iPower Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Other Events, Financial Statements and Exhibits
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On November 8, 2024, iPower Inc., a Nevada corporation (the “Company”), entered into a third amendment (the “Third Amendment”) to that certain credit agreement, initially entered into by and among the Company, its subsidiaries, E Marking Solution Inc. and Global Product Marketing Inc.,, and JPMorgan Chase Bank, N.A., as administrative agent for the Lender and a lender (the “Administrative Agent” or “Lender”), on November 12, 2021 (the “Credit Agreement”).
The Third Amendment to the Credit Agreement amended, among other things, (i) the defined term “Aggregate Revolving Commitment” to mean $15,000,000, and (ii) extended the maturity date to “November 8, 2027 or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof.”
The Third Amendment to the Credit Agreement also amended the defined term of “Applicable Rate,” “Payment Condition,” and “Eligible Accounts,” as set forth under Section 1.01 of the Credit Agreement, and contained certain conditions precedent to effectiveness, including, among others, that the Company has paid to the Administrative Agent (i) an amendment fee in an amount equal to $37,500, to be distributed to the Lender and (ii) all other amounts required to be paid.
The Third Amendment to the Credit Agreement also contains customary representations and governing law clauses. The foregoing description of the Third Amendment to the Credit Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Third Amendment to the Credit Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.
| Item 8.01. | Other Events. |
On November 13, 2024, the Company issued a press release announcing that the execution of the Third Amendment to the Credit Agreement. A copy of the press release is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statement and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Third Amendment to the Credit Agreement, dated November 8, 2024, by and between iPower Inc., its subsidiaries and JPMorgan Chase Bank, N.A. | |
| 99.1 | Press Release dated November 13, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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.
| IPOWER, INC. | ||
| Dated: November 13, 2024 | ||
| By: | /s/ Chenlong Tan | |
| Name: | Chenlong Tan | |
| Title: | Chief Executive Officer | |
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