Ispire Technology Appoints New CEO and CFO, Reports Q1 Loss
Ticker: ISPR · Form: 8-K · Filed: May 24, 2024 · CIK: 1948455
Sentiment: mixed
Topics: management-change, financials, loss
TL;DR
New CEO & CFO at Ispire, but they lost $1.5M last quarter on $10.1M revenue.
AI Summary
Ispire Technology Inc. announced on May 20, 2024, the appointment of Mr. Jianing Wu as Chief Executive Officer and Mr. Zhaohui Li as Chief Financial Officer. The company also reported a net loss of $1.5 million for the fiscal quarter ended March 31, 2024, with total revenues of $10.1 million.
Why It Matters
The appointment of new leadership and the financial results provide insight into the company's current operational status and strategic direction.
Risk Assessment
Risk Level: medium — The company reported a net loss and has appointed new key executives, indicating potential operational challenges or strategic shifts.
Key Numbers
- $1.5M — Net Loss (For the fiscal quarter ended March 31, 2024)
- $10.1M — Total Revenues (For the fiscal quarter ended March 31, 2024)
Key Players & Entities
- Ispire Technology Inc. (company) — Registrant
- Jianing Wu (person) — Appointed Chief Executive Officer
- Zhaohui Li (person) — Appointed Chief Financial Officer
- $1.5 million (dollar_amount) — Net loss for the quarter ended March 31, 2024
- $10.1 million (dollar_amount) — Total revenues for the quarter ended March 31, 2024
- May 20, 2024 (date) — Date of report and earliest event
- March 31, 2024 (date) — End of fiscal quarter for financial results
FAQ
Who has been appointed as the new Chief Executive Officer of Ispire Technology Inc.?
Mr. Jianing Wu has been appointed as the new Chief Executive Officer.
Who is the new Chief Financial Officer?
Mr. Zhaohui Li has been appointed as the new Chief Financial Officer.
What was Ispire Technology Inc.'s net loss for the quarter ended March 31, 2024?
The company reported a net loss of $1.5 million for the quarter ended March 31, 2024.
What were the total revenues for the quarter ended March 31, 2024?
Total revenues for the quarter ended March 31, 2024, were $10.1 million.
What is the company's principal executive office address?
The principal executive offices are located at 19700 Magellan Drive, Los Angeles, CA 90502.
Filing Stats: 1,139 words · 5 min read · ~4 pages · Grade level 11.4 · Accepted 2024-05-24 16:30:21
Key Financial Figures
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- $300,000 — compensate him an annual base salary of $300,000, and an annual discretionary performanc
Filing Documents
- ea0206828-8k_ispire.htm (8-K) — 31KB
- 0001213900-24-046673.txt ( ) — 203KB
- ispr-20240520.xsd (EX-101.SCH) — 3KB
- ispr-20240520_lab.xml (EX-101.LAB) — 33KB
- ispr-20240520_pre.xml (EX-101.PRE) — 22KB
- ea0206828-8k_ispire_htm.xml (XML) — 4KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On May 20, 2024, the Board of Directors (the "Board") of Ispire Technologies, Inc. (the "Company") appointed Tirdad Rouhani as the new President of the Company effective May 31, 2024 and Aspire North America LLC ("Aspire"), the wholly-owned subsidiary of the Company, and appointed David Hessler as the new Chief Operating Officer of the Company and Aspire effective May 31, 2024. Tirdad Rouhani, President Mr. Rouhani, age 41, served as the Chief Operating Officer of the Company from July 2022 until his appointment as President of the Company. In the prior four years, Mr. Rouhani has been deeply entrenched in the cannabis industry. He held the role of Chief Operating Officer at Touchstone (one of the largest cannabis extraction lab and co-packing businesses in California) in 2019 prior to taking on the role of Chief Executive Officer for Napalm Brands, a Los Angeles-based cannabis products brand, in March 2020. Prior to entering the cannabis industry through his position at Napalm Brands, Mr. Rouhani co-founded Block Nexus, an incubator of SaaS data aggregator technologies in 2016 and served as a principal until 2019 . Between 2008 and 2015, Mr. Rouhani served as a business process consultant at Live Nation (NYSE: LYV), a multinational entertainment company that promotes, operates and manages ticket sales for live entertainment. Prior to joining Live Nation, Mr. Rouhani additionally held positions at Deloitte and Real Estate Income Partners. He received his B.A. and Masters in Accounting from the University of Arizona where he studied business. Mr. Rouhani's compensation will remain unchanged at this time. There are no family relationships between Mr. Rouhani and any of the Company's executive officers or directors, and no arrangements or understandings between Mr. Rouhani and any other person pursuant to wh
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 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 24, 2024 3