iPower expands change-of-control terms on note
iPower Inc. amended the terms of a $2.3 million Promissory Note it received when it sold its subsidiary Global Product Marketing, Inc. to ETTS AI Investment LLC.
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Form Type
8-K
Rhea-AI Filing Summary
iPower Inc. amended the terms of a $2.3 million Promissory Note it received when it sold its subsidiary Global Product Marketing, Inc. to ETTS AI Investment LLC. The March 26, 2026 amendment broadens what qualifies as a “Change of Control” for iPower, including major shifts in executive leadership or board composition, significant changes to its business model or core operations that hurt its relationship with GPM, and dispositions of key supply chain assets that materially affect its ability to provide products or services. No other provisions of the Promissory Note were changed.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Promissory Note amount: $2.3 million
Promissory Note date: February 1, 2026
Amendment date: March 26, 2026
3 metrics
Promissory Note amount
$2.3 million
Consideration for sale of Global Product Marketing, Inc.
Promissory Note date
February 1, 2026
Date iPower entered into stock purchase agreement and received note
Amendment date
March 26, 2026
Date iPower and ETTS AI amended the Promissory Note
Key Terms
Promissory Note, Change of Control, software asset transfer agreement, stock purchase agreement, +1 more
5 terms
Promissory Note financial
"in exchange for a $2.3 million promissory note (the “Promissory Note”)."
A promissory note is a written IOU in which one party promises to pay a specific sum, often with interest, to another party by a set date or on demand. Investors care because it functions like a loan: it creates a legal claim on future cash flows, carries credit and timing risk, and can affect valuation or liquidity—think of it as a formal, tradable promise to be repaid that can be assessed like any other debt investment.
Change of Control regulatory
"expanding the definition of a “Change of Control” of iPower to include, inter alia,"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
software asset transfer agreement financial
"entered into a software asset transfer agreement with its then-wholly owned subsidiary"
stock purchase agreement financial
"the Company entered into a stock purchase agreement with ETTS AI Investment LLC"
A stock purchase agreement is a legal contract that sets the terms for buying or selling shares, specifying the price, number of shares, how payment is made, and any conditions or promises each side must meet. It matters to investors because it defines who owns what, when ownership changes, and what protections or obligations attach to the deal—think of it as a detailed receipt plus the house rules that determine the financial risks and benefits of the transaction.
supply chain technical
"disposition of any material portion of the Company’s supply chain that materially impacts"
A supply chain is the series of steps involved in producing and delivering a product or service, from raw materials to the final customer. It includes all the processes, such as sourcing materials, manufacturing, and distribution, that ensure products reach consumers. For investors, understanding the supply chain helps gauge how efficiently a company can meet demand and manage costs, impacting its profitability and stability.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did iPower Inc. (IPW) change in its agreement with ETTS AI?
iPower amended the Promissory Note with ETTS AI to expand the definition of a “Change of Control.” This now covers management or board changes, major business model shifts, and material supply chain disposals that harm its relationship with Global Product Marketing, Inc.
What transaction led to the $2.3 million Promissory Note for iPower (IPW)?
The Promissory Note arose when iPower sold its equity interest in Global Product Marketing, Inc. and its underlying entities to ETTS AI Investment LLC. In exchange for that sale, iPower received a $2.3 million Promissory Note on February 1, 2026.
How does the new Change of Control definition affect iPower Inc. (IPW)?
The expanded Change of Control definition captures more situations that could trigger consequences under the Promissory Note. It now includes significant leadership turnover, adverse strategic shifts, and material supply chain disposals that impair iPower’s ability to maintain obligations and its relationship with GPM.
Did iPower Inc. change any financial terms of the $2.3 million Promissory Note?
No financial terms are described as changing. The amendment only revises Section 8 to broaden the definition of Change of Control. The filing states all other terms and provisions of the $2.3 million Promissory Note remain unchanged and in full force and effect.
Who are the parties to iPower’s amended Promissory Note disclosed in this filing?
The Promissory Note is between iPower Inc., a Nevada corporation, and ETTS AI Investment LLC, a Nevada limited liability company. It relates to the earlier sale of Global Product Marketing, Inc., which was previously a wholly owned subsidiary of iPower.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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