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 Learn more about the withdrawn IPO, and find out about similar companies in which you can invest.
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What we know about the Aspire Global IPO
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.
Buy stocks in similar companies
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.
You’ll need a brokerage account to buy and sell stocks. Here’s how it works:
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Open your brokerage account. Complete an application by providing your personal, contact and financial details as well as your Social Security number.
Confirm your payment details. Fund your account.
Research the stock. Find the stock by name or ticker symbol (for example, “TPB”), and research it before deciding if it’s a good investment for you.
Purchase now or later. Buy your desired number of stocks with a market order, or use a limit order to delay your purchase until the stock reaches a more favorable price.
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