- The stock price of iSpecimen Inc (NASDAQ: ISPC) fell by over 6% pre-market today. This is why it happened.
The stock price of iSpecimen Inc (NASDAQ: ISPC) – an online marketplace for human biospecimens – fell by over 6% pre-market today. Investors are responding negatively to iSpecimen announcing that it has entered into a definitive securities purchase agreement for a private placement with three accredited investors for the sale of 1,749,999 shares of common stock of iSpecimen together with warrants to purchase 1,312,500 shares of common stock (warrants), which will result in gross proceeds to iSpecimen of approximately $21 million, before deducting placement offering expenses.
Each share of common stock and accompanying three-quarters of one warrant are being sold at a combined offering price of $12. The detachable warrants have a 5.5 year term and an exercise price of $13 per share. This private placement is expected to close on December 1, 2021, subject to customary closing conditions.
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