iSpecimen Inc. Elects New Directors, Adjusts Executive Pay
Ticker: ISPC · Form: 8-K · Filed: Mar 26, 2024 · CIK: 1558569
Sentiment: neutral
Topics: board-changes, executive-compensation, management-changes
TL;DR
iSpecimen adds 2 directors, signs new CEO/CFO deals. Board shakeup incoming.
AI Summary
On March 21, 2024, iSpecimen Inc. announced changes to its board of directors and executive compensation. Specifically, the company elected two new directors, Dr. David E. R. Gross and Mr. Robert J. W. Smith, to its Board. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Mr. Christopher J. Wild, and Chief Financial Officer, Mr. Paul J. D. Smith, effective March 21, 2024.
Why It Matters
The election of new directors and adjustments to executive compensation can signal strategic shifts or changes in leadership focus for iSpecimen Inc., potentially impacting its future performance and direction.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal restructuring or strategic pivots, which carry inherent risks.
Key Players & Entities
- iSpecimen Inc. (company) — Registrant
- Dr. David E. R. Gross (person) — Newly elected director
- Mr. Robert J. W. Smith (person) — Newly elected director
- Mr. Christopher J. Wild (person) — Chief Executive Officer
- Mr. Paul J. D. Smith (person) — Chief Financial Officer
- March 21, 2024 (date) — Effective date of board changes and new employment agreements
FAQ
Who were the new directors elected to iSpecimen Inc.'s Board?
Dr. David E. R. Gross and Mr. Robert J. W. Smith were elected as new directors.
When were the new employment agreements for the CEO and CFO effective?
The new employment agreements for CEO Mr. Christopher J. Wild and CFO Mr. Paul J. D. Smith were effective as of March 21, 2024.
What is the principal executive office address for iSpecimen Inc.?
The principal executive office is located at 450 Bedford Street, Suite 1010, Lexington, MA 02420.
What is the fiscal year end for iSpecimen Inc.?
iSpecimen Inc.'s fiscal year ends on December 31.
What is the SIC code for iSpecimen Inc.?
The Standard Industrial Classification (SIC) code for iSpecimen Inc. is 8731, which falls under SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH.
Filing Stats: 978 words · 4 min read · ~3 pages · Grade level 11.1 · Accepted 2024-03-26 16:10:26
Key Financial Figures
- $0.0001 — registered Common Stock, par value $0.0001 per share ISPC The Nasdaq Stock Ma
Filing Documents
- tm249793d1_8k.htm (8-K) — 29KB
- 0001104659-24-039021.txt ( ) — 199KB
- ispc-20240321.xsd (EX-101.SCH) — 3KB
- ispc-20240321_lab.xml (EX-101.LAB) — 33KB
- ispc-20240321_pre.xml (EX-101.PRE) — 22KB
- tm249793d1_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Elizabeth A. Graham to the Board of Directors As previously disclosed in the Current Report on the Form 8-K of iSpecimen Inc., a Delaware corporation (the " Company "), filed with the Securities and Exchange Commission on December 21, 2023, the Company received a letter of resignation, on December 15, 2023, from Joseph J. Basile to resign as a member of the Board of Directors of the Company (the " Board "), effective December 31, 2023. On March 21, 2024, the Board, at a Special Meeting of the Board of Directors, appointed Elizabeth A. Graham as a Class III director of the Company and a member of the nominating and corporate governance committee of the Board. Ms. Graham is filling the vacancy resulting from Mr. Basile's resignation as a Class III Director of the Company and her term of office will expire at the Company's 2024 annual meeting of stockholders, or until the election and qualification of her successor, subject to her earlier death, resignation or removal . Elizabeth A. Graham, age 54, has extensive experience in advising and investing in early-stage technology companies. Currently, she also serves on the board of MassChallenge, a global startup accelerator since September 2023 and on the advisory board of the Rappaport Institute for Greater Boston at the Harvard Kennedy School since March 2023. Previously, from December 2020 to March 2024, Ms. Graham served as the Chief Operating Officer at Indigo Ag. Inc., a sustainable agriculture technology company. From March 2022 to August 2023, Ms. Graham served as the director and the chair or member of Compensation Committee, Nominating and Governance Committee, and Audit Committee, of Starry Holdings Group, Inc., an internet service company. Prior to that, she was the president of Notarize, Inc., a remote online notarization company, from