iPower Inc. (IPW) Prices 3.36M Share IPO at $5/Sh; Announces Nasdaq Listing

May 12, 2021 5:53 AM EDT

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iPower Inc. (NASDAQ: IPW), one of the leading online hydroponic equipment suppliers and retailers in the United States, today announced that it priced its initial public offering ("Offering") of 3,360,000 shares of Common Stock at a public offering price of US$5.00 per share and will begin trading on the Nasdaq Capital Market under the ticker symbol "IPW."

The Company expects to receive aggregate gross proceeds of US$16.8 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 504,000 shares of Common Stock at the public offering price. The Offering is expected to close on or about May 14, 2021.

Proceeds from the Offering will be used to expand the Company's current ecommerce platform, purchase inventory (including capitalizing on the ability to make bulk purchases), operations (including improving analytics and expanding our online sale platform), research and development, enhancing the Company's intellectual property portfolio, acquiring complimentary businesses, and general corporate purposes.

D.A. Davidson & Co., Roth Capital Partners, LLC, and US Tiger Securities, Inc. are acting as joint book running managers and as representatives of the underwriters for the offering. Michelman & Robinson, LLP acted as counsel to the Company, and Orrick, Herrington & Sutcliffe LLP acted as counsel to the underwriters in connection with the Offering.

A registration statement on Form S-1 relating to the Offering was filed with the Securities and Exchange Commission ("SEC") (File Number: 333-252629) and was declared effective by the SEC on May 11, 2021.



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