secwatch.observer — SEC 8-K summary
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Issuer:     iSpecimen Inc. (ISPC)
CIK:        0001558569
Form:       8-K
Filed at:   2024-07-03T23:59:59+00:00
Accession:  0001104659-24-077817
Event type: other_material
Sentiment:  negative
Materiality: 0.55
Item codes: 1.01, 1.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iSpecimen downsizes office footprint 74% with new Woburn lease, termination of Lexington lease
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- New 5-year lease for ~2,273 sq ft in Woburn, base rent $72,736/year ($6,061/month) starting Sept 1, 2024.
- Terminated Lexington lease (8,835 sq ft) effective Aug 31, 2024; paid $5,131.27 termination fee.
- Office space reduction of ~74% from 8,835 to 2,273 sq ft, signaling cost-cutting.
- Rent adjusts annually with CPI (Boston) up to 5% cap; security deposit of $12,122.
- One-time option to extend lease for an additional 5 years.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1558569/000110465924077817/0001104659-24-077817-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1558569/000110465924077817/tm2418868d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-077817

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