecimen (ISPC) use the proceeds from its October 2024 offering?

The proceeds will be used for debt repayment, potential acquisitions, investments in businesses, products and technologies, marketing services, and working capital purposes.

Who was the placement agent for iSpecimen's (ISPC) October 2024 public offering?

WestPark Capital, Inc. acted as the exclusive placement agent for the offering.

iSpecimen Inc.

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