iSpecimen closes $400,000 Series D preferred stock private placement

iSpecimen Inc. entered into a securities purchase agreement on November 6, 2026 with accredited investors for a private placement of Series D Convertible Preferred Stock. The company sold 500 shares at $800 per share, with a $1,000 stated value per share, for aggregate gross proceeds of $400,000.¹ The offering closed on or about November 6, 2026.¹ iSpecimen said it intends to use the net proceeds for working capital and general corporate purposes.¹

The preferred shares carry specific conversion and redemption terms. The stock converts at the holder's option into common shares based on stated value plus accrued dividends divided by a conversion price equal to the greater of 85% of the prior day's closing price or a $0.1616 floor price, and accrues cumulative dividends at 8% per annum payable quarterly in cash or stock, subject to a 4.99% beneficial ownership cap that can rise to 9.99% with 61 days' notice.¹ iSpecimen may redeem the shares for cash after six months, at 110% of stated value through the first anniversary and 105% thereafter, plus accrued dividends.¹

Until stockholder approval under Nasdaq rules is obtained, common stock issuances under the deal are capped at 1,157,223 shares, or 19.99% of the 5,789,013 shares outstanding before the purchase agreement was signed.¹

E.F. Hutton & Co. served as exclusive placement agent on a reasonable best efforts basis, earning a 4.0% cash fee on gross proceeds plus a 1.0% non-accountable expense allowance, with legal fee reimbursement up to $80,000.¹ Company directors and executive officers signed lock-up agreements barring sales of company securities for 90 days after closing.¹ iSpecimen also agreed to file a resale registration statement within 30 days of closing and seek effectiveness within 75 days, or 120 days if the SEC conducts a full review.¹ The company filed the Certificate of Designations with Delaware's Secretary of State on November 6, 2026, authorizing up to 2,000 shares of Series D Preferred Stock.¹