Lucosky Brookman LLP Acts as Counsel to EF Hutton in iSpecimen Inc. $5.5 Million Private Placement
iSpecimen Inc. (Nasdaq: ISPC), an online global marketplace connecting scientists with healthcare specimen providers for medical research, announced the closing of a private placement financing resulting in aggregate gross proceeds of approximately $5.5 million.
Pursuant to the transaction, the Company issued 6,875 shares of newly designated Series C Convertible Preferred Stock at a purchase price of $800 per share. Each share of Series C Convertible Preferred Stock is convertible into shares of the Company’s common stock based on a $1,000 stated value per share, with a conversion price equal to 85% of the closing price of the common stock on the trading day immediately preceding each conversion date.
The offering was conducted pursuant to the private placement exemption under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, and was made exclusively to accredited investors. In connection with the transaction, the Company entered into a registration rights agreement pursuant to which it agreed to file registration statements covering the resale of the common stock issuable upon conversion of the preferred stock.
E.F. Hutton & Co. acted as the exclusive placement agent for the offering. Lucosky Brookman LLP represented E.F. Hutton & Co. as placement agent counsel.