Michael Wang
About Michael Wang
Michael Wang is Co-Chief Executive Officer of Ispire Technology Inc. since August 7, 2023, after serving as Chief Financial Officer from the company’s organization until that date and President of Aspire North America since 2020 . He previously served as CFO of Aspire Global (Aug 2020–Sep 2022) and held senior operating roles at The Pharm/Sunday Goods, Onestop Commerce, and Zazzle; earlier career stops include Honeywell, Technicolor, ESS Technology, and Vitec Group . He holds BS and MS in Aerospace Engineering from Beihang University (1983/1985), an MS in Systems Engineering from Oakland University (1987), and an MBA in Finance and General Management from the University of Chicago Booth School of Business (1992) . Company performance over his tenure shows revenues of $151.9M in FY 2024 and $127.5M in FY 2025, with negative EBITDA in both years; see table below .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aspire North America | President | 2020–present | Led North American operations across sales, manufacturing, and distribution |
| Ispire Technology (ISPR) | CFO | Organization–Aug 7, 2023 | Built finance org through pre-IPO to listing; transitioned to co-CEO |
| Aspire Global | CFO | Aug 2020–Sep 2022 | Oversaw finance for global vaping platform; pre-transfer structuring |
| The Pharm/Sunday Goods | President/COO/Co-CEO | Sep 2018–Aug 2020 | Transformed cultivation, manufacturing, and wholesale divisions |
| Onestop Commerce | President/COO; CEO | Feb 2013–Jun 2018 | Managed omni-channel e-commerce for lifestyle brands |
| Zazzle | COO & Fulfillment; Investor | May 2005–Jun 2010 | Scaled customized e-commerce operations |
| Honeywell; Technicolor; ESS Tech; Vitec Group | Various early-career roles | 1992 onward | Operations/technology/finance foundations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company board roles disclosed for Wang in company filings |
Fixed Compensation
| Year (Fiscal) | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) |
|---|---|---|---|
| 2025 (per employment agreement) | 600,000 | Not disclosed | Not disclosed |
| 2024 | 350,000 | Not disclosed | — (none disclosed) |
| 2023 | 393,447 | Not disclosed | — (none disclosed) |
Performance Compensation
Equity Awards – Options
| Grant Date | Shares | Exercise Price ($) | Expiration | Vesting Schedule | Grant Date Fair Value ($) | Change-of-Control Terms |
|---|---|---|---|---|---|---|
| Sep 4, 2023 | 1,000,000 | 9.76 | Sep 4, 2033 | 25% at 1-year anniversary; remaining 75% monthly over 36 months | 5,537,903 | Board-approved acceleration of vesting upon change of control (single-trigger) for Wang and certain others |
| Forfeiture | (1,000,000) options forfeited Dec 28, 2024 | — | — | — | — | N/A |
Equity Awards – RSUs
| Grant Date | Units | Vesting Schedule | Grant Date Fair Value ($) | Notes |
|---|---|---|---|---|
| Sep 4, 2023 | 282,787 | 1/3 annually on each anniversary over 3 years | 2,760,001 | 188,524 unvested RSUs voluntarily forfeited on Dec 28, 2024 |
Annual Incentive Framework
| Program Element | Disclosure |
|---|---|
| Performance metrics, weighting, targets, payout formula | Company describes “performance-based equity award opportunity” with performance-based vesting terms authorized by the Board; specific metrics and weightings are not disclosed . |
| Clawback | Executive Compensation Clawback Policy applies to performance-based compensation in event of fraud or intentional illegal conduct requiring restatement . |
Equity Ownership & Alignment
| As-of Date | Total Beneficial Ownership (Shares) | % of Shares Outstanding | Ownership Breakdown |
|---|---|---|---|
| May 9, 2025 | 1,453,882 | 2.54% (based on 57,145,455 shares) | 1,000,000 via Peak Group LLC (controlled by Wang); 142,857 purchased in IPO; 311,025 from vested RSUs; Wang has sole voting/dispositive power over Peak Group LLC holdings |
- Stock ownership guidelines: Not disclosed .
- Hedging/pledging: 2024 DEF 14A states hedging is prohibited ; 2025 DEF 14A states policy requires pre-clearance and strongly discourages short sales/derivatives but does not explicitly prohibit hedging transactions by Insiders (policy change; potential governance red flag) . No pledging disclosed .
- Section 16/trading controls: Company maintains insider trading policy, trading windows, and pre-clearance/10b5-1 plan requirements .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Term | Three years; quarter-to-quarter renewal thereafter unless either party gives 30 days’ notice . |
| Current Base | $600,000 per 2025 DEF 14A employment agreement . |
| Severance (without cause / good reason) | 12 months base salary; COBRA premium reimbursement up to 12 months; immediate accelerated vesting of 50% of unvested equity grants; subject to execution of company-drafted release . |
| Good Reason | Includes reduction in base salary >10% not broadly applied, material breach, and material adverse change in authority/duties; cure and notice mechanics apply . |
| Change-of-Control | Board agreed to accelerate vesting of Wang’s options and RSUs in the event of a change of control (single-trigger acceleration) . |
| IP/Assignments | Customary assignment-of-inventions provisions . |
| Non-compete / Non-solicit | Not specifically disclosed for Wang in available filings . |
Company Performance Context
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenue ($) | 151,908,691 | 127,494,304 |
| EBITDA ($) | -13,418,504* | -37,119,497* |
Values retrieved from S&P Global.*
Say-on-Pay & Shareholder Feedback
| Meeting Date | Proposal | For | Against | Abstain | Broker Non-Votes | Outcome |
|---|---|---|---|---|---|---|
| Jun 25, 2024 | Advisory vote on 2023 executive compensation | 34,971,080 | 8,228 | 3,715 | 5,259,683 | Approved |
Compensation Structure Analysis
- 2024 pay mix included $2.76M in RSU grant-date fair value and $5.54M in option grant-date fair value (one-time recognition tied to efforts through IPO), with $350k base salary and no cash bonus disclosed .
- 2025 employment agreement reflects an increased base salary to $600k, indicating higher fixed cash compensation versus prior year .
- Equity overhang reduced by Wang’s voluntary forfeiture of 1,000,000 unexercised options and 188,524 unvested RSUs on Dec 28, 2024, which may lower future insider selling pressure from those awards .
- Hedging policy change from explicit prohibition (2024) to no explicit prohibition (2025) is a governance shift to monitor .
Investment Implications
- Alignment: Wang holds 1.45M shares (2.54%), including 1.0M via Peak Group LLC, plus vested RSUs, which provides meaningful alignment; no pledging disclosed .
- Overhang/Supply: Forfeiture of 1.0M options and 188,524 RSUs in Dec 2024 reduces potential insider supply from those awards; remaining RSU vesting is time-based unless modified .
- Retention/Change-of-Control: Severance of 12 months base and 50% acceleration of unvested equity on termination without cause/good reason, plus single-trigger acceleration on change-of-control, offers balanced retention but creates potential payout leverage in M&A scenarios .
- Performance link: While filings describe performance-based equity frameworks, specific annual metric weightings/targets are not disclosed; pay-for-performance evaluation relies on grant structures and vesting rather than clearly disclosed operating KPIs .
- Governance watchlist: Shift in hedging policy language (2025) warrants continued monitoring; say-on-pay support in 2024 was strong by vote count .