NEW YORK, December 31, 2025, 05:32 ET — Premarket
iSpecimen Inc shares were down about 15% at around $0.30 in premarket trading on Wednesday.
The Nasdaq-listed biospecimen marketplace said it priced a roughly $5.5 million private placement, issuing 6,875 shares of newly designated Series C convertible preferred stock at $800 each. The preferred carries a $1,000 stated value and converts into common shares at 85% of the prior day’s close, and the company said it expects to file a Form 8-K with additional details.
That structure matters because convertible preferred stock is a security that can be swapped for common shares. When conversion happens at a discount, existing shareholders face dilution — more shares in circulation — which can pressure the stock.
Because the conversion price resets based on the prior close, the discount moves with the stock. Traders often watch whether that feature amplifies volatility when a company’s shares are already thinly traded.
iSpecimen said it plans to use the net proceeds for marketing, working capital and general corporate purposes. The financing is expected to close on or about Wednesday, and E.F. Hutton & Co is acting as the exclusive placement agent.
The company operates an online marketplace that connects scientists seeking human biospecimens for medical research with a network of healthcare specimen providers. It markets access to samples through partner hospitals, labs and biobanks.
The latest raise comes with iSpecimen’s shares well below $1, a level that matters for Nasdaq listings. In a November filing, the company said it received a Nasdaq notice after its stock traded below the $1 minimum bid price for 30 consecutive business days, and said it has until May 18, 2026 to regain compliance.
Investors will look next for the financing paperwork, including the promised Form 8-K, for any added detail on conversion mechanics and resale timing. Those disclosures often shape how quickly the preferred can turn into freely tradable common stock.
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