Ispire enters JV for e-cigarette age-verification; commits up to $9M, issues warrant to Berify

Ispire Technology Inc.

JV with Chemular (20%), Berify (40%), and Ispire (40%) to develop age-verification hardware and PMTA submissions.
Ispire contributed $1M cash, committed up to $9M additional for R&D and commercialization.
Chemular got $5M capital credit for TPMF and services; Berify got $10M capital credit for licensed assets.
Ispire issued warrant to Berify for 111,111 shares at $9.00, exercisable immediately, expiring April 2029.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ispire Technology Inc. entered into JV Agreement with Chemular Inc., Touch Point Worldwide, Inc. d/b/a Berify, and Ike Tech LLC valued at $1 million in cash (effective 2024-04-05).

Action: entry
Agreement: collaboration
Counterparty: Chemular Inc., Touch Point Worldwide, Inc. d/b/a Berify, and Ike Tech LLC
Value: $1 million in cash
Effective: 2024-04-05

Exact text from the filing

ontribution, subscription, and joint venture agreement (the “JV Agreement”) with Chemular Inc., a Michigan corporation (“Chemular”), Touch Point Worldwide, Inc.

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Ispire Technology Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-031985

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