Tag: Ispire

Ispire Inks 5-Year Distributor Agreement With ANDS

Ispire Technology Inc., a company that develops and commercializes vaping technology products, announced a five-year master distributor agreement with ANDS, a Dubai-based distributor in the Middle East, North Africa (MENA) region specializing in combustion-free nicotine delivery solutions.
The partnership marks a significant step in Ispire’s global expansion strategy, enabling the company to bring its Hidden Hills Club nicotine portfolio to the MENA region and Global Duty-Free markets.
Under the agreement, Ispire and ANDS will commercialize the Hidden Hills Club brand across 20+ MENA markets, leveraging ANDS’ extensive partnerships with major duty-free operators, providing access to more than 45 airports, cruise ships, airlines and diplomatic facilities, according to an emailed press release.
“This collaboration is a pivotal moment for Ispire as we continue to expand our global footprint at a time when consumers are looking for harm-reduced products to transition away from combustible cigarettes,” said Michael Wang, Co-Chief Executive Officer of Ispire Technology. “By partnering with ANDS, we gain access to one of the fastest-growing regions in the world, where smoking rates remain high, but there is a significant demand for harm-reduced products.
“With ANDS’ robust regulatory, legal, compliance, brand building, sales and distribution expertise as well as local market insights, we are well-positioned to bring the Hidden Hills Club nicotine portfolio to new markets, offering consumers innovative, harm-reduction alternatives to combustible cigarettes.”
The MENA region is one of the fastest-growing markets for alternative nicotine products, where harm reduction is becoming increasingly important, the release states. Through the partnership, Ispire and ANDS will offer a comprehensive range of products, including vape devices and nicotine pouches, tailored to meet local demand and preferences.
“We are thrilled to collaborate with Ispire to bring the Hidden Hills Club nicotine products and their marketing power to the MENA region and Global Duty-Free markets,” said ANDS Co-Founder and CEO Fadi Maayta. “With Ispire’s cutting-edge products and our extensive reach and expertise, we are confident that this partnership will provide consumers with innovative nicotine delivery solutions that will bring potentially reduced-risk products to adult smokers. Together, we aim to meet the evolving needs of consumers in the region while ensuring compliance with local laws and regulations.”
October 7, 2024
Ispire Launches New Vape Filling Machine

Image: Luluraschi
Ispire Technology is launching a new vapor device filling machine. Scheduled to be unveiled at the Benzinga Cannabis Capital Conference in Chicago Oct. 8–9, the I-80 can fill and seal 4,000 0.5 mL vapor devices per hour.
According to Ispire, the machine is 10 times faster than traditional manual methods and twice as fast as current automated systems. It is also cost-effective, saving $1,000 for every 10,000 units produced, the manufacturer wrote in a press release.
Ispire says its self-sealing devices remove the need for separate capping, boosting overall workflow efficiency by 1,000 percent over manual methods and 100 percent over other automated systems.
“The I-80 isn’t just a machine; it’s a game-changing solution to the capacity challenges that have hindered cannabis operators for years,” said Ispire Co-CEO Michael Wang.
“We’re not just improving productivity—we’re leading a paradigm shift in cannabis production efficiency. This innovation aligns with our mission to push the boundaries of technology for the benefit of our customers and the adult consumers they serve.”
October 3, 2024
Ispire Technology Banks $24 Million in 3Q 2023
Ispire Technology Inc. released its financial results for the third quarter of the fiscal year 2023 ended March 31. The China-based company reported revenue of $24.1 million, an increase of 26.9 percent compared to $19.0 million in Q3 2022.
Q3 FY 2023 Financial Highlights

