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Investing.com -- iSpecimen Inc. (NASDAQ:ISPC) stock fell 7.7% after the biospecimen marketplace announced the pricing of an underwritten public offering of 5,714,283 shares of common stock at $0.70 per share.
The company expects to raise approximately $4 million in gross proceeds from the offering, which is scheduled to close on July 25, 2025. WestPark Capital, Inc. is acting as the sole book-runner for the transaction.
iSpecimen plans to allocate $1.5 million of the net proceeds to marketing and advertising services from IR Agency LLC and $1 million for an initial milestone payment under an agreement with Sales Stack Solutions Corp. The remainder will be used for working capital and general corporate purposes.
The offering is being conducted on a firm commitment basis and includes the option for pre-funded warrants to purchase common stock in lieu of shares at the same public offering price.
iSpecimen operates an online global marketplace that connects scientists needing biospecimens for medical research with a network of healthcare specimen providers.
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