Vape technology company Ispire Technology said it has closed its initial public offering (IPO) for gross proceeds of $18.9 million.
The company, which is engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products, said it issued 2.7 million shares of its stock at a price of $7 per share.
The company’s shares began trading on the Nasdaq Capital Market on April 4, 2023.
US Tiger Securities Inc acted as the sole book-running manager for the offering, and TFI Securities and Futures Limited and Prime Number Capital LLC acted as underwriters for the offering.
Ispire said that, in addition,1,750,000 shares may be offered by two selling stockholders pursuant to the prospectus.
These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection to any sales they may make. Ispire noted that it will not receive any proceeds from sales by the selling stockholders.
Ispire’s shares were trading up 0.9% at $7.07 on Thursday.
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