iSpecimen Stockholders Approve Reverse Stock Split of 1-for-10 to 1-for-100

iSpecimen Inc. (Nasdaq: ISPC) stockholders approved a reverse stock split at a reconvened special meeting, the company said in an 8-K filed Monday, Nov. 2.

The approved proposal authorizes an amendment to the company's Fifth Amended and Restated Certificate of Incorporation to effect a reverse stock split at a ratio between one-for-ten (1:10) and one-for-one hundred (1:100). The board of directors will set the exact ratio at its discretion.

Vote results

The proposal passed with 1,152,016 votes for, 142,944 against and 868 abstentions. Abstentions had no effect on the outcome, because under Delaware law the votes for the proposal had to exceed the votes against it. The filing reports no broker non-votes.

The meeting was held in two parts. Stockholders voted on other proposals at a special meeting on Oct. 9, and the meeting was adjourned on this proposal alone. The company reconvened it on Oct. 30. As of the Aug. 12 record date, 2,518,590 shares were outstanding and entitled to vote. Holders of 1,295,828 shares, about 51.5%, were represented, which met the quorum.

The filing does not give the ratio the board will choose, an effective date, or the date when shares will trade split-adjusted. It also does not say whether the ticker or CUSIP will change, how fractional shares will be handled, or why the company is seeking the split.

iSpecimen's stock last closed at $0.83 on Nov. 2.