iSpecimen Inc. (NASDAQ: ISPC) disclosed that it has inked a securities purchase agreement for a private placement with three accredited investors. The company has signed an agreement to dump 1,749,999 shares of common stock of iSpecimen plus the warrants to buy 1,312,500 shares of common stock.
iSpecimen revealed that it is anticipating that this agreement of sale will generate a gross profit of nearly $21.0 million, before subtracting placement offering expenses. Each share of common stock and supplementary three-quarters of one Warrant are being dumped at a shared offering price of $12.00.
Furthermore, the company confirmed that the detachable Warrants have a five- and one-half year term and an exercise price of $13.00 per share. This private arrangement is anticipated to be over on December 1, 2021, dependent on customary closing conditions. Additionally, the securities presented and dumped by iSpecimen in the private settlement have not been recorded under the Securities Act of 1933, as amended or state securities laws.
Moreover, it has been clarified that these securities may not be presented or dumped in the United States in the absence of registration with the SEC or an applicable exclusion from such registration requirements. Additionally, iSpecimen has decided to file a registration statement with the SEC comprising the resale of the shares of common stock and the shares of common stock underlying the Warrants to be presented in the private arrangement.