{"url_path":"/sec/epow/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1780731/0001213900-26-056928-index.html","accession_number":"0001213900-26-056928","cik":"0001780731","ticker":"EPOW","issuer_name":"E-Power Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1780731/0001213900-26-056928-index.html","primary_entity_key":"0001780731","primary_entity_name":"E-Power Inc."},"word_count":1061,"has_tables":true,"body_markdown":"**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS\nAND USE OF PROCEEDS**\n\n \n\n**Material Modifications to the Rights of Security\nHolders**\n\n \n\nOn February 8, 2024, our shareholders approved\nthe re-designation and re-classification of the Ordinary Shares into Class A Ordinary Shares and Class B Ordinary Shares. For further\ninformation, please refer to our current reports on Form 6-K dated January 5, 2024 and February 12, 2024, which are incorporated herein\nby reference.\n\n \n\n**Use of Proceeds**\n\n** **\n\n**Initial Public Offering**\n\n \n\nThe following “Use of Proceeds” information\nrelates to the registration statement on Form F-1, as amended (File Number: 333-233745) in relation to the initial public offering of\n6,720,000 Ordinary Shares at an initial public offering price of $4.00 per Ordinary Share. Our initial public offering closed on February\n11, 2021. The registration statement was declared effective by the SEC on February 5, 2021. ViewTrade Securities, Inc. was the representative\nof the underwriters for our initial public offering. On February 19, 2021, Network 1 Financial Securities, Inc. exercised the over-allotment\noption in full to purchase an additional 1,008,000 Ordinary Shares.\n\n \n\nWe received net proceeds of approximately $24.61\nmillion, after deducting underwriting discounts and estimated offering expenses payable by us. The total expense incurred for our Company’s\naccount in connection with our initial public offering was approximately $2.28 million, which included approximately $2.02 million in\nunderwriting discounts for the initial public offering and approximately $0.26 million in other costs and expenses for our initial public\noffering. None of the transaction expenses included payments to directors or officers of our Company or their associates, persons owning\nmore than 10% or more of our equity securities or our affiliates. None of the net proceeds we received from the initial public offering\nwere paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities\nor our affiliates. As of the date of this annual report, we have used $10.76 million from our initial public offering as the registered\ncapital for our newly established JV, Sunrise Guizhou. We intend to use the remaining proceeds from our initial public offering as disclosed\nin our registration statement on Form F-1. Our management, however, will have significant flexibility and discretion to apply the net\nproceeds from our initial public offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this\noffering differently than as disclosed previously.\n\n \n\n**July 2025 Registered Direct Offering**\n\n \n\nOn July 31, 2025, the Company entered into a securities\npurchase agreement with the investor named therein, pursuant to which the Company agreed to issue and sell, in the July 2025 Registered\nDirect Offering, 1,000,000 Class A ordinary shares of the Company, par value $0.0001 per share. The purchase price for each share was\n$0.55. The July 2025 Registered Direct Offering closed on September 23, 2025. None of the transaction expenses incurred in respect of\nthe July 2025 Registered Direct Offering included payments to directors or officers of the Company or their associates, or any persons\nowning 10% or more of the equity securities of the Company or its affiliates. None of the net proceeds the Company received from the July\n2025 Registered Direct Offering were paid, directly or indirectly, to any of the directors or officers of the Company or their associates,\nor any persons owning 10% or more of the equity securities of the Company or its affiliates. The Company received approximately $550,000\nin gross proceeds from the July 2025 Registered Direct Offering and has used the net proceeds from the July 2025 Registered Direct Offering\nfor working capital and general corporate purposes.\n\n  \n\n108\n\n \n\n \n\n**August 2025 Registered Direct Offering**\n\n \n\nOn August 8, 2025, the Company entered into a\nsecurities purchase agreement with the investor named therein, pursuant to which the Company agreed to issue and sell, in the August 2025\nRegistered Direct Offering, 3,000,000 Class A ordinary shares of the Company, par value $0.0001 per share. The purchase price for each\nshare was $0.55. The August 2025 Registered Direct Offering closed on October 3, 2025. None of the transaction expenses incurred in respect\nof the August 2025 Registered Direct Offering included payments to directors or officers of the Company or their associates, or any persons\nowning 10% or more of the equity securities of the Company or its affiliates. None of the net proceeds the Company received from the August\n2025 Registered Direct Offering were paid, directly or indirectly, to any of the directors or officers of the Company or their associates,\nor any persons owning 10% or more of the equity securities of the Company or its affiliates. The Company received approximately $1,650,000\nin gross proceeds from the registered direct offering and has used the net proceeds from the August 2025 Registered Direct Offering for\nworking capital and general corporate purposes. \n\n \n\n**November 2025 Offering**\n\n \n\nOn November 3, 2025, the Company entered into\nsubscription agreements with three purchasers, pursuant to which the purchasers agreed to subscribe for and purchase from the Company,\nand the Company agreed to issue and sell to the purchasers, an aggregate of 7,000,000 Class A ordinary shares, par value US$0.0001 per\nshare, of the Company, together with the November 2025 Warrants to purchase up to 3,500,000 Class A ordinary shares, at a combined purchase\nprice of $0.80 per unit, each unit consisting of one Class A ordinary share and one-half of one warrant, for an aggregate purchase price\nof $5,600,000. The November 2025 Warrants have an exercise price of $0.80 per share, were initially exercisable immediately upon\nissuance, and expire one year from the date of issuance. The transaction was closed on November 19, 2025. None of the transaction expenses\nincurred in respect of the November 2025 Offering included payments to directors or officers of the Company or their associates, or any\npersons owning 10% or more of the equity securities of the Company or its affiliates. None of the net proceeds the Company received from\nthe November 2025 Offering were paid, directly or indirectly, to any of the directors or officers of the Company or their associates,\nor any persons owning 10% or more of the equity securities of the Company or its affiliates. The Company has used $2,550,116 from the November 2025 Offering for working\ncapital and general corporate purposes and intends to use the remaining net proceeds of $3,049,884 for the same purposes."}