Ispire Technology Inc. (ISPR) announced that it has priced its initial public offering of 2,700,000 shares of its common stock offered at a price to the public of $7.00 per share. In addition, the Company also granted the Underwriters a 45-day option to purchase up to an additional 405,000 shares of common stock to cover over-allotments.
The shares are expected to begin trading on the NASDAQ Capital Market on April 4, 2023, under the ticker symbol “ISPR”. The initial public offering is expected to close on April 6, 2023, subject to the satisfaction of customary closing conditions.
Proceeds from the Offering will be used for:
- Approximately 35% to develop manufacturing operations in Vietnam and the United States;
- Approximately 25% for research and development activities, which include efforts to develop new products and new vaping technology;
- Approximately 20% for the marketing and promotion of the Company’s branded products; and
- The balance of approximately 20% for general administration and working capital.
US Tiger Securities, Inc. is acting as sole book-running manager for the Offering. TFI Securities and Futures Limited and Prime Number Capital, LLC are acting as underwriters for the offering.
In addition, 1,750,000 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.
spire 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 our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) 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.