Los Angeles-based Ispire Technology (Nasdaq: ISPR) will repurchase up to $10 million of its issued shares over the next two years.
The cannabis vaping hardware manufacturer will execute the buybacks through various means including open market transactions, accelerated share programs and privately negotiated deals, according to the company Wednesday.
“This move reflects confidence in the company’s growth and strategic investments while leveraging margin expansion to return capital to shareholders,” a spokesperson told Green Market Report in an email.
The timing and scope of repurchases will be determined by Ispire’s board “based on its evaluation of market conditions, share price, legal requirements and other factors.” The program can be suspended or modified at any time, the company said.
“Given the current capital markets environment, we believe starting our share repurchase program now is an excellent opportunity to buy our common stock at a significant discount to their intrinsic value and represents an attractive investment to potential shareholders,” Michael Wang, co-CEO of Ispire, said in a statement.
The firm operates globally through its Aspire brand of e-cigarettes, though that brand excludes the United States, China and Russia from its distribution network.
In the cannabis sector, Ispire has been pushing to expand its footprint beyond its established markets in the U.S., Europe and South Africa. The company recently began customer engagement initiatives in Canada and Latin America, according to the announcement.
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