Ispire Technology Inc (NASDAQ:ISPR) shares are trading higher Tuesday after the company said it raised roughly $8 million in a private placement of common stock.
What Happened: Ispire said its private placement of more than 1.1 million shares at a purchase price of approximately $7.13 per share generated approximately $8 million in gross proceeds.
Ispire intends to use the net proceeds of approximately $7.5 million for general corporate purposes, which may include the development of manufacturing operations in Vietnam and California, as well as research and development activities and marketing and promotion.
Ispire is engaged in design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products.
See Also: Shiny Health & Wellness FY23 Revenue Grows 43%, What About Profit?
ISPR Price Action: Ispire shares were up 9.25% at $8.50 at the time of publication, according to Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
