Full Press Release Details
iSpecimen Inc. Announces $21 Million
LEXINGTON, Mass., Nov. 28, 2021
/PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC) ("iSpecimen" or the "Company"), an online marketplace
for human biospecimens, today announced that it has entered into a definitive securities purchase agreement for a private placement
with three accredited investors for the sale of 1,749,999 shares of common stock of iSpecimen together with warrants to purchase 1,312,500
shares of common stock ("Warrants"), which will result in gross proceeds to iSpecimen of approximately $21.0 million, before
deducting placement offering expenses. Each share of common stock and accompanying three-quarters of one Warrant are being sold at a combined
offering price of $12.00. The detachable Warrants have a five and one-half year term and an exercise price of $13.00 per share. This private
placement is expected to close on December 1, 2021, subject to customary closing conditions.
The securities offered and sold by iSpecimen in the private
placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities
laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC")
or an applicable exemption from such registration requirements. iSpecimen has agreed to file a registration statement with the SEC covering
the resale of the shares of common stock and the shares of common stock underlying the Warrants to be issued in the private placement.
Any resale of iSpecimen's shares of common stock under such resale registration statement will be made only by means of a prospectus.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, 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.
The securities will not be registered under the Securities Act or any state securities laws when issued at the closing of the private
placement, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.
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 may contain forward-looking
statements within the meaning of Section 27A of the Securities Act 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" and "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.
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
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:
KCSA Strategic Communications