iSpecimen sells $400,000 of Series D convertible preferred stock in private placement

iSpecimen Inc. sold 500 shares of Series D Convertible Preferred Stock to accredited investors for aggregate gross proceeds of $400,000, closing on or about November 6, 2026. The preferred stock is convertible into common stock at a floor price of $0.1616 and can lead to dilution of up to 1,157,223 shares, or 19.99% of shares outstanding, unless stockholders approve the issuance under Nasdaq rules.

Key points

• Gross proceeds of $400,000 from 500 Series D shares priced at $800 per share, with a $1,000 stated value per share
• Series D accrues 8% annual cumulative dividends and converts at the greater of 85% of the prior-day closing price or a $0.1616 floor
• Conversion share cap of 1,157,223 shares, or 19.99% of 5,789,013 common shares outstanding, until stockholder approval under Nasdaq Rule 5635(d)
• Placement agent E.F. Hutton & Co. receives a 4.0% cash fee and 1.0% expense allowance; directors and executive officers agreed to 90-day lock-ups

The filing

Items reported: 1.01 Material Definitive Agreement3.02 Unregistered Equity Sale5.03 Bylaw / Charter Amendment

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 5:21 PM ET, from this filing only.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.