iSpecimen Inc. (ISPC) Announces 1.75M Share Private Placement at $12/sh

November 29, 2021 5:47 AM EST

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iSpecimen Inc. (Nasdaq: ISPC), 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.

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