iPower Inc. filed SEC Form 8-K: Leadership Update, Other Events, Financial Statements and Exhibits
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 5, 2025, based upon the recommendation of the nominating committee of the board of directors (the “Board”), iPower Inc., a Nevada corporation (the “Company”), appointed a new director, Yi Yang, to the Board, effective June 5, 2025.
Ms. Yang has served as the Founder and Chief Executive Officer of Custom Cup Factory, Inc. (“CCF”) since 2020 and as the Founder and Chief Executive Officer of Pacelor Inc. (“Pacelor”) since 2022. From 2017 until 2018, Ms. Yang was founder and operator of Lebonbon, a boutique catering and event service company specializing in desserts, beverages, and party/event execution. From 2010 until 2014, Ms. Yang was a personnel specialist with the United States Navy, where she managed personnel records, advancement testing and military benefits, among other duties. We believe that Ms. Yang’s extensive experience in packaging, wholesale and logistics will benefit the Company’s business and operations and make Ms. Yang a valuable member of the board of directors.
On June 3, 2025, the Company, CCF and Ms. Yang entered into the Limited Liability Company Operating Agreement (the “Operating Agreement”) of United Package NV, LLC, a Nevada limited liability corporation (the “Joint Venture”). As previously disclosed, the Joint Venture will focus on the domestic production of packaging materials to serve the rapidly growing demands of U.S. businesses seeking reliable, sustainable, and cost-effective supply chain solutions without reliance on offshore manufacturing. Pursuant to the terms of the Operating Agreement, the Company owns 2,280 Class A Voting Units (as defined in the Operating Agreement) of the Joint Venture in consideration for the Joint Venture’s use of the Company’s equipment and facility, Ms. Yang owns 1,140 Class A Voting Units of the Joint Venture in consideration for Ms. Yang’s commitment to manage the business of the Joint Venture and CCF owns 1,710 Class A Voting Units of the Joint Venture in consideration for CCF’s contribution of its marketing expertise, existing sales channel and customer list. The Joint Venture will be managed by the Company, CCF and Ms. Yang.
In addition, Ms. Yang’s entity, Pacelor, manages a warehouse for the Company and receives a monthly service fee, which fluctuates from month to month, of approximately $240,000.
There are no family relationships between Ms. Yang and the Company.
In conjunction with Ms. Yang’s appointment as an independent director, the Company entered into a director offer letter with Ms. Yang, dated June 5, 2025 (the “Director Offer Letter”). Under the terms of the Director Offer Letter, Ms. Yang will receive reimbursement for reasonable expenses incurred in connection with the performance of her duties as director.
The foregoing description of the Director Offer Letter does not purport to be complete and is qualified in its entirety by the terms of such Director Offer Letter, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.
| Item 8.01. | Other Events. |
On June 9, 2025, the Company issued a press release announcing the advancement of U.S. manufacturing plans with a deposit payment for equipment to initiate a new production line. 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 | Director Offer Letter, dated June 5, 2025, between iPower Inc. and Yi Yang. | |
| 99.1 | Press Release dated June 9, 2025. | |
| 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: June 9, 2025 | ||
| By: | /s/ Chenlong Tan | |
| Name: | Chenlong Tan | |
| Title: | Chief Executive Officer | |
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