LOS ANGELES — Ispire Technology Inc., which develops vaping technology and precision dosing, will repurchase up to $10 million of its common stock over the next 24 months, with authorization from its board of directors.
“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. 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.
