LOS ANGELES, April 03, 2023 (GLOBE NEWSWIRE) — Ispire Technology Inc. (“Ispire” or “the Company”), a leading vapor technology company providing high-quality, innovative products with superior performance, announced today that it has offered its IPO of 2,700,000 common shares at a public price of $7.00 per share. In addition, the Company granted the underwriters a 45-day option to purchase up to 405,000 additional common shares 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 IPO is expected to close on April 6, 2023, subject to the satisfaction of customary closing conditions.
Proceeds from the offering will be used for:
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About 35% for the development of manufacturing operations in Vietnam and the United States;
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Approximately 25% for research and development activities, which includes efforts to develop new products and new vaping technologies;
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Approximately 20% for the marketing and promotion of the Company’s branded products; And
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The remainder 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 common shares may be offered by two selling shareholders pursuant to the prospectus. These shares may be sold from time to time by the selling shareholders who have not appointed an underwriter in connection with the sales they have made. The Company does not receive any proceeds from sales by the selling shareholders.
The offer is made only by means of a prospectus. Copies of the definitive prospectus relating to the offering, if available, may be obtained from the Securities and Exchange Commission (the “SEC”) at www.sec.gov or from US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor , New York, NY 10022; Email: [email protected]
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A registration statement relating to these securities being sold in the offering was filed effective by the SEC on April 3, 2023. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will any sale of these securities take place in any state or jurisdiction where such offer, solicitation or sale is pending registration or qualification under securities laws of such state or jurisdiction would be unlawful.
About Ispire Technology Inc.
Ispire is engaged in R&D, design, commercialization, sale, marketing and distribution of branded e-cigarette and cannabis vaping products. The company has more than 200 invention/design patents issued or pending worldwide or licensed from a related party. Ispire’s tobacco products are marketed under the Aspire brand name and sold worldwide (excluding the PRC and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an ODM (Original Design Manufacturer) basis to other cannabis vapor companies. Ispire currently only sells its cannabis vaping hardware in the United States and has recently begun marketing activities in Canada and Europe, primarily the European Union.
Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest and YouTube. Any information contained on or available through the Company’s website, any other website or social media does not form part of this press release or prospectus.
Forward-Looking Statements
This press release and prospectus contain forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”. “probably” or other similar expressions. The Company has based these forward-looking statements largely on its current expectations regarding future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financing needs. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include forward-looking statements, including but not limited to the risks and uncertainties described in “Special Cautionary Note Regarding Forward-Looking Statements”; “Risk Factors” and “Management’s Discussion and Analysis for Financial Condition and Results of Operations” and the documents referred to in the Prospectus with the understanding that the Company’s future results may differ materially from our expectations and may be worse. Other sections of the Prospectus contain additional factors that could adversely affect our business and financial performance. In addition, the company operates in a developing environment. New risk factors and uncertainties arise from time to time and it is not possible for our Company’s management to predict all risk factors and uncertainties, nor can the Company consider the effect of all factors on its business or the extent to which any factor, or combination of factors could cause actual results to differ materially from those contained in any forward-looking statements. The Company and the Underwriters qualify all forward-looking statements by providing these cautionary statements.
The Prospectus contains certain data and information from various governmental and private publications. The statistical data in these publications also contain projections based on a number of assumptions. The vape industry may not grow at the rate projected by the market data, or not at all. Failure of this market to grow at the projected rate could have a material and adverse effect on the Company’s business and the market price of its common stock. Additionally, the rapidly evolving nature of this industry creates significant uncertainties for any projections or estimates regarding the growth prospects or the future conditions of the market. Should one or more of the assumptions underlying the market data later turn out to be incorrect, the actual results may deviate from the forecasts based on these assumptions. You should not place undue reliance on these forward-looking statements.
You should not rely on any forward-looking statements as predictions of future events. The forward-looking statements made in the prospectus speak only to events or information as of the date on which the statements in the prospectus are made. Neither the Company nor the Underwriters undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date the statements were made or to reflect the occurrence of unanticipated events, except as required by law. You should read the Prospectus and the documents to which we refer in the Prospectus and which we have filed as annexes to the Registration Statement of which the Prospectus forms a part, fully and with the understanding that our actual future results may differ materially from ours expect.
Investor Relations contact:
Raphael Great
203.682.8253
[email protected]
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