LEXINGTON, MA – iSpecimen Inc. (NASDAQ:ISPC), a provider of commercial physical and biological research services, disclosed in a recent SEC filing that Andrew L. Ross has resigned from his position as a director of the company, effective July 25, 2024. According to the filing, Ross's departure is not due to any disagreements with the company's management or its board regarding operations, policies, or practices.
The announcement came alongside the results of the company’s annual meeting of stockholders held on Sunday, July 19, 2024. During the meeting, stockholders elected two Class III directors, Tracy Curley and Elizabeth A. Graham, for a three-year term expiring at the 2027 annual meeting. Curley and Graham were elected with 3,844,477 and 3,492,949 votes for, respectively.
Additionally, shareholders approved a proposal to amend the company's Fourth Amended and Restated Certificate of Incorporation, allowing a reverse stock split of iSpecimen's common stock at a ratio between 1-for-10 and 1-for-20, as determined by the board. The reverse stock split aims to increase the per-share trading price of the company's common stock to satisfy the minimum bid price requirement for continued listing on The Nasdaq Stock Market LLC. The amendment received 5,415,763 votes in favor.
The third proposal ratified the appointment of Wolf & Company, P.C. as the independent registered public accounting firm for iSpecimen for the fiscal year ending December 31, 2024, with 6,395,708 votes in favor.
In other recent news, iSpecimen Inc. has reported a decrease in revenue for Q1 2024, falling to $2.3 million from $3 million in Q1 2023, primarily due to a 39% decrease in specimen count. Despite this, the company managed to reduce its quarterly cash burn through strategic spending cuts and the successful implementation of the Next-Day Quotes Program. The company also highlighted a pipeline of new business opportunities worth approximately $1.5 million, indicating potential for future growth.
Another major development is iSpecimen's relocation to a new office space in Woburn, MA. The company signed a commercial lease for a 2,273 square foot office space, marking a significant change in its physical footprint.
Furthermore, iSpecimen has been focusing on technological advancements and improving the quality of its supplier network. The company ended contracts with lower-performing suppliers, which is part of the recent developments within the company.
In terms of financial health, iSpecimen ended the quarter with approximately $2.6 million in cash and cash equivalents. The company plans to continue adding customers and suppliers to increase revenues while managing expenditures and expanding its capabilities. These developments indicate a potential for recovery in the upcoming quarters."
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