LOS
ANGELES, March 22, 2024 /PRNewswire/
-- Ispire Technology
Inc. ("Ispire" or the "Company") (NASDAQ: ISPR), a leader in the research and
development, design, commercialization, sales, marketing and
distribution of branded e-cigarettes and cannabis vaping products,
today announced the pricing of a public offering of 2,050,000 shares of common stock at a price
of $6.00 per share for gross proceeds
of $12,300,000, prior to deducting
the placement agent fees and expected offering expenses payable by
the Company. The closing of the offering is expected to take place
on or about March 26, 2024, subject
to the satisfaction or waiver of customary closing conditions.
Roth Capital Partners acted as the lead placement agent for the
offering. TFI Securities and Futures Limited acted as
co-placement agent for the offering.
The Company intends to use the net proceeds of the offering in
connection with the establishment and operation of its
manufacturing facility in Malaysia, the funding of its joint venture
with Touch Point Worldwide Inc. d/b/a Berify and Chemular Inc. if
the definitive documentation contemplated by the previously
announced amended term sheet and letter of intent is executed
before the related drop dead date, and for working capital and
general corporate purposes, including research and development.
The shares described above were offered pursuant to a
registration statement on Form S-1 (File No. 333-276804), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on March 21, 2024.
A final prospectus relating to the offering will be filed by the
Company with the SEC. When available, copies of the final
prospectus can be obtained at the SEC's website at www.sec.gov or
from Roth Capital Partners, LLC , 888 San Clemente Drive,
Suite 400, Newport Beach, CA
92660, (800) 678-9147.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor will there be any sales 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 such state or jurisdiction.
About Ispire Technology Inc.
Ispire is engaged in the research and development, design,
commercialization, sales, marketing, and distribution of branded
e-cigarettes and cannabis vaping products. The Company's operating
subsidiaries own or license more than 200 patents received or filed
globally. Ispire's tobacco products are marketed under the Aspire
brand name and are sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global
distribution network. The Company's cannabis products are marketed
under the Ispire brand name primarily on an original design
manufacturer (ODM) basis to other cannabis vapor companies. Ispire
sells its cannabis vaping hardware only in the U.S., and it
recently commenced its marketing activities in Canada and
Europe. For more information,
visit www.ispiretechnology.com or follow Ispire on
Instagram, LinkedIn, Facebook, Twitter and YouTube.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended ("Securities Act") as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, 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 expected closing date of the public offering and 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 are
subject to risk and uncertainties, including, but not limited to,
market conditions, the ability of the Company to satisfy the
conditions to the closing of the offering, and those described in
"Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Cautionary Note on
Forward-Looking Statements" in the Registration Statement on Form
S-1, as amended, initially filed with the SEC (Reg. No. 333-276804)
on February 1, 2024 and any
subsequent filings which Ispire makes with the U.S. Securities and
Exchange Commission. You should not rely upon forward-looking
statements as predictions of future events. The forward-looking
statements made in the press release relate only to events or
information as of the date on which the statements are made in the
press release. 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.
Contact:
For more information, kindly contact:
Investor Relations
Sherry Zheng
718.213.7386
ir@ispiretechnology.com
Ellen Mellody
570-209-2947
EMellody@kcsa.com
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SOURCE Ispire Technology Inc.