Ispire Technology Inc. Authorizes $10 Million Share Repurchase Program

Ispire Technology Inc. (NASDAQ: ISPR) recently announced that its Board of Directors has approved a share repurchase program with a value of up to $10 million. The program is set to last for a period of 24 months, during which the company plans to repurchase part of its outstanding common stock.

The Repurchase Program, as approved on January 20, 2025, will involve various strategies including open market purchases, privately negotiated transactions, block purchases, or other methods in adherence to federal securities laws, particularly Rule 10b-18 of the Securities Exchange Act of 1934.

Additionally, the Board has granted approval for the company to establish written trading plans under Rule 10b5-1 of the Exchange Act. The implementation of a trading plan under Rule 10b5-1 enables a company to repurchase its shares during times when restrictions might otherwise be in place due to internal trading blackout periods or insider trading regulations. These plans empower a third-party broker, subject to SEC regulations, to buy common stock on the company’s behalf as per the plan’s conditions.

The actual execution of the share repurchases is subject to multiple considerations, such as specifications within Rule 10b5-1 trading plans, prevailing market conditions, stock price, general business environment, and alternative investment opportunities. The Repurchase Program may be adjusted, halted, or terminated at any moment without prior notification. Details regarding share repurchases will be disclosed in the company’s periodic filings on Form 10-Q and 10-K as required by the Exchange Act.

Subsequently, on January 22, 2025, Ispire Technology Inc. issued a press release confirming that the Board has sanctioned the Repurchase Program. The press release in its entirety has been provided as Exhibit 99.1 in the Current Report on Form 8-K filed with the Securities and Exchange Commission.

As part of the broad disclosure, the company highlighted that the Repurchase Program reflects a vote of confidence in its operational growth and strategic investments. Ispire aims to distribute capital to stakeholders owing to improvements in margins, viewing the commencement of the share repurchase program as a valuable opportunity to acquire common stock at an appealing price relative to its inherent value, thereby attracting potential investors.

This release contains “forward-looking statements” as intended under the safe harbor provisions of the Securities Act of 1933. Such statements are based on certain assumptions and depict the company’s future tactics, expectations, and plans. Ispire advises caution in relying solely on forward-looking statements, given the likelihood of material differences between actual results and predictions.

For further information regarding the Repurchase Program, investors can refer to the Form 8-K filing on the Securities and Exchange Commission’s EDGAR database.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ispire Technology’s 8K filing here.

About Ispire Technology

Ispire Technology Inc researches, develops, designs, commercializes, sales, markets, and distributes e-cigarettes and cannabis vaping products worldwide. The company was founded in 2019 and is based in Los Angeles, California. Ispire Technology Inc operates as a subsidiary of Pride Worldwide Investment Limited.