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iSpecimen Inc. (NASDAQ:ISPC), currently trading at $1.09 with a market capitalization of $2.71 million, amended its bylaws on Wednesday to reduce the quorum requirement for shareholder meetings. According to a statement filed with the Securities and Exchange Commission, the company has lowered the threshold for a quorum from a majority of the voting power of outstanding shares entitled to vote at a meeting to 34% of such voting power. The move comes as the company’s stock has declined over 81% in the past year.
The amendment to the Second Amended and Restated Bylaws was approved on July 9, 2025. A copy of the updated bylaws was filed as an exhibit with the SEC. InvestingPro analysis indicates the company faces financial challenges, with a WEAK overall financial health score and rapidly diminishing cash reserves.
iSpecimen is incorporated in Delaware and its common stock is listed on the Nasdaq Stock Market LLC. The company’s principal executive offices are located in Woburn, Massachusetts. The filing was signed by Chief Executive Officer Robert Bradley Lim.
This article is based on a press release statement and information disclosed in a recent SEC filing.
In other recent news, iSpecimen Inc. announced changes to its board of directors. Last week, Richard J. Paolone and John L. Brooks III resigned from the board, with the company clarifying that their departures were not due to disagreements with management or board policies. Following these resignations, Anthony Lau was appointed as a new director. Mr. Lau will also serve as chair of the audit committee and has been named to the compensation and nominating and corporate governance committees. He brings experience from his roles at Remington Resources, Inc., where he is the CEO and CFO. The board has confirmed that Mr. Lau has no family relationships with any current directors or executive officers at iSpecimen. Additionally, the board has determined that Mr. Lau, along with Mr. Dhaliwal and Ms. Yang, qualify as independent directors. The board continues to assess committee compositions and director succession planning.
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