UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 8.01 | Other Events. |
On June 27, 2023, iPower Inc. (the “Company”) received notification from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum bid price requirement of $1.00 per share under the Nasdaq Listing Rule 5550(a)(2) and Nasdaq has closed the matter.
On June 29, 2023, the Company issued a press release titled “iPower Inc. Meets Nasdaq Bid Price Compliance.”
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
| Item 9.01 | Exhibits. |
| (d) | Exhibits |
| Exhibit No. | Description | |
| 99.1 | Press Release dated June 29, 2023. | |
| 104 | Cover Page Interactive Data File (formatted in inline XBRL) |
| 2 |
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.
| Dated: June 29, 2023 | ||
| iPower Inc. | ||
| By: | /s/ Chenlong Tan | |
| Name: | Chenlong Tan | |
| Title: | Chief Executive Officer | |
| 3 |
Exhibit 99.1
iPower Meets Nasdaq Bid Price Compliance
DUARTE, CA, June 29, 2023 -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a leading online retailer and supplier of consumer home and garden products, today announced it received confirmation from The Nasdaq Stock Market LLC (“Nasdaq”) that it has regained compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2) (the “Nasdaq Listing Rule”).
In November 2022, iPower received notice from Nasdaq that its common stock failed to maintain a minimum bid price to remain listed on the exchange. The Company was allowed a cure period of six months, along with an additional six-month extension period, to meet the minimum share price or greater. On June 27, 2023, Nasdaq confirmed that, for ten consecutive business days, the closing bid price of the Company’s common stock has been at $1.00 per share or greater. Accordingly, iPower is now in compliance with the Nasdaq Listing Rule and the matter is closed.
About iPower Inc.
iPower Inc. is a leading online retailer and supplier of consumer home and garden products. iPower offers thousands of stock keeping units from its in-house brands as well as hundreds of other brands through its ecommerce channel partners and its websites, www.zenhydro.com and www.simpledeluxe.com. iPower has a diverse customer base that includes both commercial businesses and individuals. For more information, please visit iPower's website at www.meetipower.com.
Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
IPW@elevate-ir.com