India, March 22 -- 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.
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