aibioiSpecimen gets until November 25, 2026 to meet Nasdaq equity rule
Tickers ISPC
The company plans a public offering of approximately $5 million, and its projections show stockholders' equity of approximately $5.1 million through June 30, 2027.
Key facts
- Company
- iSpecimen Inc. (NASDAQ: ISPC)
- News type
- Listings
- Primary source
- Form 8-K
iSpecimen Inc. (Nasdaq: ISPC) said in a Form 8-K that on September 8, 2026 it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC. The letter granted an extension to regain compliance with Nasdaq Listing Rule 5550(b). Nasdaq first notified the company on May 29, 2026 that it did not comply with the rule. The 8-K is dated September 10, 2026 and signed by Shahin Behroyan as chief executive officer.
What the rule requires
Rule 5550(b) requires listed companies to hold at least $2,500,000 in stockholders' equity. Alternatively, a company can meet $35,000,000 in market value of listed securities or $500,000 in net income from continuing operations. The letter has no immediate effect on the listing or trading of the company's common stock on the Nasdaq Capital Market.
The extension and the company's plan
The company submitted compliance plans to Nasdaq on July 13, August 6 and September 4, 2026, which the 8-K calls the Submission. The plans describe a private placement that closed May 11, 2026, with gross proceeds of approximately $2.5 million. They also describe a planned best-efforts public offering of approximately $5 million in gross proceeds. The company provided projections showing stockholders' equity of approximately $5.1 million through June 30, 2027. Based on the Submission, Nasdaq extended the deadline to November 25, 2026 for the company to evidence compliance.
By that date, the company must choose one of two alternatives and furnish a publicly available report, such as a Form 8-K, to the SEC and Nasdaq. Under the first alternative, the report must disclose the deficiency letter and the deficiencies cited. It must also describe the completed transaction or event that satisfies the equity requirement, and state that the company believes it has regained compliance. The second alternative requires those disclosures, plus a balance sheet no more than 60 days old with pro forma adjustments for any significant transaction, and a statement that the company believes it satisfies the requirement as of the report date.
Under either alternative, the report must say that Nasdaq will keep monitoring compliance and that the company may be subject to delisting if its next periodic report does not evidence compliance.
The company said it intends to regain compliance within the extension period and is evaluating alternatives, but it gave no assurance that it will. If the extension terms are not met, Nasdaq staff will send written notice that the securities will be delisted. The company could then appeal to a Hearings Panel. The filing also warns that the planned public offering may not be completed on the expected terms or timeline, or at all.
Financial position
The company's 10-K for 2025, filed April 1, 2026, reported revenue of $1.9 million, down from $9.3 million in 2024. The net loss narrowed to $10.5 million from $12.5 million. Cash from operations was negative $4.2 million, compared with negative $8.3 million. Year-end cash and cash equivalents were $6.9 million, up from $1.9 million a year earlier. Research and development expense was $1.5 million in 2024. Revenue fell sharply while the company kept losing money, and cash fell to $4.4 million by mid-2026, so the equity cure rests on the planned offering. The $5.1 million equity projection is the company's own and was made alongside an offering that has not been completed. The company reported cash and cash equivalents of $4.4 million at June 30, 2026, in its quarterly report.
The company's next deadline is November 25, 2026, when it must choose an alternative and file the report. The 8-K also says that whichever alternative the company picks, it may be subject to delisting if it fails to evidence compliance when it files its periodic report for the year ended December 31, 2026. The company said it has no obligation to update its forward-looking statements except as required by law.