iSpecimen settles WestPark dispute, signs $2M IR consulting deal

iSpecimen Inc. disclosed two separate agreements in filings dated August 11 and August 14, 2026.

On August 6, 2026, iSpecimen entered into a Settlement Agreement and Mutual Release with WestPark Capital, Inc. to resolve all disputes between them, including an arbitration captioned WestPark Capital, Inc. v. iSpecimen, Inc., JAMS Ref. No. 5425005724.¹ The dispute stemmed from engagement agreements dated on or about July 31, 2025 and October 15, 2025, under which WestPark provided investment banking services including acting as underwriter for the company's underwritten public offering that closed on July 25, 2025¹, which raised gross proceeds of approximately $4.0 million¹. In the arbitration, WestPark sought damages of $269,999.91 plus interest, fees, and costs, which the company denied.¹ Under the settlement, iSpecimen paid WestPark $97,500 in full satisfaction of all claims.¹ On August 10, 2026, WestPark filed a notice with JAMS dismissing the arbitration with prejudice, with each side bearing its own costs.¹ The agreement also included a mutual release, termination of the engagement agreements including any tail fee provisions, confidentiality terms, and New York governing law.¹ iSpecimen expects to record the settlement payment as a charge in the quarter ending September 30, 2026.¹

Separately, on August 12, 2026, iSpecimen entered into a Consulting Agreement with IR Agency LLC to provide marketing and advertising services aimed at the financial community, including company profiles and media distribution.² The deal runs for three months starting August 12, 2026, covering up to ten news releases², for which iSpecimen agreed to pay $2,000,000 by August 13, 2026, fully earned on receipt and non-refundable.²