iPower (IPW) Registration filing summary

Company overview and business model

• Technology- and data-driven infrastructure model built on supply-chain services, real-world commerce, partner logistics and fulfillment, supported by internal software, data and operating capabilities.

• Current strategic focus is AI infrastructure acquisition, financing, equipment leasing and related operations; management is reducing certain digital-asset exposure and prioritizing direct AI opportunities.

• No automatic or recurring digital-asset purchase program or minimum holdings; management sets allocations based on liquidity, debt service, collateral needs, risk and operating opportunities.

Financial performance and metrics

• As of Oct. 29, 2026, controlled accounts held $4.818M cash and 15.11524045 BTC valued at $1.190M; total controlled-account assets were $6.008M, including cash and digital assets.

• Investors had converted $11.941M of Series A notes into 427,960 shares at an average $27.90 conversion price on a post-reverse-split basis, as stated in the prospectus summary.

• Digital assets, cash and related proceeds in controlled accounts are pledged to the collateral agent; gross controlled-account assets are not unrestricted cash available to common stockholders.

Use of proceeds and capital allocation

• No proceeds from the selling stockholder’s resale accrue to the issuer; the issuer bears registration costs, while the seller bears selling commissions and discounts.

• Proceeds from future note closings may fund debt repayment, digital-asset purchases and general corporate purposes; the July 2026 amendment permits management to use additional-closing proceeds for any corporate purpose, including AI infrastructure and working capital.

• Capital allocation has shifted from passive digital-asset accumulation toward direct AI infrastructure opportunities; collateral remains subject to financing and custody-control arrangements.