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iSpecimen Inc. (NASDAQ:ISPC), a micro-cap company with a market capitalization of $2.27 million, reported changes to its board of directors last week, according to a press release statement filed with the Securities and Exchange Commission. The company’s stock has faced significant challenges, declining 87% over the past year, though InvestingPro analysis suggests it may be undervalued at current levels.
On June 18, Richard J. Paolone and John L. Brooks III resigned from the board, effective immediately. Mr. Paolone had served as a director since September 2024 and as chairman since February 2025. Mr. Brooks had been a director since June 2021. The company stated that, to its knowledge, neither resignation involved a disagreement with the company, its management, or the board regarding company operations, policies, or practices. These changes come at a challenging time for iSpecimen, with InvestingPro data showing the company faces significant financial headwinds, including negative EBITDA of -$11.11 million and rapidly diminishing cash reserves.
On June 20, the board appointed Anthony Lau as a director to fill one of the resulting vacancies. Mr. Lau was also named to the audit, compensation, and nominating and corporate governance committees. He will serve as chair of the audit committee. Mr. Lau is currently chief executive officer, chief financial officer, and a director at Remington Resources, Inc., a Canadian public company listed on the Canadian Securities Exchange. He has held leadership roles in corporate governance and financial reporting and has engineering experience in the oil and gas sector in British Columbia.
The company reported that there are no arrangements or understandings between Mr. Lau and any other person related to his selection as director. Mr. Lau has no family relationships with any director or executive officer of iSpecimen and no transactions requiring disclosure under SEC rules.
Following these changes, the audit committee consists of Mr. Lau (chair), Mr. Dhaliwal, and Ms. Yang. The compensation committee is now composed of Mr. Lau, Ms. Yang (chair), and Mr. Dhaliwal. The nominating and corporate governance committee includes Mr. Dhaliwal (chair), Ms. Yang, and Mr. Lau. The board determined that Mr. Dhaliwal, Mr. Lau, and Ms. Yang qualify as independent directors. For investors seeking deeper insights into iSpecimen’s governance and financial health, InvestingPro offers comprehensive analysis through its Pro Research Report, which is part of its coverage of over 1,400 US stocks.
The board is continuing to evaluate committee composition and director succession planning. All information is based on a press release statement and SEC filing.
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