Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On November 9, 2022, iPower Inc., a Nevada corporation (the "Company"), received
a deficiency letter from the Listing Qualifications Department (the "Staff") of
the Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the preceding
30 consecutive business days, the closing bid price for the Company's common
stock was trading below the minimum $1.00 per share requirement for continued
inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule
5450(a)(1) (the "Bid Price Requirement"). The notification has no immediate
effect on the Company's Nasdaq listing and the Company's common stock will
continue to trade on Nasdaq under the ticker symbol "IPW."
In accordance with Nasdaq Rules, the Company has been provided an initial period
of 180 calendar days, or until April 7, 2023 (the "Compliance Date"), to regain
compliance with the Bid Price Requirement. If at any time before the Compliance
Date the closing bid price for the Company's common stock is at least $1.00 for
a minimum of 10 consecutive business days, the Staff will provide the Company
written confirmation of compliance with the Bid Price Requirement. If the
Company does not regain compliance with the Bid Price Requirement by the
Compliance Date, the Company may be eligible for an additional 180 calendar day
compliance period. To qualify, the Company would then be required to meet the
continued listing requirement for market value of publicly held shares and all
other initial listing standards for The Nasdaq Capital Market, with the
exception of the Bid Price Requirement, and will need to provide written notice
of its intention to cure the deficiency during the additional 180 calendar day
compliance period, which compliance could be achieved by effecting a reverse
stock split, if necessary. If the Company does not regain compliance with the
Bid Price Requirement by the Compliance Date and is not eligible for an
additional compliance period at that time, the Staff will provide written
notification to the Company that its common stock will be subject to delisting.
At that time, the Company may appeal the Staff's delisting determination to a
Nasdaq Hearings Panel. There can be no assurance that the Company will regain
compliance or otherwise maintain compliance with any of the other listing
requirements. Nonetheless, the Company intends to monitor the closing bid price
of its common stock and may, if appropriate, consider available options to
regain compliance with the Bid Price Requirement.
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