Business
iPower Inc. Announces $5 Million Registered Direct Offering
RANCHO CUCAMONGA, Calif., June 17, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer and
About this update from Ipower Inc.
[{"type":"text","content":"RANCHO CUCAMONGA, Calif., June 17, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services, today announced that it has entered into a definitive securities purchase agreement for the purchase and sale of 2,083,334 shares of the Company’s common stock (or common stock equivalents) at a purchase price of $2.40 per share of common stock (or common stock equivalent) in a registered direct offering. In a concurrent private placement, the Company will issue warrants to purchase up to 2,083,334 shares of common stock. The warrants have an exercise price of $2.40 per share, will be immediately exercisable upon issuance and will have a term of five years following the initial date of exercise. The closing of the offering is expected to occur on or about June 18, 2024, subject to the satisfaction of customary closing conditions. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to pursue growth strategies, including potential merger and acquisition activities, and general corporate purposes. The securities in the offering described above (but not the warrants issued in the concurrent private placement or the shares of common stock underlying such warrants) are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-274665) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on September 29, 2023. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, relating to the offering that will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach CA 92660, by phone at (800) 678-9147. The warran...