$3,000,000 in aggregate principal amount of new Series A senior secured convertible notes settled on iPower Inc.'s (Nasdaq: IPW) books on September 15, 2026, as the Rancho Cucamonga, California company executed an Additional Optional Closing under its December 2025 Securities Purchase Agreement. The institutional investor paid $940 per $1,000 of face value. Gross proceeds to iPower came to $2,820,000, before fees, among them a 6% cash placement fee to Digital Offering, which served as placement agent.
The note carries a fixed conversion price of $3.156 per share, set at 120% of IPW's Nasdaq closing price on the draw date. The Series A Notes were issued under a Regulation D exemption from registration.
Facility draw-down to date
iPower's convertible note facility was established December 22, 2025, originally structured as an up-to-$30,000,000 6% original issue discount senior secured convertible note arrangement. An amendment filed July 6, 2026 added $2,000,000 to available principal and removed use-of-proceeds restrictions on further draws through the facility.
| Metric | Amount |
|---|---|
| This tranche, principal | $3,000,000 |
| Gross proceeds, this tranche | $2,820,000 |
| Conversion price | $3.156 per share |
| Cumulative Series A principal issued | $15,184,024 |
| Series A converted to common stock | $9,084,580 |
| Remaining available under facility | $15,000,000 |
The discount reconciles: $3,000,000 at $940 per $1,000 of face equals the stated $2,820,000. Cumulative Series A principal issued now sits at $15,184,024, with $15,000,000 still available under the facility. Of the notes issued to date, $9,084,580 in principal has already been converted to common shares.
The initial December 2025 closing was split between $5,184,024 of Series A Notes, sold under Section 4(a)(2) and Rule 506(b), and $1,815,976 of Series B Notes, placed under an effective Form S-3 registration (SEC File No. 333-274655). iPower subsequently registered $28,184,024 of common stock underlying the Series A Notes on a Form S-1 (File No. 333-292682), later amended through a Form S-1MEF (File No. 333-295172).
The Additional Optional Closing required the absence of any Event of Default under the note agreement before it could proceed. The 8-K was signed by CEO Chenlong Tan on September 15, 2026.