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iSpecimen Inc. (NASDAQ:ISPC) announced Monday that shareholders approved all proposals presented at a special meeting held last Thursday. The information is based on a press release statement and an 8-K filing with the Securities and Exchange Commission. The biospecimen marketplace operator, currently trading at $0.78 with a market capitalization of just $4.32 million, has seen its stock plummet 82% over the past year. According to InvestingPro analysis, the company’s financial health is rated as "WEAK" with a concerning current ratio of 0.23, indicating short-term obligations exceed liquid assets.
Approximately 36% of the company’s outstanding common stock was represented at the meeting, with 1,437,502 shares present in person or by proxy out of 3,979,517 shares eligible to vote.
Shareholders approved an amendment to the company’s certificate of incorporation to authorize a reverse stock split of common stock at a ratio between one-for-ten and one-for-one hundred, with the final ratio to be determined by the board of directors. The vote tally for this proposal was 1,387,412 in favor, 43,787 against, and 6,303 abstentions.
A second proposal to increase the number of authorized shares of capital stock from 250,000,000 to 1,000,000,000 was also approved, with 1,370,770 votes in favor, 56,782 against, and 9,950 abstentions.
Shareholders approved, for purposes of Nasdaq Listing Rule 5635(d), the issuance of shares in one or more private financing transactions that could exceed 19.99% of outstanding shares or voting power and may be priced below the minimum price as defined by Nasdaq rules. This passed with 1,363,393 votes in favor, 59,174 against, and 14,935 abstentions.
An amendment to certain outstanding convertible securities was approved, raising the conversion price floor from 50% to 80% of the lowest volume-weighted average price during the relevant measurement period. The vote was 1,392,669 in favor, 34,900 against, and 9,933 abstentions.
Shareholders also approved the company’s entry into an equity line of credit arrangement, allowing potential issuance of shares exceeding 19.99% of outstanding shares or voting power and at a price below the Nasdaq minimum price, with 1,364,315 votes in favor, 58,172 against, and 15,015 abstentions.
A final proposal to transact other business at the meeting was approved as well.
All proposals received sufficient votes for approval according to the company’s filing.
In other recent news, iSpecimen Inc. has announced its plans to expand its cryptocurrency treasury initiative beyond the Solana blockchain ecosystem. Initially, the company aimed to build a $200 million corporate treasury reserve focused on Solana, but it has since received interest from various cryptocurrency firms offering opportunities in tokenized real-world assets and other prominent cryptocurrencies. Additionally, iSpecimen has completed the first phase of its digital transformation program, which was powered by Salestack Solutions. This milestone involved installing Salestack’s platform and modernizing the company’s infrastructure to support the iSpecimen Marketplace. The implementation includes Infrastructure-as-Code capabilities, unified storage workflows, and multi-cloud deployment options. These developments signal iSpecimen’s strategic focus on leveraging digital assets and modernizing its technological infrastructure.
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