iPower Inc. 8-K

What Happened
iPower Inc. announced that it sold its equity interest in its subsidiary Global Product Marketing, Inc. (GPM) to ETTS AI Investment LLC on February 1, 2026 in exchange for a $2.3 million promissory note. On March 26, 2026 the company and ETTS AI signed an addendum that amends Section 8 of that promissory note to expand the definition of a “Change of Control” of iPower.

Key Details

• Sale date and consideration: iPower sold GPM on February 1, 2026 and received a $2.3 million promissory note from ETTS AI.
• Amendment date: The promissory note was amended on March 26, 2026 (Addendum filed as Exhibit 10.1).
• Change-of-control expansion: The amendment expands the “Change of Control” definition to include, among other things: (i) material changes in executive management or the board, (ii) material changes in the company’s business model, core operations, or strategic direction that materially and adversely affect iPower’s obligations or relationship with GPM, and (iii) disposition of any material portion of the company’s supply chain that materially impacts its ability to supply products or services in the ordinary course.
• Limited scope: The amendment only revises Section 8; all other terms of the promissory note remain unchanged.

Why It Matters
For investors, the amendment widens the circumstances under which the buyer could consider a “Change of Control” to have occurred, which may affect when certain rights or remedies tied to the promissory note (such as acceleration or other protections) could be triggered. Also, iPower now holds a $2.3M receivable instead of ownership of GPM, which is a material change to its assets and counterparty exposure. The company did not change other note terms in this filing.