Ispire Technology: IPO

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Ispire first downsized its proposed IPO by 50% to $21Mn (3Mn shares x $7/share) in late-March. It further reduced its offering by 0.3Mn shares and went public on April 4, 2023 under the ticker ISPR1

– $19Mn raised by offering 2.7Mn shares at $7

– First day of trading: $7.01 day low, $9.38 day high

Proceeds from the IPO will be used for:

– manufacturing operations development in Vietnam and California, USA (35%)

– R&D, which include efforts to develop new products and vaping technology (25%)

– marketing and promotion (20%)

– G&A and working capital (20%).

Ispire sells (Aspire) branded nicotine and cannabis vape devices worldwide (ex-China and Russia)2. It ceased marketing nicotine vapes in the US, stating the high marketing and regulatory costs.


References:

  1. https://www.globenewswire.com/news-release/2023/04/04/2640230/0/en/Ispire-Technology-Inc-Announces-Pricing-of-Initial-Public-Offering.html ↩︎
  2. https://ispiretechnology.com ↩︎

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