Ispire Technology (NASDAQ:ISPR)

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Ispire Technology (NASDAQ:ISPR)

Post by Getispire » Wed Apr 05, 2023 8:39 am

Vape products vendor Ispire sees stock jump as high as 34% after $19M IPO

Vape products vendor Ispire Technology (NASDAQ:ISPR) stock shot up as high as 34% following its downsized $19M initial public offering on Tuesday before falling to hover just above its offering price.

Shares of Ispire opened at $8.53, later reaching a high of $9.38 at approximately 11:10 a.m. ET. The stock then tumbled, recently changing hands at $7.20 at around 11:50 a.m. ET, up 3% from its IPO price of $7 per share.

The company offered 2.7M shares to raise $19M. Underwriters were granted a 45-day option to buy up to 405K additional shares to cover over-allotments. US Tiger Securities is serving as sole bookrunner.

Two selling shareholders may be offering up to 1.75M additional shares, the company said.

Ispire had first filed to raise $42M. The company downsized the proposed deal to $21M in late March.

Based in Los Angeles with significant operations in Hong Kong, Inspire is a developer and marketer of branded e-cigarettes and cannabis vaping products. The company markets its cannabis vaping products in the US, Canada and Europe. It ceased selling tobacco vaping products in the US in 2020, but still offers them in Europe and Asia.

About Ispire Technology Inc.

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 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.

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