iPower Inc. issues $2M in promissory notes at 6.5% to pay off JPMorgan credit facility

iPower Inc.

Three promissory notes issued for total gross proceeds of $2M on November 24, 2025.
Notes bear 6.5% annual interest; due 60 days or upon closing of new investment transaction.
Proceeds used to repay existing JPMorgan Chase credit agreement originally dated Nov 12, 2021.
One lender is an entity controlled by CEO Chenlong Tan, a related-party transaction.
Security interest granted in substantially all personal property (excluding crypto assets) after JPMorgan payoff.

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