Aspire Global, a China-based company that makes tobacco vaping products, has cancelled plans to go public in the US. Learn more about the withdrawn IPO, and find out about similar companies in which you can invest.
On May 9, 2022, Aspire Global announced it was cancelling its plans to go public. Originally, it had planned to conduct an IPO on the Nasdaq under the ticker symbol “ASPG.” Altogether, the company was hoping to raise around $120 million USD by offering 15 million stocks at a price of $7.00 – $9.00 each.
US Tiger Securities and EF Hutton (a division of Benchmark Investments, LLC) were slated to act as the lead underwriters of the deal. You can read more about the IPO in this document submitted to the US Securities and Exchange Commission (SEC) on January 19, 2022.
The decision to hold off on going public in the US may be connected to newly-introduced security regulations in China. These regulations have affected a number of China-based companies’ plans to go public including Ant Group (owned by Alibaba owner and billionaire, Jack Ma) and TikTok.
Even though you won’t be able to buy Aspire Global stock, you can still invest in other companies that make tobacco and vape products.
| Company | Stock info |
|---|---|
| Turning Point Brands | NYSE: TPB |
| British American Tobacco p.l.c. | NYSE: BTI |
| Altria Group | NYSE: MO |
| Philip Morris International | NYSE: PM |
| RLX Technology | NYSE: RLX |
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