iSpecimen faces Nasdaq bid price deficiency with May 2026 deadline

Rhea-AI Filing Summary

iSpecimen Inc. reported that Nasdaq has notified the company its common stock no longer meets the Nasdaq Capital Market’s minimum bid price rule, which requires a closing bid of at least $1.00 per share for 30 consecutive business days. The stock will continue trading under the symbol ISPC with no immediate change to its listing status.

The company has until May 18, 2026, a 180‑day period, to regain compliance by having its closing bid price at or above $1.00 per share for at least ten consecutive business days, or up to twenty if required by Nasdaq staff. If compliance is not regained by that date, iSpecimen may qualify for an additional 180‑day period if it meets other Nasdaq listing criteria and may consider actions such as a reverse stock split. Failure to regain compliance within the applicable period could lead to delisting, though iSpecimen would have the right to appeal.

Insights

Equity Market Structure Analyst

Nasdaq bid-price noncompliance raises delisting risk but leaves time to cure.

iSpecimen has fallen out of compliance with Nasdaq’s $1.00 minimum bid requirement after 30 consecutive business days below that level. The stock remains listed on the Nasdaq Capital Market for now, so trading liquidity and visibility are not immediately affected, but the notice formally starts a compliance clock.

The company has until May 18, 2026 to restore its closing bid to at least $1.00 per share for a minimum of ten consecutive business days, with Nasdaq able to extend that to twenty days. If the price does not recover organically, the disclosure notes that potential cures may include a reverse stock split, which mechanically raises the share price while reducing the share count.

If iSpecimen does not regain compliance by May 18, 2026, it may still receive another 180‑day period if it satisfies other Nasdaq listing standards and informs Nasdaq of its plan to resolve the deficiency. If these steps are unsuccessful, the common stock could be delisted from Nasdaq, with any delisting decision appealable to a Nasdaq hearings panel.

8-K Event Classification

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

1 item

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice or transferred its listing to a different exchange.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 19, 2025

iSpecimen Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-40501		27-0480143
(State or other jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

8 Cabot Road, Suite 1800
Woburn, MA 01801

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (781) 301-6700

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		ISPC		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 19, 2025, iSpecimen Inc. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the closing bid price of the Company’s common stock had been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) for the prior 30 consecutive business days. As a result, the Company is no longer in compliance with the Minimum Bid Price Requirement. The Notice has no immediate effect on the listing of the Company’s common stock, which will continue to trade under the symbol “ISPC.”

Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial 180-calendar-day period, or until May 18, 2026, to regain compliance. If at any time before May 18, 2026, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days (or up to 20 consecutive business days if required by Nasdaq Staff), Nasdaq will notify the Company in writing that it has regained compliance and the matter will be closed.

If the Company does not regain compliance by May 18, 2026, the Company may be eligible for an additional 180-day compliance period, provided it meets the continued listing standards for market value of publicly held shares and all other initial listing criteria for The Nasdaq Capital Market (other than the Minimum Bid Price Requirement), and notifies Nasdaq of its intent to cure the deficiency, which may include effectuating a reverse stock split. If the Company does not regain compliance within the applicable compliance period, the Company’s common stock will be subject to delisting, and the Company would have the right to appeal any such determination to a Nasdaq hearings panel.

The Company intends to monitor the closing bid price of its common stock and evaluate available options to regain compliance with the Minimum Bid Price Requirement.

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 21, 2025

iSPECIMEN INC.
By:	/s/ Katharyn Field
	Name:	Katharyn Field
	Title:	Chief Executive Officer

2

FAQ

Why did iSpecimen Inc. (ISPC) receive a Nasdaq noncompliance notice?

iSpecimen received a written notice from Nasdaq because the closing bid price of its common stock was below the required $1.00 per share for the prior 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).

Is iSpecimen Inc. (ISPC) being immediately delisted from Nasdaq?

No. The notice has no immediate effect on iSpecimen’s listing. Its common stock continues to trade on the Nasdaq Capital Market under the symbol ISPC while the company works to regain compliance.

How long does iSpecimen Inc. have to regain compliance with Nasdaq’s $1.00 bid price rule?

Under Nasdaq Listing Rule 5810(c)(3)(A), iSpecimen has an initial 180‑day period, until May 18, 2026, to regain compliance by achieving a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days.

Can iSpecimen Inc. receive more time beyond May 18, 2026 to fix the bid price issue?

Yes. If iSpecimen does not regain compliance by May 18, 2026, it may qualify for an additional 180‑day compliance period if it meets all other initial listing criteria for the Nasdaq Capital Market, except the bid price rule, and notifies Nasdaq of its plan to cure the deficiency.

What actions might iSpecimen Inc. take to regain Nasdaq bid price compliance?

The company states it intends to monitor the closing bid price and evaluate options to regain compliance, which may include effectuating a reverse stock split if it seeks an additional compliance period and chooses that path.

What happens if iSpecimen Inc. ultimately cannot regain compliance with Nasdaq rules?

If iSpecimen fails to meet the minimum bid price requirement within the applicable compliance period(s), its common stock would be subject to delisting from Nasdaq, and the company would have the right to appeal any such determination to a Nasdaq hearings panel.