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 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.