iSpecimen Inc. (ISPC) Announces 1:20 Reverse Share Split

iSpecimen Inc. (Nasdaq: ISPC) announced today that it will effect a reverse stock split of its issued and outstanding shares of common stock, par value $0.0001 per share, as well as any shares of common stock held by the Company in treasury, at a ratio of 1-for-20. The reverse stock split will become effective at 4:30 p.m. Eastern Time on September 13, 2024, and the Company's common stock will begin trading on a split-adjusted basis when the market opens on September 16, 2024. The Company's common stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol "ISPC." The new CUSIP number for the Company's common stock following the reverse stock split will be 45032V207.

At the Company's annual meeting of stockholders held on July 19, 2024, the stockholders approved a proposal to amend the Company's Fourth Amended and Restated Certificate of Incorporation to effect a reverse stock split in the range of 1-for-10 to 1-for-20, with the final ratio to be determined by the Board of Directors (the “Board”). On August 19, 2024, the Board approved a 1-for-20 reverse stock split.

When the reverse stock split becomes effective, every 20 shares of the Company's issued and outstanding common stock, as well as all shares held by the Company in treasury, will automatically be combined into one share of common stock, without any change in the par value per share. In addition, (i) a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock, (ii) a proportionate adjustment will also be made in the number of shares of common stock issuable upon the vesting of restricted stock units, and (iii) the number of shares reserved for issuance pursuant to the Company's stock incentive plans will also be reduced proportionately. Any fraction of a share of common stock that would be created as a result of the reverse stock split will be rounded up to the nearest whole share.

The reverse stock split is intended to increase the per share trading price of the Company's common stock to better attract certain institutional and other investors and comply with the minimum bid price requirement for maintaining the listing of the Company's common stock on Nasdaq.

Broadridge Corporate Issuer Solutions, LLC, the Company's transfer agent, will act as the exchange agent for the reverse stock split. Registered stockholders holding pre-split shares of the common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders of record will be receiving information from Broadridge Corporate Issuer Solutions, LLC about the process for exchanging their pre-split shares for post-split shares.

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