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At the 2025 annual meeting of stockholders of iPower, Inc. (the "Company") held on June 23, 2025 (the "Annual Meeting"), the Company's stockholders approved a proposal authorizing the board of directors of the Company (the "Board"), in its sole discretion, to effect a reverse stock split of the outstanding shares of the Company's common stock, par value, $0.001 per share (the "Common Stock"), at a reverse split ratio in the range of one-for-two (1:2) to one-for-two hundred (1:200), as determined by the Board, whereby every two to two hundred shares of the authorized, issued and outstanding Common Stock will be combined into one share of authorized, issued and outstanding Common Stock. The voting results of the Annual Meeting were reported on a Form 8-K filed with the Securities and Exchange Commission on June 24, 2025.
Pursuant to such authority granted by the Company's stockholders at the Annual Meeting, the Board approved a reverse split of between one-for-twenty (1:20) and one-for-thirty (1:30) (the "Reverse Stock Split") of the Common Stock on October 13, 2025, subject to final determination of the Company's management. Company management subsequently determined to effectuate a one-for-thirty (1:30) Reverse Stock Split and October 22, 2025, the Company filed a certificate of amendment to amend the certificate of incorporation of the Company (the "Certificate of Amendment") with the Secretary of State of the State of Nevada, with an effective date of October 27, 2025 (the "Effective Date"). The Reverse Stock Split will become effective at the start of trading on October 27, 2025 (the "Effective Time"). When the Reverse Stock Split becomes effective, every thirty (30) shares of the Company's issued and outstanding Common Stock immediately prior to the Effective Time shall automatically be reclassified into one (1) share of Common Stock, without any change in the par value per share. The Reverse Stock Split reduces the number of shares of Common Stock issuable upon the exercise or vesting of the Company's outstanding warrants and restricted stock units in proportion to the ratio of the Reverse Stock Split and causes a proportionate increase in the exercise prices of such stock options. The Reverse Stock Split did not change the total number of authorized shares of Common Stock or preferred stock.
No fractional shares will be issued as a result of the Reverse Stock Split. Stockholders who otherwise would be entitled to receive a fractional share in connection with the Reverse Stock Split will receive one full share of the post-Reverse Stock Split Common Stock in lieu of such fractional share.
VStock Transfer LLC is acting as exchange agent for the Reverse Stock Split and will notify stockholders of record regarding the Reverse Stock Split. Stockholders who hold their shares in book-entry form or in "street name" (through a broker, bank or other holder of record) are not required to take any action.
Commencing on October 27, 2025, trading of the Company's Common Stock will continue on The Nasdaq Capital Market on a Reverse Stock Split-adjusted basis. The new CUSIP number for the Company's Common Stock following the Reverse Stock Split is 46265P206.
Posted In: IPW
