Ispire Technology Inc. Raises Approximately $8 Million in Private Placement of Common Stock to Support Long-Term Growth Strategy

LOS ANGELES, June 26, 2023 (GLOBE NEWSWIRE) -- 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.