Business Context and Reporting Period
iPower Inc. filed a Form 8-K under Item 3.01 on August 24, 2023, reporting a Nasdaq continued-listing deficiency. The filing was signed on August 30, 2023. iPower’s common stock trades on Nasdaq Capital Market under the symbol IPW.
Financial Metrics and Liquidity
This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating and financial metrics.
Material Change Versus Prior Period
Nasdaq notified the company that its common stock failed to maintain the required minimum closing bid price of $1.00 per share for 30 consecutive business days, from July 13 through August 23, 2023. This is a listing-compliance matter rather than a reported change in financial performance.
Guidance, Outlook, Risks, and Unusual Items
- The company received an initial 180-calendar-day compliance period ending February 20, 2024.
- To regain compliance, the stock’s closing bid price must reach at least $1.00 per share for a minimum of 10 consecutive trading days, unless Nasdaq extends the period.
- If the company does not regain compliance by February 20, 2024, it may be eligible for an additional 180-day period, subject to meeting Nasdaq’s other applicable initial-listing requirements and providing written notice of its intent to cure the deficiency, potentially through a reverse stock split.
- If compliance is not regained during an available compliance period, Nasdaq may issue a delisting notice. The company could then appeal to a Nasdaq Hearings Panel.
- The notice had no immediate effect on the listing; the stock was expected to continue trading on Nasdaq under IPW.
- The company stated that there can be no assurance it will regain compliance or maintain compliance with other Nasdaq requirements.
Investor Verification Items
- Verify whether iPower regained compliance by February 20, 2024 or received an additional compliance period.
- Check for any subsequent reverse stock split, Nasdaq delisting notice, hearing, or other listing-status action.
- Review later SEC filings for the company’s financial condition, liquidity, and ability to address listing-compliance requirements.
- Confirm the stock’s current Nasdaq listing status and compliance with all other continued-listing standards.