iSpecimen Inc. Announces 1-for-40 Reverse Stock Split and Validates Prior 1-for-20 Split

iSpecimen Inc. filed a Form 8-K reporting a 1-for-40 reverse stock split of its common stock, effective April 27, 2026, with trading on a split-adjusted basis beginning April 28, 2026. The reverse split reduced outstanding shares from approximately 52.6 million to 1.3 million shares. The company also validated a prior 1-for-20 reverse stock split from September 2024 that was not properly filed with Delaware authorities. The reverse splits were approved by stockholders in October 2025 and implemented to increase the per-share trading price to attract institutional investors and regain compliance with Nasdaq's minimum bid price requirements. The company filed a Fifth Amended and Restated Certificate of Incorporation and a Certificate of Validation to formalize both reverse stock splits.