Aspire Global, a Chinese vape and e-cigarette manufacturer, withdrew its plans for an initial public offering on Monday. It originally filed in June 2021 and had planned to raise $120 million by offering 15 million shares at a price range of $7 to $9.
Aspire is a vertically integrated provider of e-cigarette vaporizing technology. Its tobacco vaping products are sold through a distribution network of more than 150 distributors in 30 countries. In December 2020, the company also commenced the marketing of cannabis vaping technology products in the US.
The Shenzhen, China-based company was founded in 2010 and booked $94 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol ASPG. Tiger Brokers, EF Hutton, TFI Securities, and China Merchants Securities were set to be the joint bookrunners on the deal.
