iSpecimen Inc. shareholders approved a reverse stock split authorization at a reconvened special meeting held on October 30, the company said Monday. The measure gives the board discretion to select a ratio from 1-for-10 to 1-for-100; the final ratio has not been specified.
Of the 2,518,590 common shares eligible to vote as of August 12, holders of 1,295,828 shares attended the meeting in person or by proxy, representing about 51.5% of the outstanding shares and establishing a quorum.
The proposal received 1,152,016 votes in favor and 142,944 against, with 868 abstentions. No broker non-votes were reported. Approval required more votes in favor than against, while abstentions did not affect the result. No other business was considered at the meeting.
iSpecimen is incorporated in Delaware and trades on the Nasdaq Stock Market under the ticker ISPC.
Sources: Investing.com News.