Ispire Technology Plunges In Pre-market; Prices 2.05 Mln Public Offering

(RTTNews) - Ispire Technology Inc. (ISPR) Friday priced the public offering of 2.05 million shares at $6 per share. The stock was down more than 25 percent in pre-market to $6.06.

Ispire develops and sells e-cigarettes and cannabis vaping products.

The company intends to use the net proceeds of $12.3 million for the establishment and operation of its manufacturing facility in Malaysia, to fund its joint venture with Touch Point Worldwide Inc.d/b/a Berify and Chemular Inc., and for other general corporate purposes.

The closing of the offering is scheduled by March 26, 2024.

Ispire shares had closed at $8.11, down 15.12 percent on Thursday. The stock has been trading in the range of $6.85 - $19.78 in the last 1 year.