iPower Inc. Files 8-K for Material Definitive Agreement

TL;DR

iPower Inc. signed a big deal on 4/3, filed 8-K on 4/9.

AI Summary

On April 3, 2024, iPower Inc. entered into a Material Definitive Agreement, the details of which are not fully disclosed in this filing. The company also filed financial statements and exhibits related to this event. The filing was made on April 9, 2024.

Why It Matters

This filing indicates a significant business event for iPower Inc., potentially impacting its operations, financial standing, or strategic direction.

Risk Assessment

Risk Level: medium — The filing concerns a material definitive agreement, which could represent a significant change or risk for the company, but specific details are not yet public.

Key Numbers

• 001-40391 — SEC File Number (Identifier for iPower Inc.'s SEC filings)
• 82-5144171 — IRS Employer Identification No. (Tax identification for iPower Inc.)

Key Players & Entities

• iPower Inc. (company) — Registrant
• April 3, 2024 (date) — Date of earliest event reported
• April 9, 2024 (date) — Date of report
• Nevada (jurisdiction) — State of incorporation
• 8798 9th Street Rancho Cucamonga, CA 91730 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock $0.001 per share IPW The Nasdaq Stock Mark
• $1.3 million — n exchange for the Company's payment of $1.3 million (the "Settlement Payment") to BSL. The
• $325,000 — nt Amount in four equal installments of $325,000 on each of April 3, 2024, May 3, 2024,

Filing Documents

• ipower_8k.htm (8-K) — 29KB
• ipower_ex1001.htm (EX-10.1) — 34KB
• 0001683168-24-002242.txt ( ) — 242KB
• ipw-20240403.xsd (EX-101.SCH) — 3KB
• ipw-20240403_lab.xml (EX-101.LAB) — 33KB
• ipw-20240403_pre.xml (EX-101.PRE) — 22KB
• ipower_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive

Item 1.01 Entry into a Material Definitive Agreement. Effective April 3, 2024, iPower Inc., a Nevada corporation (the "Company" or "iPower"), and the underwriter of our initial public offering, D.A. Davidson & Co ("D.A. Davidson"), entered into a settlement agreement and mutual release (the "Settlement Agreement") with Boustead Securities, LLC ("BSL") and its current and former employees, officers, directors, partners, agents and affiliates, pursuant to which all parties agreed to release all claims in exchange for the Company's payment of $1.3 million (the "Settlement Payment") to BSL. The Settlement Agreement was entered into for purposes of settling in full the FINRA Arbitration (FINRA Case No. 22-01133) which had been brought by BSL against the Company and D.A. Davidson after the Company opted not to complete its initial public offering with BSL but instead engaged and completed its initial public offering with D.A. Davidson. In entering into the Settlement Agreement, the Company is required to pay the Settlement Amount in four equal installments of $325,000 on each of April 3, 2024, May 3, 2024, June 3, 2024 and July 3, 2024, with the April payment having been completed on or about April 3, 2024. Within five days of its receipt of the final payment, or by July 8, 2024, BSL will be obligated to dismiss the FINRA Arbitration against the Company, with prejudice, after which time the Company will be required to dismiss, with prejudice, all counterclaims brought by the Company against BSL. The Company entered into the Settlement Agreement with BSL as it deemed payment of the $1.3 million Settlement Payment to be of less cost than completing and incurring additional attorney fees in relation to defending the FINRA Arbitration action. In conjunction with entry into the Settlement Agreement, our CEO and co-founder, Chenlong Tan, and Allan Huang, also a co-founder of the Company, entered into a pledge agreement (the "Pledge Agreement") with the Company pursuant to wh

Forward-Looking Statements

Forward-Looking Statements This report contains statements that do not directly or exclusively relate to historical facts. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward looking statements can typically be identified by the use of forward-looking words, such as "will," "may," "could," "intend," "potential" and similar terms. These and other important factors. Many of these factors are outside the control of iPower and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others, considerations that may be disclosed from time to time in iPower's filings with the United States Securities and Exchange Commission (the "SEC") or in other publicly disseminated written documents. iPower undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

01. Financial Statement and Exhibits

Item 9.01. Financial Statement and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Form of Pledge Agreement between iPower Inc., Chenlong Tan and Allan Huang 104 Cover Page Interactive Data File (embedded with the Inline XBRL document) 2

SIGNATURES

SIGNATURES 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. iPower Inc. Dated: April 9, 2024 By: /s/ Chenlong Tan Name: Chenlong Tan Title: Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR