Marijuana Vape-Tech Company Doing Business With Celebs Announces $12.3M Public Share Offering
Portfolio Pulse from Jelena Martinovic
Ispire Technology Inc. (NASDAQ:ISPR), a company specializing in e-cigarettes and cannabis vaping products, announced a public offering of 2.05 million shares at $6 each, aiming to raise $12.3 million. The funds are intended for the establishment of a manufacturing facility in Malaysia, funding a joint venture, and general corporate purposes. The company's cannabis business has shown significant growth, with a 30.7% increase in revenue year-over-year. Ispire has partnerships with celebrities like Snoop Dogg and Burna Boy for product endorsements. Following the announcement, ISPR shares dropped 27.91% to $5.85. Hempacco Co., Inc. (NASDAQ:HPCO) also has a distribution agreement with Ispire's subsidiary.
March 22, 2024 | 4:23 pm
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Ispire Technology announced a $12.3 million public share offering and has shown significant growth in its cannabis business. However, shares fell 27.91% following the announcement.
The public offering is a significant financial move for Ispire, indicating expansion and growth, especially in the cannabis sector. However, the immediate negative reaction in stock price suggests market concerns over dilution or the valuation of the offering.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Hempacco Co., Inc. has a distribution agreement with Ispire's subsidiary for cannabinoid and nicotine vapor products, which could benefit from Ispire's growth and celebrity partnerships.
Hempacco's agreement with Ispire for the distribution of cannabinoid and nicotine vapor products positions it to potentially benefit from Ispire's growth, especially given Ispire's recent revenue increases and celebrity endorsements.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70