Why Ispire Stock Is Soaring This Week
Ispire (NASDAQ: ISPR) stock is posting big gains this week thanks to a new capital-raising move and an upward guidance revision. The company's share price was up roughly 41% from last week's market close as of 9:35 a.m. ET this Friday, according to data from S&P Global Market Intelligence.
Ispire published a press release on June 26 announcing that it had raised approximately $7.5 million in funding from a private stock sale. The company followed the news up with another press release on June 29 announcing that it was increasing its fourth-quarter sales guidance for cannabis vaping hardware.
Ispire completed the sale of more than 1.1 million shares of its common stock at a price of roughly $7.14 per share on June 26. The stock sale totaled approximately $8 million, with the placement agent for the sale receiving a roughly $500,000 purchase for facilitating the deal. Ispire intends to use the funds from the stock sale for initiatives including the development of manufacturing operations in California and Vietnam, research and development, and marketing.
Source Fool.com
