---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-102855"
form_type: "8-K"
ticker: "ISPC"
cik: "0001558569"
company_name: "iSpecimen Inc."
filed_at: "2024-09-25T23:59:59+00:00"
generated_at: "2026-05-31T01:47:59.662139+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# iSpecimen closes $1M note at 18% interest; lender secures three board seats

## Summary
- Issued $1M senior note with 18% annual interest, maturing in 12 months; net proceeds $960,000 after $40,000 placement fee.
- Three directors (Gullans, Mock, Graham) resigned; lender-designated directors Paolone, Dhaliwal, Field appointed effective Sept 25, 2024.
- Additional $1M revolving credit line available upon filing of a registration statement for a $5M+ public offering.
- New chairperson Katie Field; Paolone and Dhaliwal also join board committees.

## SEC filing metadata
- accession: 0001104659-24-102855
- form_type: 8-K
- ticker: ISPC
- cik: 0001558569
- company_name: iSpecimen Inc.
- filed_at: 2024-09-25T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/tm2424693d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-102855
- JSON: https://secwatch.observer/filing/0001104659-24-102855.json
- Plain text: https://secwatch.observer/filing/0001104659-24-102855.txt

## Key facts
- Executive change
  Steven Gullans resigned as Director at iSpecimen Inc..
  - Action: resigned
  - Role: Director
  source text: The Company received letters of resignation from each of Steven Gullans and Theresa Mock, each as a member of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm
- Executive change
  Katherine (Katie) Field was appointed as Chairperson at iSpecimen Inc..
  - Action: appointed
  - Role: Chairperson
  source text: effective upon Closing on September 25, 2024, Richard Paolone, Avtar Dhaliwal and Katherine (Katie) Field were each appointed to serve on the Board as a Class I director, a Class II director and a Class III director of the Company, respectively, with Ms. Field appointed as the chairperson of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm
- Executive change
  Elizabeth A. Graham resigned as Director at iSpecimen Inc..
  - Action: resigned
  - Role: Director
  source text: Elizabeth A. Graham, as a member and the chairperson of the Board, effective upon Closing
  evidence_url: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm
- Executive change
  Theresa Mock resigned as Director at iSpecimen Inc..
  - Action: resigned
  - Role: Director
  source text: The Company received letters of resignation from each of Steven Gullans and Theresa Mock, each as a member of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm
- Executive change
  Avtar Dhaliwal was appointed as Director at iSpecimen Inc..
  - Action: appointed
  - Role: Director
  source text: effective upon Closing on September 25, 2024, Richard Paolone, Avtar Dhaliwal and Katherine (Katie) Field were each appointed to serve on the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm
- Executive change
  Richard Paolone was appointed as Director at iSpecimen Inc..
  - Action: appointed
  - Role: Director
  source text: effective upon Closing on September 25, 2024, Richard Paolone, Avtar Dhaliwal and Katherine (Katie) Field were each appointed to serve on the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1558569/000110465924102855/0001104659-24-102855-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.