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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (date of earliest event reported): July 13, 2023

 

iPower Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   001-40391   82-5144171

(State or other jurisdiction

of incorporation)

  

(Commission File Number)

  

(IRS Employer

Identification No.)

 

2399 Bateman Avenue

Duarte, CA 91010

(Address Of Principal Executive Offices) (Zip Code)

 

(626) 863-7344

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock $0.001 per share   IPW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

   

 

 

Item 8.01 Other Events.

 

On July 13, 2023, iPower Inc. (the “Company”) issued a press release titled “iPower Announces Strategic Partnership with LTMATE Global” to announce a strategic partnership with LTMATE Global Inc., a premier online retailer and distributor of home furnishings and décor in multiple countries around the globe.

 

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing. 

 

Item 9.01 Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
     
99.1   Press Release dated July 13, 2023.
104   Cover Page Interactive Data File (formatted in inline XBRL)

 

 

 

 

 2 

 

 

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.

 

Dated: July 13, 2023  
   
iPower Inc.  
     
By: /s/ Chenlong Tan  
Name: Chenlong Tan  
Title: Chief Executive Officer  

 

 

 

 

 

 

 3 

Exhibit 99.1

 

 

 

 

iPower Announces Strategic Partnership with LTMATE Global

 

DUARTE, CA, July 13, 2023 -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer and supplier of consumer home and garden products, as well as a provider of value-added ecommerce services, today announced a strategic partnership with LTMATE Global Inc. (“LTMATE”), a premier online retailer and distributor of home furnishings and décor in multiple countries around the globe.

 

LTMATE was founded in 2018 with the goal of providing consumers a best-in-class combination of service, selection and value. As one of the largest lighting retailers for Amazon, Wayfair and Overstock, LTMATE offers premium quality brands alongside thousands of exclusive and patented designs in lighting, home furnishings and décor. Under the terms of the agreement, iPower will leverage its expertise in both ecommerce and social commerce services by utilizing its merchandising and logistics capabilities, as well as its Amazon 1P and 3P vendor partnerships. iPower will also provide access to other full spectrum ecommerce sales channels such as Tiktok shopping to bring LTMATE products to market in the US.

 

“Our strategic partnership with LTMATE represents one of the first wins for our emerging ecommerce services business,” said Lawrence Tan, CEO of iPower. “Our primary goal is to assist companies with increasing their sales presence in the US by leveraging our merchandising, social commerce and ecommerce expertise, as well as our channel partnerships with Amazon and TikTok. LTMATE offers high-quality products at an affordable price, which aligns with iPower’s positioning in the marketplace. We look forward to ramping up our ecommerce services as we scale this emerging segment of our business.”

 

LTMATE CEO, Jacky Zhao, added, “We are excited to partner with iPower to accelerate growth in the US. As we evaluated other ecommerce service providers, we were most impressed with iPower’s merchandising capability and 1P vendor partnership with Amazon, which we believe is a natural sales channel for our portfolio of home furnishings and décor. Although it is early in our partnership with iPower, we have already identified opportunities to further collaborate with their team as our sales volume grows in the US.”

 

About iPower Inc.

 

iPower Inc. is a tech and data-driven online retailer and supplier of consumer home and garden products, as well as a provider of value-added ecommerce services for third-party products and brands. iPower offers thousands of stock keeping units from its in-house brands as well as hundreds of other brands through its ecommerce channel partners and its websites, www.zenhydro.com and www.simpledeluxe.com. iPower has a diverse customer base that includes both commercial businesses and individuals. For more information, please visit iPower's website at www.meetipower.com.

 

About LTMATE Global LLC

 

LTMATE was founded in 2018 to give consumers a winning combination of service, selection and value. As one of the largest lighting retailers for Amazon, Wayfair and Overstock, LTMATE carries all the top brands, alongside thousands of exclusive and patented designs in lighting, home furnishings and décor. LTMATE is your online destination for home furnishings and décor, offering hundreds of products across furnishings, décor, home improvement, sports and outdoor, and more.

 

Investor Relations Contact

 

Sean Mansouri, CFA

Elevate IR

(720) 330-2829

IPW@elevate-ir.com

 

 

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