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LOS ANGELES—Steven Pryzbyla, Chief Legal Officer and Secretary at Ispire Technology Inc. (NASDAQ:ISPR), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The sale comes as the stock trades near its 52-week low of $3.75, with shares down over 58% in the past year.
Over the course of two days, March 12 and March 13, Pryzbyla sold a total of 6,200 shares, generating proceeds of approximately $24,981. The shares were sold at prices ranging from $4.00 to $4.0296 per share. According to InvestingPro data, the company currently maintains a market capitalization of $217.5 million, with a WEAK overall Financial Health Score.
Following these transactions, Pryzbyla retains ownership of 417,210 shares, which includes 336,705 restricted stock units that have not yet vested. The restricted stock units are scheduled to vest in increments between November 2025 and November 2027. For deeper insights into ISPR’s valuation and 12+ additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Ispire Technology Inc. reported a net loss of $8 million for the fourth quarter of 2024, translating to an earnings per share (EPS) of -$0.14, which missed the forecasted EPS of $0.01. Despite this, the company achieved a slight revenue increase of 0.3% year-over-year, reaching $41.8 million. Analysts from Tiger Securities have reduced the stock’s price target from $6.50 to $5.50, maintaining a Hold rating, following the company’s strategic shift in the U.S. and a delay in reaching break-even. Additionally, Ispire Technology has announced a change in its independent auditor, appointing Marcum Asia CPAs LLP for the fiscal year ending June 30, 2025, after dismissing CBIZ (NYSE:CBZ) CPAs. The company disclosed material weaknesses in internal controls over financial reporting, which it plans to address with the new auditor.
Moreover, Ispire Technology revealed a leadership change with the departure of President Tirdad Rouhani, as noted in their SEC filing, though no successor has been named. The company is also preparing a Pre-Market Tobacco Application (PMTA) submission to the FDA for a novel age-verification nicotine delivery system, targeting an April 2025 submission. In a strategic move to cut costs, Ispire Technology is relocating operations from the U.S. to Malaysia and Hong Kong, aiming for annual savings of $8 million. These developments highlight Ispire Technology’s ongoing efforts to navigate financial challenges and regulatory landscapes while pursuing international expansion and innovation.
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