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Share Name | Share Symbol | Market | Type |
---|---|---|---|
iSpecimen Inc | NASDAQ:ISPC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00005 | 0.02% | 0.2458 | 0.241 | 0.2457 | 401 | 12:52:16 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date
of earliest event reported):
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or other jurisdiction of incorporation) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01. | Regulation FD Disclosure. |
On September 6, 2023, iSpecimen Inc., a Delaware corporation (the “Company”), announced its organizational changes to enhance operational efficiencies and drive profitability. The Company has eliminated several roles, primarily in technology and sales support, effective immediately. These headcount reductions represent approximately 20% of the Company’s total workforce. The Company also intends to substantially reduce its spending on technology and other operating expenses. As a result of these reductions and changes, the Company expects monthly expenses for headcount, including other turnover during the year, and all other operational costs, will decrease approximately 29% and 52%, respectively, compared to the first eight months of the year.
On September 6, 2023, the Company issued a press release announcing the organizational changes described in this Item 7.01 above. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The press release contains certain statements and information that speak to the Company’s expectations or predictions of the future. These statements and information may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are subject to risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s actual results to differ materially from those expressed in or implied by these statements. Please see the Company’s disclosures regarding risk factors and forward-looking statements in its filings with the Securities and Exchange Commission (the “SEC”) (including Current Reports on Form 8-K, Quarterly Reports on Form 10-Q, and its most recent Annual Report on Form 10-K) for a discussion of the known material factors that could cause the Company’s actual results to differ materially from those indicated or implied by such forward-looking statements.
The information in this Item 7.01 and Exhibit 99.1 attached hereto will not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Forward-Looking Statements
This Current Report on Form 8-K may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Such statements are only predictions and the Company’s actual results may differ materially from those anticipated in these forward-looking statements.
There may be events in the future that the Company is not able to accurately predict or control. Factors that may cause such differences include, but are not limited to, those discussed under risk factors in the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended December 31, 2022 and other filings filed with the SEC, including the uncertainties associated with the Company’s lack of profitability, its continued capital needs, its lack of a long operating history, its growth strategy, inflation and recession and its impact on the business, Russia’s war with Ukraine and its impact on the operations, its technology development plans, and the regulatory environment in which it operates. Forward-looking statements speak only as of the date they are made. The Company does not assume any obligation to update forward-looking statements as circumstances change. The Company gives no assurance that it will achieve its expectations.
You may access the Company’s SEC filings by visiting SEC’s website at http://www.sec.gov. This Current Report does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with the Company or its affiliates. The information in this Current Report is not targeted at the residents of any particular country or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Press Release, dated September 6, 2023. |
104 | Cover Page Interactive Data File |
Portions of this report may constitute “forward-looking statements” as defined by federal law. Although the Company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in the Company’s performance is contained in the Company’s filings with the SEC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 6, 2023
iSPECIMEN INC. | ||
By: | /s/ Tracy Curley | |
Name: Tracy Curley | ||
Title: Chief Executive Officer |
Exhibit 99.1
iSpecimen Announces Organizational Changes to Enhance Operational Efficiencies and Drive Profitability
Company to Focus on Core Revenue Drivers, New Revenue Growth Opportunities from Recently Launched Sequencing Procurement Program and Expense Reductions
LEXINGTON, Mass., September 6, 2023 – iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today that the Board of Directors has approved an organizational restructuring plan to improve operational performance and drive shareholder value.
iSpecimen announced immediate headcount reductions of approximately 20% of the Company’s total workforce and additional expense reductions after streamlining operations and rationalizing resources to focus on key market opportunities. Recently, the Company completed its implementation of lines of business teams and next day quotes to shorten sales cycles, improve quote-to-purchase order ratios, increase fulfillment and accelerate revenue generation. As a result of these changes, monthly expenses related to headcount, including other employee turnover during the year, as well as all other monthly operational costs, are expected to decrease by approximately 29% and 52%, respectively, compared to the average monthly costs for the first eight months of the year.
“The Company believes that the investments made during the first half of the year should allow the iSpecimen Marketplace to remain a leading source for researchers in need of biospecimens. We remain committed to becoming cash flow neutral and then cash flow positive as quickly as possible,” said Tracy Curley, iSpecimen’s CEO.
iSpecimen recently announced the launch of its virtual cancer sequencing procurement program aimed at providing researchers with consistent and direct access to cancer tumor tissues. The genetic signatures of cancer tumor tissues provide important information necessary to develop new treatments and diagnostics. Through this new offering, cancer researchers can advance their work by efficiently accessing these highly sought tumor tissues from iSpecimen, overcoming the existing manual, time-consuming and costly process of requesting biospecimen samples from multiple sources and suppliers.
Ms. Curley concluded, “Capitalizing on our market position and leveraging our broad supplier network, we saw a tremendous opportunity to launch our cancer sequencing program. We see strong demand for these highly valuable and challenging-to-obtain samples. This program relieves a major bottleneck in cancer research today, and we are working to realize revenue from this new opportunity as quickly as possible.”
About iSpecimen
iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens, connecting scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations. For more information, please visit www.ispecimen.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," “believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in the Company's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company's forward-looking statements occurs, the Company's business, financial condition and operating results may vary materially from those expressed in the Company's forward-looking statements.
Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Investor Contacts
KCSA Strategic Communications
Phil Carlson / Erika Kay
iSpecimen@kcsa.com
Media Contacts
KCSA Strategic Communications
Raquel Cona / Shana Marino
iSpecimen@kcsa.com
###
Cover |
Sep. 06, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Sep. 06, 2023 |
Entity File Number | 001-40501 |
Entity Registrant Name | iSpecimen Inc. |
Entity Central Index Key | 0001558569 |
Entity Tax Identification Number | 27-0480143 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 450 Bedford Street |
Entity Address, City or Town | Lexington |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02420 |
City Area Code | 781 |
Local Phone Number | 301-6700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | ISPC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
1 Year iSpecimen Chart |
1 Month iSpecimen Chart |
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