iSpecimen Inc. (NASDAQ:ISPC) shares jumped 42.36% in after-hours trading on Tuesday, reaching $0.42.
Check out the current price of ISPC stock here.
The biospecimen marketplace operator announced a $5.5 million private placement with accredited investors.
Financing Structure Details
iSpecimen will issue 6,875 shares of Series C Convertible Preferred Stock at $800 per share, according to a Tuesday press release.
Each preferred share has a $1,000 stated value and converts into common stock at 85% of the closing price on the day before conversion.
Capital Allocation Plans
The Massachusetts-based company plans to deploy net proceeds toward marketing initiatives, working capital requirements, and general corporate purposes.
E.F. Hutton & Co. is serving as the exclusive placement agent for the offering, which is expected to close on Wednesday, subject to customary closing conditions.
See Also: Why Anghami (ANGH) Shares Soared 50% Overnight?
Regulatory Framework
The securities are being offered under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, exempting them from registration requirements. The company also agreed to file registration statements with the SEC for the resale of common stock resulting from preferred share conversions.
Trading Metrics, Technical Analysis
The Relative Strength Index (RSI) of iSpecimen is 24.97.
The stock’s longer-term performance has been quite poor, down 88.88% over the past 12 months. This steep decline indicates that the stock has been struggling, and while there may be short-term opportunities, the overall trend remains concerning.
With a market capitalization of $2.90 million, iSpecimen has traded between a 52-week high of $3.38 and a 52-week low of $0.28.
Price Action: According to Benzinga Pro data, ISPC closed at $0.30 on Tuesday, down 13.15%.
The stock of the tech-driven company is very close to its 52-week low, at only about 0.65% of the way up from the low to the high. This shows the stock is under pressure and may need something strong to push it higher.
Benzinga’s Edge Stock Rankings indicates ISPC stock has a negative price trend across all time frames. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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