iSpecimen plans 1-for-40 reverse stock split effective April 27, 2026

iSpecimen Inc. (Nasdaq: ISPC) announced on April 24, 2026 a 1-for-40 reverse stock split of its issued and outstanding common stock and of the shares it holds in treasury. The split takes effect at 4:30 p.m. Eastern Time on April 27, 2026. The common stock trades on a split-adjusted basis when the market opens on April 28, 2026, and it continues to trade on the Nasdaq Capital Market under the symbol ISPC. The new CUSIP number is 45032V306.

Share count and approvals

Immediately before the split, the company had 52,639,796 shares of common stock issued and outstanding. The release says that number will be reduced to 1,316,032 shares after the split. Every 40 shares will combine into one share, and the par value of $0.0001 per share does not change.

At a special meeting held October 30, 2025, stockholders approved an amendment to the company's certificate of incorporation to allow a reverse split in a range from 1-for-10 to 1-for-100, with the final ratio set by the board. The board approved the 1-for-40 ratio on April 9, 2026.

Effect on awards and the purpose of the split

The exercise price and number of shares under outstanding stock options and warrants will be adjusted in proportion to the split. Shares issuable on the vesting of restricted stock units will be adjusted the same way, and the shares reserved under the company's stock incentive plans will be reduced proportionately. Fractions created by the split will be rounded up to the nearest whole share at the participant level.

The company said the split is intended to raise the per-share trading price so that it can attract certain institutional and other investors. It is also meant to help the company comply with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.

How shareholders exchange their shares

Broadridge Corporate Issuer Solutions, LLC, the company's transfer agent, will act as the exchange agent for the split. Registered holders who hold pre-split shares electronically in book-entry form do not need to take any action to receive post-split shares. Stockholders of record will receive information from Broadridge about exchanging pre-split shares.

iSpecimen describes itself as an online marketplace for human biospecimens. The marketplace connects scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Its cloud-based technology spans a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations.

A reverse split changes the share count and the quoted price, not the business. The release says one aim is to meet the minimum bid price requirement for the Nasdaq Capital Market, which means the stock had been trading below the level Nasdaq requires, and it does not say whether the split alone will restore compliance or keep the price up. Shrinking 52,639,796 shares to 1,316,032 also leaves a thin float, and the split does nothing for the losses. The company's 10-K for 2025 reported revenue of $1.9 million and a net loss of $10.5 million, compared with revenue of $9.3 million and a net loss of $12.5 million in 2024. Cash from operations was negative $4.2 million in 2025 and negative $8.3 million in 2024. Year-end cash and cash equivalents were $6.9 million at the end of 2025, up from $1.9 million a year earlier. The release says its forward-looking statements speak only as of the date they are made, and that the company does not intend to update them. It refers readers to the risk factors in its SEC filings.

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