iSpecimen Inc. Files 8-K: Material Agreements Entered and Terminated

TL;DR

iSpecimen Inc. signed and terminated key deals on June 28th. Big changes ahead?

AI Summary

On June 28, 2024, iSpecimen Inc. entered into a Material Definitive Agreement and also terminated a Material Definitive Agreement. The company, incorporated in Delaware with its principal executive offices in Lexington, MA, filed this 8-K report on July 3, 2024, detailing these significant events.

Why It Matters

This filing indicates significant changes in iSpecimen Inc.'s contractual relationships, which could impact its operations, partnerships, and financial standing.

Risk Assessment

Risk Level: medium — The termination of a material definitive agreement suggests potential disruption or a shift in business strategy that could carry financial or operational risks.

Key Players & Entities

• iSpecimen Inc. (company) — Registrant
• June 28, 2024 (date) — Date of earliest event reported
• July 3, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• Lexington, MA (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — registered Common Stock, par value $0.0001 per share ISPC The Nasdaq Stock Ma
• $72,736 — ng on August 30, 2025. The base rent is $72,736 per year (or $6,061.33 per month), subj
• $6,061.33 — . The base rent is $72,736 per year (or $6,061.33 per month), subject to adjustment in pr
• $12,122 — urn Landlord with a security deposit of $12,122.00, upon execution of the Woburn Lease,
• $5,131.27 — ed termination payment in the amount of $5,131.27. Pursuant to the Lexington Lease, the C

Filing Documents

• tm2418868d1_8k.htm (8-K) — 31KB
• tm2418868d1_ex10-1.htm (EX-10.1) — 81KB
• tm2418868d1_ex10-2.htm (EX-10.2) — 5KB
• tm2418868d1_ex10-2img001.jpg (GRAPHIC) — 11KB
• 0001104659-24-077817.txt ( ) — 332KB
• ispc-20240628.xsd (EX-101.SCH) — 3KB
• ispc-20240628_lab.xml (EX-101.LAB) — 33KB
• ispc-20240628_pre.xml (EX-101.PRE) — 22KB
• tm2418868d1_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On July 2, 2024, iSpecimen Inc., a Delaware corporation (the "Company"), entered into a commercial lease (the "Woburn Lease") with Cummings Properties, LLC (the "Landlord") for an office space of approximately 2,273 square feet at 8 Cabot Road, Suite 1800, Woburn, MA 01801 (the "Woburn Premises") for a term of five years, commencing on September 1, 2024, and terminating on August 30, 2025. The base rent is $72,736 per year (or $6,061.33 per month), subject to adjustment in proportion to any increase in the U.S. Bureau of Labor Statistics each calendar year with a cap of five percent per adjustment. The Woburn Lease also requires the Company to pay, as additional rent, its portion of increases in real estate taxes for the building in which the Woburn Premises is located, as provided under the terms of the Woburn Lease. The Company is also responsible for the payment of its use of all utilities at the Woburn Premises. The Company provided the Woburn Landlord with a security deposit of $12,122.00, upon execution of the Woburn Lease, which will be refunded to the Company, without interest, at the end of term of the Woburn Lease, Company has a one-time option to extend the term of the Woburn Lease for one additional term of five years, provided that the Company is not in arrears in any payment of rent, the payment of any outstanding invoice, or otherwise in default. Pursuant to the Woburn Lease in the event of (a) any assignment for the benefit of creditors, trust mortgage, receivership, or other insolvency process made or instituted with respect to the Company or the Company's property, or (b) any default in the observance or performance of any term of the Woburn Lease that is not corrected within 15 days after written notice to the Company, the Woburn Landlord shall have the right thereafter,

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. As previously disclosed, the Company has occupied approximately 8,835 square feet of office space at 450 Bedford Street, Suite 1010, Lexington, MA 02420 under a lease, as amended, that expires on February 28, 2025 (the "Lexington Lease") with an early termination option provided that a notice of termination is provided to the landlord, Bedford Street LLC (the "Lexington Landlord"), by June 30, 2024. On June 28, 2024, the Company sent a notice to the Lexington Landlord (the "Lexington Lease Termination Notice") to terminate the Lexington Lease on August 31, 2024, and made to the Lexington Landlord the estimated termination payment in the amount of $5,131.27. Pursuant to the Lexington Lease, the Company and the Lexington Landlord shall be released from further liability as long as the Company adheres to the termination requirements stipulated in the Lexington Lease, including making the payment that is due with the termination notice. The foregoing description of the material terms of the Lexington Lease Termination Notice is qualified in its entirety by reference to the full text of the Lexington Lease Termination Notice, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Commercial Lease, dated July 2, 2024, between the Company and Cummings Properties, LLC 10.2 Notice of Lease Termination, dated June 28, 2024 104 Cover Page Interactive Data File (embedded within the XBRL document)

SIGNATURES

SIGNATURES 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: July 3, 2024 iSPECIMEN INC. By: /s/ Tracy Curley Name: Tracy Curley Title: Chief Executive Officer

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View this 8-K filing on SEC EDGAR