iPower shareholders approve board elections and reverse stock split authorization

iPower Inc. (NASDAQ:IPW), currently trading at $0.64 with a market capitalization of $20.1 million, reported the results of its annual meeting of stockholders held Monday, according to a statement based on a Securities and Exchange Commission filing. The company’s stock has declined 65% over the past year, though InvestingPro analysis suggests it may be undervalued at current levels.

At the meeting, shareholders voted on four proposals. As of the record date of May 16, 2025, there were 31,359,899 shares eligible to vote, with 25,990,703 shares represented in person or by proxy, accounting for 82.87% of eligible votes. For deeper insights into iPower’s governance and financial metrics, InvestingPro subscribers can access the comprehensive Pro Research Report, which provides detailed analysis of the company’s performance and outlook.

All four director nominees—Chenlong Tan, Bennet Tchaikovsky, Yue Guo, and Hanxi Li—were elected to the board for one-year terms. The vote totals for the nominees were as follows: Chenlong Tan received 21,400,784 votes for and 44,200 withheld; Bennet Tchaikovsky received 20,946,608 votes for and 498,376 withheld; Yue Guo received 21,400,809 votes for and 44,175 withheld; Hanxi Li received 21,026,314 votes for and 418,670 withheld. Each nominee had 4,545,719 broker non-votes and no votes against.

Shareholders also approved, on an advisory basis, the company’s executive compensation, with 21,390,021 votes for, 43,183 against, and 11,780 abstentions. There were 4,545,719 broker non-votes on this item.

A proposal to amend iPower’s Sixth Amended and Restated Articles of Incorporation to authorize the board to implement a reverse stock split at a ratio between 1-for-2 and 1-for-200 was approved. The reverse split may be implemented on one or more occasions at the discretion of the board to maintain Nasdaq compliance. The proposal received 25,613,939 votes for, 365,096 against, and 11,668 abstentions.

In addition, Yi Yang was elected to the board of directors for a one-year term, with 21,230,321 votes for, none against, and 214,663 abstentions. There were 4,545,719 broker non-votes.

The information in this article is based on a press release statement from iPower Inc. filed with the SEC. With revenue of $74.1 million in the last twelve months and a gross profit margin of 45.7%, investors seeking detailed financial analysis and valuation metrics can access comprehensive reports through InvestingPro.

In other recent news, iPower Inc. announced a strategic repositioning to transform into a crypto treasury and blockchain infrastructure services company. The company plans to start accumulating Bitcoin as a treasury reserve asset and expand into blockchain-related retail services. Additionally, iPower has initiated the production of a new equipment line as part of its U.S. manufacturing strategy, with the goal of enhancing operational resilience and improving service agility. The company aims for its joint venture, United Package NV LLC, to be fully operational by the fourth quarter of 2025.

In another development, iPower launched a joint venture named United Package NV LLC to bolster domestic manufacturing through its "Made in USA" module. This venture is expected to improve supply chain resilience and reduce dependence on overseas manufacturing. On the governance front, iPower reshuffled its board of directors with the appointment of Yue Guo as an independent director. Guo brings significant experience from the IT and internet industry and will serve in key committee roles. These developments reflect iPower’s strategic initiatives to adapt and expand its business operations.

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