{"url_path":"/sec/ipw/8-k/2026-07-06/item-1-01","section_key":"item-1-01","section_title":"Item 1.01 Entry into a Material Definitive Agreement.**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-06","source_url":"https://www.sec.gov/Archives/edgar/data/1830072/0001683168-26-005288-index.html","accession_number":"0001683168-26-005288","cik":"0001830072","ticker":"IPW","issuer_name":"iPower Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1830072/0001683168-26-005288-index.html","primary_entity_key":"0001830072","primary_entity_name":"iPower Inc."},"word_count":617,"has_tables":true,"body_markdown":"**Item 1.01. Entry into a Material Definitive Agreement.**\n\n** **\n\n*Additional Optional Closing under Securities\nPurchase Agreement*\n\n \n\nAs previously disclosed in our\nCurrent Report on Form 8-K filed on December 23, 2025, iPower Inc., a Nevada corporation (the “Company”), entered into a Securities\nPurchase Agreement dated December 22, 2025 (the “Purchase Agreement”) with an institutional investor (the “Investor”)\nproviding for an up to $30,000,000 6% original issue discount senior secured convertible note facility, with an initial closing of $5,184,024\nprincipal amount of series A senior secured convertible notes (the “Series A Notes”), sold in reliance on an exemption from\nregistration statement afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule\n506(b) of Regulation D of the Securities Act, and $1,815,976 principal amount of series B senior secured convertible notes sold pursuant\nto an effective registration statement on Form S-3 (SEC File No. 333-274655). The Company then registered $28,184,024 of shares of common\nstock underlying the Series A Notes on Form S-1 (File No. 333-292682), as amended pursuant to Form S-1MEF (File No. 333-295172) (together,\nthe “Resale Registration Statement”), with such Series A Notes to be issuable from time to time upon sale to the Investor,\nfirst as an additional mandatory closing and, thereafter, an additional optional closing (each, an “Additional Optional Closing”).\n\n \n\nOn July 6, 2026, following the\nInvestor’s notification to the Company of its intent to execute an Additional Optional Closing for $2,000,000 in aggregate principal\namount of Series A Notes, the Company and the Investor entered into an amendment to the Purchase Agreement (“Amendment No. 1 to\nthe Purchase Agreement”) for purposes of, among other things, (i) increasing funds available under the facility by an additional\noriginal principal amount of $2,000,000 and (ii) removing restrictions on use of proceeds for additional funds obtained through the facility.\nThereafter, the Company and the Investor consummated an Additional Optional Closing. At the Additional Optional Closing, the Company received\n$1,880,000, excluding fees and expenses, in exchange for issuing a $2,000,000 aggregate principal amount of Series A Notes to the Investor\nafter satisfaction of all applicable closing conditions, including the effectiveness of the resale registration statement and the absence\nof any Event of Default (as such term is defined in the Form of Series A Senior Secured Convertible Note, filed herewith as Exhibit 10.1).\nThe Series A Note issued at the Additional Optional Closing was issued pursuant to an exemption from registration in accordance with Regulation\nD of the Securities Act and has a fixed conversion price of $2.39 (120% of the Nasdaq closing price of the Company’s common stock\non July 2, 2026).\n\n \n\nPursuant to the Purchase Agreement,\nthe consideration was paid at $940 for each $1,000 of principal amount, and the Company received gross proceeds of approximately $1,880,000\nat this closing, before fees and expenses, including a 6% cash fee payable to Digital Offering, who acted as placement agent in the transaction.\n\n \n\nTo date, the Company has sold an\naggregate total original principal amount of $10,184,024 in Series A Convertible Notes to the Investor, with $18,000,000 of aggregate\noriginal principal amount of Series A Convertible Notes remaining available for issuance.\n\n \n\nConsistent with the Purchase Agreement’s\ndisclosure covenants, the Company is providing this Current Report on Form 8-K to disclose the completion of this Additional Optional\nClosing under the Purchase Agreement.\n\n \n\nThe foregoing summary of the $2,000,000\nSeries A Note and Amendment No. 1 to the Securities Purchase Agreement do not purport to be complete and are qualified in their entirety\nby reference to each such agreement, the forms of which are filed with this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively,\nand are incorporated herein by reference.\n\n \n\n \n\n \n\n \n\n 2"}