Ispire Technology Inc 8-K, filed May 15, 2025
Ispire Technology Inc. (ISPR)
About this 8-K
Ispire Technology Inc filed this 8-K on May 15, 2025, reporting on events of May 13, 2025.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) |
(Commission file number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code: (
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On May 13, 2025, Mr. James Patrick McCormick’s service to Ispire Technology Inc. (the “Company”) as its Chief Financial Officer ended, as did Mr. McCormick’s employment by the Company. In connection with the end of his employment, and consistent with the terms of his existing offer letter, Mr. McCormick will receive all accrued and unpaid base compensation and other benefits (e.g., accrued vacation) with respect to periods ending on or before May 13, 2025.
On May 13, the Board of Directors (the “Board”) of the Company appointed Jie “Jay” Yu as the new Chief Financial Officer of the Company. Prior to his appointment as Chief Financial Officer, Mr. Yu, age 41, was the Company’s Vice President of Finance and has served in that role since June of 2023. Mr. Yu held public accounting roles at Crowe Horwath (Hong Kong) from 2009 to 2012 and DA HUA CPA from 2012 to 2016, as a senior accountant and senior manager, respectively. Mr. Yu also served as Chief Financial Officer of MTI Environmental Group from 2016 to 2018 and Luokung Technology Corp. (OTCMKTS: LKCOF) from 2018 to 2023. Mr. Yu holds both bachelor of commerce and postgraduate degrees in finance and accounting from the University of Auckland.
In connection with Mr. Yu’s appointment as Chief Financial Officer of the Company, the Company has agreed to compensate him with an initial annual base salary of $200,000 and an annual performance bonus, awarded at the Compensation Committee’s sole discretion.
There are no family relationships between Mr. Yu and any of the Company’s executive officers or directors, and no arrangements or understandings between Mr. Yu and any other person pursuant to which he was selected as an officer. Mr. Yu is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of Regulation S-K.
On May 15, 2025, the Company issued a press release that announced the appointment of Mr. Yu as the new Chief Financial Officer, the departure of Mr. McCormick, and a reduction of workforce and operating expenses. A copy of the press release is filed herewith as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release of Ispire Technology issued on May 15, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Ispire Technology Inc. | |||
| By: | /s/ Michael Wang | ||
| Name: | Michael Wang | ||
| Title: | Co-Chief Executive Officer | ||
| Dated: May 15, 2025 | |||
2
Exhibit 99.1
Ispire Technology Inc. Announces Appointment of Jay Yu as Chief Financial Officer
Jie “Jay” Yu has a strong track record of excellence in public company accounting, and has served in the role of Vice President of Finance for Ispire since June 2023
Ispire also further streamlines operations by cutting an estimated $3.6 million in annual payroll in May 2025
Ispire expects to also cut up to an additional $6.6 million in annual operating expenses over the next three months, for a total estimated annualized expense reduction of $10.2 million
LOS ANGELES, May 15, 2025 – Ispire Technology Inc. (NASDAQ: ISPR) (“Ispire,” the “Company,” “we,” “us,” or “our”), an innovator in vaping technology and precision dosing, today announced the appointment of Jie “Jay” Yu as the new Chief Financial Officer of the Company, effective immediately, following the departure of Jim McCormick, the former Chief Financial Officer of the Company. Ispire also announced that it continued to further streamline its overall operations as the Company reduced its workforce and ended several contractor agreements, resulting in a reduction of $3.6 million in annual payroll in May 2025. Ispire will also look to cut up to an additional $6.6 million in operating expenses over the next three months, bringing the total planned annualized operating expense reduction to $10.2 million.
Mr. Yu has served as the Company’s Vice President of Finance since June 2023 and is a seasoned accounting professional with extensive experience in public accounting and audit roles. Mr. Yu began his career at KPMG in 2008 as an auditor, before holding public accounting roles at Crowe Horwath from 2009 to 2012 and Dahua Moore Certified Public Accountants from 2012 to 2015. Mr. Yu also served as Chief Financial Officer of MTI Environmental Group from 2016 to 2018 and Luokung Technology Corp. (OTCMKTS: LKCOF) from 2018 to 2023. He holds a Bachelor of Commerce in finance and accounting, as well as a postgraduate degree, from the University of Auckland.
Michael Wang, Co-Chief Executive Officer of Ispire, commented, “Jay is a well-rounded public company accountant with a strong track record of diligence and professionalism. He has excelled in his role as Vice President of Finance, building extensive credibility within the Company and thorough knowledge of its financial and corporate structures. I look forward to working with him more closely in his new role as CFO.”
Wang continued, “Our focus has been on becoming a global provider of precision dosing vaping technology while delivering value to shareholders. As such, we remain diligent in our directive to trim expenses, increase margins and bring the Company towards profitability. We believe the actions we have taken over the past few months to reduce operating expenses through headcount reduction and the transition of certain duties to Malaysia will allow us to become a more nimble company when dealing with leading global nicotine companies and will better position the Company for long-term sustainable and profitable growth.”
Mr. Yu said, “I have gained significant respect for our management team during my time with Ispire and am excited about the Company’s mission. I am honored to take on this increased role as CFO and thrilled to continue our work towards helping the Company achieve its strategic vision.”
“I would like to thank Jim on behalf of Ispire, for his hard work in his time as CFO. We are highly appreciative of his efforts and wish him all the best with his next endeavor,” Mr. Wang concluded.
About Ispire Technology Inc.
Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 400 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Twitter and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: whether the cost cutting measures undertaken by the Company will be as successful as expected, less successful, or not at all; whether the Company will undertake future cost cutting measures as planned, in a different manner, or at all; whether the transition of certain duties to Malaysia will yield the anticipated benefits, if any; whether the Company may be successful in re-entering the U.S. ENDS market; the approval or rejection of any PMTA submitted by the Company; whether the Company will be successful in its plans to further expand into the African market; whether the Company’s joint venture with Touch Point Worldwide Inc. d/b/a/ Berify and Chemular Inc. (the “Joint Venture”) may be successful in achieving its goals as currently contemplated, with different terms, or at all; the Joint Venture’s ability to innovate in the e-cigarette technology space or develop age gating or age verification technologies for nicotine vaping devices; the Company’s ability to collect its accounts receivable in a timely manner; the Company’s business strategies; the ability of the Company to market to the Ispire ONE™; Ispire ONE™’s success in meeting its goals; the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of its products on the markets; the Ispire ONE™ proving to be safe; and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2024 and any subsequent filings which Ispire makes with the SEC. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by applicable law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.
For more information, kindly contact:
IR Contacts:
Investor Relations
Sherry Zheng
718-213-7386
ir@ispiretechnology.com
KCSA Strategic Communications
Phil Carlson
212-896-1233
ispire@kcsa.com
PR Contact:
Ellen Mellody
570-209-2947
EMellody@kcsa.com