iPower Inc. (NASDAQ: IPW) gained 21.9% after the company announced the completion of the sale of 504,000 additional common shares at $5 in a public offering. The sale is in accordance with the overallotment option granted to underwriters related to iPower’s recently finalized IPO, at which the company sold 3.36 million common shares at $5 per share.
iPower receives an additional $2.52 million from share sale
After deducting underwriting discounts and other related expenses, iPower received an additional $2.52 million in total proceeds on top of the $16.80 million on the underwriters’ exercise of the over-allotment option for total gross proceeds of $19.32 million. The proceeds will be used to extend iPower’s current eCommerce platform, improve analytics, purchase inventory, research, and development, enhance iPower’s intellectual property portfolio, acquire complementary entities, and for other corporate purposes.
The Securities and Exchange Commission (“SEC”) received a registration statement on Form S-1 relating to the IPO (File Number: 333-252629) and declared it effective on May 11, 2021. A prospectus, which was included in the registration statement, was used to make the offering. D.A. Davidson & Co. can provide you with a copy of the final prospectus for the offering. A copy of the prospectus is also available on the SEC’s website.
iPower CEO rung Nasdaq closing bell
On Thursday, May 27, 2021, iPower CEO Chenlong Tan rang the NASDAQ closing bell to celebrate the company’s Nasdaq listing. The company went public and commenced trading on the Nasdaq market on May 12, 2021.
Tan said that they are thrilled to ring the closing bell to commemorate the successful Nasdaq listing. He added that the IPO was a watershed moment for iPower, and they are looking forward to what the future holds thanks to the remarkable efforts of our iPower team and the continuous support of customers.