E.F. Hutton & Co. Acts as Exclusive Placement Agent in iSpecimen Inc.'s ~$5.5 Million Private Placement

Core Insights - E.F. Hutton & Co. acted as the exclusive placement agent for iSpecimen Inc.'s private placement, raising approximately $5.5 million in gross proceeds before fees and expenses [1][2] Company Overview - iSpecimen operates an online global marketplace that connects scientists with healthcare specimen providers, facilitating efficient access to biospecimens essential for clinical and translational research [2] - The company will issue 6,875 shares of newly designated Series C Convertible Preferred Stock at a purchase price of $800 per share, with each share having a stated value of $1,000 and convertible into common stock at a conversion price equal to 85% of the closing price of the common stock on the trading day before each conversion date [3] Financial Implications - The net proceeds from the offering are intended to support marketing efforts, working capital needs, and general corporate purposes, providing iSpecimen with strategic growth capital while maintaining flexibility for future initiatives [4] Regulatory Aspects - The securities were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, sold exclusively to accredited investors, and have not been registered under the Securities Act or applicable state securities laws [5]