iPower Inc. 8-K

What Happened
iPower Inc. announced on July 6, 2026 that it amended its December 22, 2025 Securities Purchase Agreement and completed an Additional Optional Closing for $2,000,000 aggregate principal amount of Series A senior secured convertible notes. After the 6% original-issue discount and fees, the Company received approximately $1,880,000 at the closing. The issued Series A Note has a fixed conversion price of $2.39 (120% of iPower’s Nasdaq close on July 2, 2026).

Key Details

• Closing date: July 6, 2026; Amendment No. 1 increased available facility by $2,000,000 and removed restrictions on use of proceeds for additional funds.
• Amounts: $2,000,000 principal issued; Company received $1,880,000 (consideration paid at $940 per $1,000 principal).
• Conversion terms: fixed conversion price $2.39 (120% of Nasdaq close on July 2, 2026).
• Facility status: $10,184,024 aggregate original principal of Series A Notes sold to date; $18,000,000 of Series A capacity remains available under the up-to $30,000,000 facility. Placement agent Digital Offering received a 6% cash fee.

Why It Matters
This transaction provides near-term cash of roughly $1.88M to iPower while leaving substantial capacity ($18M) for future financings under the same convertible note facility. Investors should note potential future dilution because the notes convert into common stock at $2.39 per share, and additional issuances under the facility could further dilute existing shareholders. The amendment also removed restrictions on how additional funds from the facility may be used, which affects how the company can deploy future proceeds.