Ispire Technology Inc. Raises Approximately $8 Million in Private Placement of Common Stock to Support Long-Term Growth Strategy
26 Junho 2023 - 7:43PM
Ispire Technology Inc. (“Ispire” or “the Company”) (NASDAQ: ISPR),
a leader in vapor technology, providing high-quality, innovative
products with first-class performance, announced today that it has
raised gross proceeds of approximately $8 million from the private
placement of a total of 1,117,420 shares of common stock at a
purchase price of $7.1318 per share, which was completed on June
26, 2023.
Ispire intends to use the net proceeds from the
private placement of approximately $7.5 million, after payment of
the placement agent’s compensation but before other expenses of the
offering, for working capital and general corporate purposes, which
may include, but not be limited to, the development of
manufacturing operations in Vietnam and California, research and
development activities, and marketing and promotion.
US Tiger Securities, Inc. (“US Tiger”), which
was the managing underwriter of Ispire’s April 2023 public
offering, acted as exclusive placement agent for the financing,
with TFI Securities and Futures Limited acting as a selling group
member. US Tiger gave its consent to the financing under the
provisions of the underwriting agreement that required US Tiger’s
consent to a sale of the Company’s securities during the three
months following the closing of Ispire’s initial public
offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any offer, solicitation or sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. Any offering of the securities under the
resale registration statement will only be made by means of a
prospectus.
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.
Please visit www.ispiretechnology.com and follow
us on Facebook, Twitter, Instagram, LinkedIn, Pinterest, and
YouTube. Any information contained on, or that can be accessed
through, the Company’s website, any other website or any social
media, is not a part of this press release.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that are intended to be covered by the safe
harbor created by those sections. Forward-looking statements, which
are based on certain assumptions and describe the company’s future
plans, strategies and expectations, can generally be identified by
the use of forward-looking terms such as “believe,” “expect,”
“may,” “will,” “should,” “would,” “could,” “seek,” “intend,”
“plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,”
“future,” “likely” or other comparable terms, although not all
forward-looking statements contain these identifying words. All
statements other than statements of historical facts included in
this press release regarding the company’s strategies, prospects,
financial condition, operations, costs, plans and objectives are
forward-looking statements. Important factors that could cause the
company’s actual results and financial condition to differ
materially from those indicated in the forward-looking statements.
Such forward-looking statements include, but are not limited to,
risks and uncertainties including those regarding: the Company’s
statements about the is anticipated use of the proceeds from the
financing; and the Company’s business strategies, plans and
prospects and the risk and uncertainties described in “Risk
Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” “Special Note Regarding
Forward-Looking Statements” and the additional risk described in
Ispire’s prospectus dated April 3, 2023 and in “Management’s
Discussion of Financial Condition and Results of Operations” in the
Company’s Form 10-Q quarterly report for the quarter and nine
months ended March 31, 2023. You should not rely upon
forward-looking statements as predictions of future events. The
forward-looking statements made in the prospectus relate only to
events or information as of the date on which the statements are
made in the prospectus. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events except as required by law. You should read
this press release with the understanding that our actual future
results may be materially different from what we expect.
Investor Relations
Contact:Raphael
Gross203.682.8253ir@ispiretechnology.com
Ispire Technology (NASDAQ:ISPR)
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