iPower settles FINRA arbitration with Boustead for $1.3M; CEO & co-founder pledge shares

iPower Inc.

Settlement of FINRA Case No. 22-01133; iPower pays $1.3M in four $325K installments starting April 3, 2024.
CEO Chenlong Tan and co-founder Allan Huang each pledge 1,300,000 IPW shares (total 2.6M) to recoup settlement.
Company may sell pledged shares into market; any dividends on collateral retained and credited toward repayment.
BSL to dismiss arbitration after final payment by July 8, 2024; iPower dismisses counterclaims.
Tan's prior indemnification agreement capped at $3.5M; Huang voluntarily contributes shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

iPower Inc. entered into Settlement Agreement with Boustead Securities, LLC valued at $1.3 million (effective 2024-04-03).

Action: entry
Agreement: settlement
Counterparty: Boustead Securities, LLC
Value: $1.3 million
Effective: 2024-04-03

Exact text from the filing

Davidson”), entered into a settlement agreement and mutual release (the “Settlement Agreement”) with Boustead Securities, LLC (“BSL”) and its current and former employees, officers, directors, partners, agents and affiliates,

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iPower Inc. filing history →

Source: SEC EDGAR

accession 0001683168-24-002242

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