Ispire Technology Completes IPO, Raises $18.9 Million
On April 6th, CBD manufacturer Ispire Technology Inc. (NASDAQ: ISPR) announced the completion of its initial public offering (IPO), issuing 2.7 million common shares at a price of $7.00 per share. The total amount raised from the offering was approximately $18.9 million (approximately RMB 130 million), not including underwriting discounts and commissions and estimated offering expenses.
This common stock began trading on the Nasdaq Capital Market on April 4. Additionally, two selling shareholders are able to offer 1.75 million shares of common stock according to the prospectus.
According to previous reports, the funds raised from this issuance will be used for:
Approximately 35% of the budget is allocated towards expanding manufacturing operations in Vietnam and the United States. Around 25% is dedicated to research and development activities, including the creation of new products and e-cigarette technologies. Approximately 20% is allocated towards marketing and promoting the company's branded products. The remaining 20% is set aside for general administrative and operational expenses.
Related Reading:
CBD manufacturer Ispire announces IPO pricing at $7 per share, issuing 2.7 million shares.
Reference:
Ispire Technology Inc. has announced the completion of its initial public offering.
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