On April 4th, CBD manufacturer Ispire went public on the NASDAQ stock exchange in the United States, issuing 2.7 million common shares at a price of $7.00 per share.
Layn Natural Ingredients is a domestic plant extraction industry enterprise mainly engaged in the research, production, and sales of plant standardization extraction and high-purity active monomers.
Nebulization products are an important downstream application field of industrial cannabis. According to Frost Sullivan's research data, from 2018 to 2022, the global market size of electronic nebulization devices has an annual growth rate of 18.1%, and it is expected to maintain a growth rate of around 18.5% from 2022 to 2027.
Layn Natural Ingredients obtained Ispire's first public offering shares allocation with its own funds
On April 7th, Layn Natural Ingredients announced that it used its own funds of $1,499,995 to obtain an allocation of 214,285 shares of Ispire (stock abbreviation "ISPR") in its first public offering on the NASDAQ at a price of $7.00 per share. The shares offered in this IPO were listed on the NASDAQ on April 4, 2023 (local time in the United States).
It is beneficial for cooperation in the cannabis field
Layn Natural Ingredients stated that its participation in Ispire's IPO strategic placement is to promote deeper cooperation between the two parties in the industrial cannabis business, combining their respective sales channels and other resources to achieve win-win cooperation.
Ispire closed at $7.55 on the first day of its listing, an increase of 7.86%, with a market value of $400 million. As of now, the latest stock price is $7.00, and the latest market value is $368.7 million.
Also read:
[1] CBD manufacturer Ispire completes its first public offering, raising $18.9 million
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