Ispire Announces IPO Pricing at $7 Per Share, Trading Begins April 4

Today’s news, April 4: U.S. vaping company Ispire Technology Inc. announced today that it has priced its initial public offering of 2,700,000 shares of common stock at $7.00 per share. In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 405,000 shares of common stock to cover over-allotments.

The stock is 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 customary closing conditions.

The offering proceeds will be used for:

Approximately 35% to expand manufacturing operations in Vietnam and the United States;

Approximately 25% for research and development activities, including the development of new products and new e-cigarette technologies;

Approximately 20% for the marketing and promotion of the company’s branded products;

And the remaining approximately 20% for general administrative purposes and working capital.

US Tiger Securities, Inc. is acting as the 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, according to the prospectus, two selling shareholders may offer 1,750,000 shares of common stock. The selling shareholders may sell these shares from time to time, and they have not engaged any underwriters for any such sales they may undertake. The company will not receive any proceeds from sales by the selling shareholders.

This offering is being made only by means of a prospectus.

The U.S. Securities and Exchange Commission declared effective on April 3, 2023, the registration statement relating to these securities being sold in the initial public offering. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.