LOS ANGELES — Ispire Technology Inc., a vaping technology and precision dosing company, appointed Jie “Jay” Yu Chief Financial Officer following the departure of Jim McCormick, the former Chief Financial Officer.
Ispire also announced that it reduced its workforce and ended several contractor agreements, resulting in a reduction of $3.6 million in annual payroll in May 2025. The company plans to cut up to an additional $6.6 million in operating expenses over the next three months, bringing the total estimated annual operating expenses cut to $10.2 million during the 2025 fiscal year.
Yu has served as the Company’s Vice President of Finance since June 2023 and is a seasoned accounting professional with extensive experience in public accounting and audit roles. He previously held public accounting roles at Crowe Horwath (Hong Kong) CPA. from 2009 to 2012 and DA HUA CPA from 2012 to 2016. He also served as Chief Financial Officer of MTI Environmental Group from 2016 to 2018 and Luokung Technology Corp. from 2018 to 2023. Yu holds a Bachelor of Commerce in finance and accounting, as well as a postgraduate degree, from the University of Auckland.
Michael Wang, Co-Chief Executive Officer, commented, “Jay is a well-rounded public company accountant with a strong track record of diligence and professionalism. He has excelled in his role as Vice President of Finance, building extensive credibility within the Company and thorough knowledge of its financial and corporate structures. I look forward to working with him more closely in his new role as CFO.”
Wang continued, “Our focus has been on becoming a global provider of precision dosing vaping technology while delivering value to shareholders. As such, we remain diligent in our directive to trim expenses, increase margins and bring the Company towards profitability. We believe the actions we have taken over the past few months to reduce operating expenses through headcount reduction and the transition of certain duties to Malaysia will allow us to become a more nimble company when dealing with leading global nicotine companies and will better position the Company for long-term sustainable and profitable growth.”
Yu said, “I have gained significant respect for our management team during my time with Ispire and am excited about the Company’s mission. I am honored to take on this increased role as CFO and thrilled to continue our work towards helping the Company achieve its strategic vision.”
“I would like to thank Jim on behalf of Ispire, for his hard work in his time as CFO. We are highly appreciative of his efforts and wish him all the best with his next endeavor,” Wang concluded.
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 received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand 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’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe.
