Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
iPower Inc.: Amended and restated bylaws to reduce stockholder meeting quorum, grant Chairman authority to call special board meetings, give Chairman veto power over board decisions and require 66⅔% vote for Chairman removal (effective 2025-06-08).
- Change
- bylaw amendment
- Effective
- 2025-06-08
Exact text from the filing
On June 8, 2025, board of directors (the “Board”) of iPower Inc., a Nevada corporation (the “Company”), approved the amendment and restatement of the Company’s second amended and restated bylaws (the “Third A&R Bylaws”) in order to (i) decrease the quorum required for a meeting of stockholders from a majority to one-third, (ii) permit the Chairman of the Board to call a special meeting of the Board from time to time, (iii) provide the Chairman of the Board with the final authority to approve and ratify all decisions and resolutions adopted by the Board, to exercise the power of veto on any decision adopted by the Board and to require the express written consent of the Chairman of the Board for any resolution concerning a merger or acquisition transaction or any resolution that would result in a change of control of the Company and (iv) require a vote of 66 2/3% of the Company’s stockholders in order to remove the Chairman of the Board.
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