MANHATTAN, N.Y., Jan. 06, 2026 (GLOBE NEWSWIRE) -- E.F. Hutton & Co., a Manhattan-headquartered investment bank and broker-dealer, today announced that it acted as the exclusive placement agent in connection with iSpecimen Inc.'s (NASDAQ:ISPC) private placement, raising approximately $5.5 million in gross proceeds before fees and expenses.

The transaction reflects continued capital markets interest in differentiated healthcare technology platforms that support medical research and discovery. iSpecimen operates an online global marketplace connecting scientists with healthcare specimen providers, enabling more efficient access to biospecimens critical for clinical and translational research.

Pursuant to the securities purchase agreement, iSpecimen will issue 6,875 shares of newly designated Series C Convertible Preferred Stock at a purchase price of $800 per share. Each share has a stated value of $1,000 and is convertible into shares of common stock at a conversion price equal to 85% of the closing price of the Company's common stock on the trading day immediately preceding each conversion date. The offering is expected to close on or about December 31, 2025, subject to customary closing conditions.

From E.F. Hutton & Co.'s perspective, the transaction provides iSpecimen with strategic growth capital while maintaining flexibility as the Company executes on its commercialization and expansion initiatives. Net proceeds from the offering are intended to support marketing efforts, working capital needs, and general corporate purposes.

Joseph T. Rallo, Chief Executive Officer of E.F. Hutton & Co., commented:

"Our team worked closely with iSpecimen to structure a transaction that meets its capital needs today while preserving future flexibility. We value the trust placed in E.F. Hutton & Co. as exclusive placement agent."

The securities were offered in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933 and Regulation D promulgated thereunder and were sold exclusively to accredited investors. The securities have not been registered under the Securities Act or applicable state securities laws. In connection with the offering, iSpecimen has agreed to file one or more registration statements covering the resale of common stock issuable upon conversion of the preferred shares.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.

About E.F. Hutton & Co.

E.F. Hutton & Co. is an investment bank and broker-dealer headquartered in Manhattan, providing comprehensive advisory and financing solutions to corporates, sponsors, and public-private partnerships. With a global footprint, the firm delivers expertise across capital markets, private placements, PIPEs, mergers and acquisitions, and strategic financing.

Contact Information

E.F. Hutton & Co.

info@efhutton.com

https://efhutton.com

(212) 970-3700

E.F. Hutton & Co. Acts as Exclusive Placement Agent in iSpecimen Inc.'s ~$5.5 Million Private Placement