Ispire Technology rates IPO at $7/share By Investing.com

©Reuters. Ispire Technology (ISPR) rates IPO at $7/share

Ispire Technology Inc. (ISPR) announced that it has offered its initial public offering 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:

• About 35% for the development of manufacturing operations in Vietnam and the United States;
• Approximately 25% for research and development activities, which includes efforts to develop new products and new vaping technologies;
• Approximately 20% for the marketing and promotion of the Company’s branded products; And
• 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.

spire is engaged in research and development, design, commercialization, sale, marketing and distribution of branded e-cigarettes 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.