Ispire Technology Inc. ISPR announced the closing of its initial public offering of 2.7 million shares of common stock at the initial public offering price of $7.00 per share. Gross proceeds from the offering were approximately $18.9 million, before underwriting discounts and commissions and estimated offering expenses. The common stock began trading on the NASDAQ Capital Market on April 4, 2023.
US Tiger Securities, Inc. acted as sole book-running manager for the offering. TFI Securities and Futures Limited and Prime Number Capital, LLC acted as underwriters for the offering.
In addition, 1.75 million shares of common stock may be offered by two selling stockholders pursuant to the prospectus. These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection any sales they may make. The company will not receive any proceeds from sales by the selling stockholders.
About Ispire Technology
Ispire is engaged in the R&D, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. The company has or licenses from a related party more than 200 invention/design patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the PRC and Russia) primarily through the company’s distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.
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