Regarding its revenue increase to $24.1 million, tobacco vaping products contributed $16.5 million and cannabis vaping products contributed $7.6 million to revenue during the third quarter of 2023;
Gross profit increased 51.9% to $4.5 million as compared to $3.0 million in the same period of 2022;
Gross margin increased to 18.7% as compared to 15.7% in the same period of 2022.
Total operating expenses increased 106.2% to $8.0 million as compared to $3.9 million in the same period of 2022; and
Net loss of $3.1 million as compared to net loss of $1.0 million in the same period of 2022.
“We are very pleased with our financial results during our third quarter. Revenue growth was a robust 26.9 percent while gross profit grew 51.9 percent due to a favorable product mix and the realization of economies of scale on higher sales volume,” said Michael Wang, Ispire CFO. “We look forward to a strong finish to the fiscal year with a projected sequential revenue increase for cannabis vaping products of between 58% and 98% during our fourth quarter.”
Liquidity and capital resources: As of March 31, 2023, Ispire had $24.0 million in cash and cash equivalents and $5.2 million in working capital, according to a press release.
Initial public offering: In April 2023, Ispire completed its initial public offering, selling 3.1 million shares of common stock at $7.00 per share, including the overallotment option.
The stock began trading on NASDAQ on April 4, 2023. The offering generated gross proceeds of approximately $21.7 million, with net proceeds of $18.5 million after deducting expenses and underwriting discounts.
May 22, 2023
Price set at $7 per Share for Ispire Technology IPO
Credit: IQoncept
Ispire Technology Inc. announced that it has priced its initial public offering of 2,700,000 shares of its common stock offered at a price to the public of $7.00 per share.
In addition, the company also granted the Underwriters a 45-day option to purchase up to an additional 405,000 shares of common stock to cover over-allotments, according to a press release.
The shares began trading on the NASDAQ Capital Market on April 4, under the ticker symbol “ISPR.”
The initial public offering is expected to close on April 6, 2023, subject to the satisfaction of customary closing conditions.
Proceeds from the offering will be used for:
Approximately 35 percent to develop manufacturing operations in Vietnam and the United States;
Approximately 25 percent for research and development activities, which include efforts to develop new products and new vaping technology;
Approximately 20 percent for the marketing and promotion of the Company’s branded products; and
The balance of approximately 20 percent for general administration and working capital.
US Tiger Securities, Inc. is acting as sole book-running manager for the offering. TFI Securities and Futures Limited and Prime Number Capital, LLC are acting as underwriters for the offering.
In addition, 1,750,000 shares of common stock may be offered by two selling stockholders pursuant to the prospectus.
These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection any sales they may make. The company will not receive any proceeds from sales by the selling stockholders.
Last year, Shenzhen-based Aspire Global, parent to Ispire, applied to U.S. regulators to withdraw its New York Stock Exchange (NYSE) listing application.
April 5, 2023
Aspire Global Withdraws NYSE Listing Application
Shenzhen-based Aspire Global has applied to U.S. regulators to withdraw its New York Stock Exchange (NYSE) listing application. The move comes as Beijing clamps down on the growth of vaping companies, mandating pre-approval for IPOs and restricting foreign investment.
The company filed a withdrawal request to the Securities and Exchange Commission on Monday, without providing a reason for the decision in its filing, according to the South China Morning Post. It had originally planned to sell 15 million shares at $7 to $9 each, and had applied to trade on the Nasdaq exchange under the ticker “ASPG.”
Aspire kicked off its Nasdaq listing application last June, and updated its draft prospectus in January this year. The company was expected to raise $135 million. Its withdrawal comes as recent rules introduced in China make expansion and distribution more challenging for e-cigarette manufacturers.
Other rules introduced last month include a ban on foreign investors in a sector that once attracted venture capital giants such as Sequoia Capital and IDG. Manufacturers and retailers must also get a license before they can produce and market their products. The government banned online advertising in late 2019, and sales in shops are restricted.
Over half of Aspire Global’s sales in 2021 were generated from Europe, with China and the U.S. accounting for 18.5 percent and 10 percent respectively, according to the company’s draft prospectus. In the U.S., Aspire has been marketing its cannabis vaping product, Ispire, since late 2020. “Our strategy is … directed at increasing our e-cigarette vaporizer technology products and developing our cannabis vaporizer technology products,” the company stated in its draft prospectus.
May 10, 2022
Aspire Introduces Ispire Brand for Cannabis Vaping

Credit: Ispire
Aspire officially announced the launch of its flagship cannabis brand, Ispire. Ispire offers a full range of vaping devices available exclusively through OEM and ODM strategic partnerships, according to a press release.
Ispire’s main product line, Ducore, features a patented dual ceramic coil delivery system with adjustable airflow along with several other innovative technologies. “These technological advances will reshape the way the user experiences cannabis,” the release states. “Innovations in how a consumer interacts with cannabis has been limited in recent years, and we are leading the industry innovative products that allow consumers to control their own experiences and enjoy their cannabis to the full extent.”
The cannabis industry has historically provided consumers with limited options concerning vaping hardware. All hardware on the market is similar in nature, according to the release. “They all have limitations on the amount of airflow and temperature control,” said Aspire North America CEO Michael Wang. “We created the world’s first dual coil technology, so our products provide the maximum amount of smoke, allowing customers to adjust the air flow to find the air stream that best suits their taste, ensuring a smoother, better taste, that does not burn the throat.”
July 28, 2020