Form 8-K - Current report
February 01 2024 - 6:07AM
Edgar (US Regulatory)
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0001948455
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2024-01-31
2024-01-31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 31, 2024
Ispire Technology Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-41680 |
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93-1869878 |
(State or other jurisdiction of
incorporation or organization) |
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(Commission file number) |
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(IRS Employer
Identification No.) |
19700 Magellan Drive
Los Angeles, CA 90502
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code: (310) 742-9975
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
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ISPR |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01. Other Events.
On
January 31, 2024, Ispire Technology, Inc. (the “Company”) entered into a Letter of Intent and Term Sheet (the “Term
Sheet”) with Touch Point Worldwide Inc. d/b/a Berify (“Berify,” and together with the Company, the “Parties”),
a technology company specializing in linking physical products to the digital world, digital engagement, and brand protection. Under the
terms of the Term Sheet, the Parties intend to create a new joint venture that is a Delaware limited liability company (the “NewCo”)
that will be 50% owned by the Company and 50% owned by Berify. Ispire’s contribution to NewCo will be up to $10 million in funding
to support research and development, submission by NewCo of premarket tobacco product applications
to the U.S. Food and Drug Administration and software development. The Company expects that other parties, including strategic and financial
partners, will participate in the joint venture and become shareholders of NewCo in the future. The Term Sheet also summarizes the terms
of certain other commercial agreements to be entered into among the Parties and NewCo with respect to the development, production and
exploitation of the assets and the operation of the NewCo business (the “Definitive Documents”).
Berify has agreed to enter into a period of exclusivity
from the date of Term Sheet until the Drop Dead Date (as defined below) (the “Exclusivity Period”) with respect to its intellectual
property related to any product, and any packaging for any product, intended to be used to inhale, vaporize, aerosolize, or heat nicotine
and/or tobacco, including any nicotine derivative or analog using its product verification system, method of using blockchain technologies
to authenticate products, connected device platform (e.g., the app and dashboard and associated intellectual property) and smart chips
or tags (or technology having similar function) (the “Berify Licensed Assets”). During this Exclusivity Period Berify has
agreed not to engage in any discussions or negotiations related to the acquisition or license of any Berify Licensed Assets, except as
approved by the Company in advance. Upon execution of the Definitive Documents, the Company has agreed to issue Berify warrants to purchase
111,111 shares of the Company’s common stock at an exercise price of $9.00 per share.
The Term Sheet requires the Parties to negotiate
in good faith to execute the Definitive Documents in accordance with the terms contained in the Term Sheet. The execution of the Definitive
Documents is subject to a number of contingencies, including the completion of customary due diligence by the Parties, negotiation of
the Definitive Documents, approval of the Parties’ respective boards of directors, and the satisfaction of other customary conditions
to closing, including without limitation, the receipt of any necessary government and third-party approvals. There can be no assurance
that the Definitive Documents will be executed on the terms contemplated in the Term Sheet or otherwise. If the Definitive Documents have
not been executed by April 1, 2024 (the “Drop Dead Date”), the Term Sheet shall be considered void, and the Parties shall
each be released of their obligations contained therein. The Parties may extend the Drop Dead Date at any time by mutual agreement in
writing.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Ispire Technology Inc. |
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By: |
/s/ Michael Wang |
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Name: |
Michael Wang |
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Title: |
Co-Chief Executive Officer |
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Dated: February 1, 2024 |
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