iSpecimen raises $400,000 in private placement of convertible preferred stock
ISPC•iSpecimen raised $400,000 through a private placement of 500 Series D Convertible Preferred Stock shares, which closed around November 6, 2026. The shares carry an 8% annual cumulative dividend, and conversion-related common stock issuances are capped at 1,157,223 shares pending stockholder approval.
1. Placement terms
iSpecimen sold 500 Series D Convertible Preferred Stock shares for $800 each. Each share has a $1,000 stated value and accrues cumulative dividends at 8% annually. The conversion price is the greater of 85% of the previous trading day's common stock closing price or $0.1616.
2. Use of proceeds
Common stock issuances from conversions and dividends are capped at 1,157,223 shares pending stockholder approval. Net proceeds will fund working capital and general corporate purposes.
