LOS
ANGELES, Jan. 22, 2025 /PRNewswire/ -- Ispire
Technology Inc. ("Ispire" or the "Company") (NASDAQ:
ISPR), an innovator in vaping technology and precision dosing,
today announced that its Board of Directors has approved a
stock repurchase program authorizing Ispire to repurchase up
to $10 million of its common stock over the next 24
months.
"Our share repurchase authorization reflects the confidence we
have in the growth of our overall business as well as the
development of the strategic investments we have made to position
the Company for future success," said Michael Wang, Co-Chief Executive Officer. "The
progress we have made in expanding our margins is allowing us to
begin returning capital to shareholders. Given the current capital
markets environment, we believe starting our share repurchase
program now is an excellent opportunity to buy our common stock at
a significant discount to their intrinsic value and represents an
attractive investment to potential shareholders."
Under the share repurchase program, the Company may repurchase
shares of its common stock from time to time in open market
transactions and may also repurchase shares in accelerated share
buyback programs, tender offers, privately negotiated transactions
or by other means. Repurchases may also be made under a Rule 10b5-1
trading plan. The timing and amount of repurchase transactions will
be determined by the Company's board of directors, based on its
evaluation of market conditions, share price, legal requirements
and other factors. The program does not have a set expiration date
and may be suspended, modified or discontinued at any time without
prior notice.
About Ispire Technology Inc.
Ispire is engaged in the research and development, design,
commercialization, sales, marketing and distribution of branded
e-cigarettes and cannabis vaping products. The Company's operating
subsidiaries own or license more than 400 patents worldwide.
Ispire's branded e-cigarette products are marketed under the Aspire
name and are sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global
distribution network. The Company also engages in original design
manufacture (ODM) relationships with e-cigarette brands and
retailers worldwide. The Company's cannabis products are marketed
under the Ispire brand name primarily on an ODM basis to other
cannabis vapor companies. Ispire sells its cannabis vaping hardware
in the US, Europe and South Africa and it recently commenced
marketing activities and customer engagement in Canada and Latin
America. For more information, visit
www.ispiretechnology.com or follow Ispire on Instagram,
LinkedIn, Twitter and YouTube.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended ("Securities Act") as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, as amended, that are intended to be
covered by the safe harbor created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "would," "could," "seek," "intend," "plan," "goal,"
"project," "estimate," "anticipate," "strategy," "future," "likely"
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the Company's strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Important factors that could cause the Company's actual
results and financial condition to differ materially from those
indicated in the forward-looking statements. Such forward-looking
statements include, but are not limited to, risks and uncertainties
including those regarding: the Company's ability to collect its
accounts receivable in a timely manner, the Company's business
strategies, the ability of the Company to market to the Ispire
ONE™, Ispire ONE's success if meeting its goals, the ability of its
customers to derive the anticipated benefits of the Ispire ONE™ and
the success of their products on the markets; the Ispire ONE™
proving to be safe, and the risk and uncertainties described in
"Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Cautionary Note on
Forward-Looking Statements" and the additional risk described in
Ispire's Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which
Ispire makes with the U.S. Securities and Exchange Commission. You
should not rely upon forward-looking statements as predictions of
future events. The forward-looking statements made in the press
release relate only to events or information as of the date on
which the statements are made in the press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statements are made or to reflect the
occurrence of unanticipated events except as required by law. You
should read this press release with the understanding that our
actual future results may be materially different from what we
expect.
IR Contacts:
For more information, kindly contact:
Investor Relations
Sherry Zheng
718.213.7386
ir@ispiretechnology.com
KCSA Strategic Communications
Phil Carlson
212.896.1233
ispire@kcsa.com
PR Contact:
Ellen Mellody
570.209.2947
ispire@kcsa.com
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SOURCE Ispire Technology Inc.
