DEFA14A: iPower Inc. Withdraws Auditor Ratification Proposal for 2025 Annual Meeting

iPower Inc. has filed a second supplement to its 2025 Annual Meeting proxy statement, removing the proposal to ratify Guangdong Prouden CPAs GP as its independent accountants.

Summary

• iPower Inc. (the "Company") filed Supplement No. 2 to its definitive proxy statement for the 2025 Annual Meeting of Stockholders.
• The purpose of this supplement is to remove Proposal No. 2 from stockholder consideration at the Annual Meeting.
• Proposal No. 2 was intended to ratify the appointment of Guangdong Prouden CPAs GP as the Company's independent accountants for the fiscal year ending June 30, 2025.
• The Board of Directors decided on June 13, 2025, not to proceed with the engagement of Guangdong Prouden CPAs GP.
• The Company is currently in the process of selecting a new PCAOB-licensed independent accounting firm (the "New Auditor") for the fiscal year ending June 30, 2025, which will be disclosed upon finalization of engagement.
• All other proposals (Proposal Nos. 1, 3, 4, and 5) presented in the Proxy Statement remain on the agenda for the Annual Meeting.
• Stockholders are not required to submit new proxy cards or voting instructions due to the removal of Proposal No. 2; existing proxy cards or voting instructions for the remaining proposals remain valid.
• Votes previously submitted for Proposal No. 2 will not be counted.

Sentiment

Score: 5

Explanation: The document is a neutral, procedural update regarding the withdrawal of an auditor ratification proposal for the upcoming annual meeting. It does not contain information that would significantly alter the company's financial outlook or operational performance.

Future Outlook

The company is in the process of selecting a new PCAOB-licensed independent accounting firm for the fiscal year ending June 30, 2025, and will disclose this New Auditor to stockholders once the engagement is finalized.

Management Comments

• The Board decided not to move forward with the engagement of Guangdong Prouden CPAs GP as the Company's independent accountants.
• The Company is now in the process of selecting a new PCAOB-licensed independent accounting firm (the New Auditor) for the fiscal year ending June 30, 2025 and will disclose such New Auditor to the Company's stockholders as soon as its engagement is finalized.

Industry Context

This filing represents a standard corporate governance update concerning the appointment of an independent auditor, a common practice for publicly traded companies to ensure financial oversight and compliance. The withdrawal of a proposed auditor and the search for a new PCAOB-licensed firm are procedural steps that companies undertake to maintain regulatory adherence and stakeholder confidence.

Corporate Governance

Stakeholder Impact

• Shareholders: Will not vote on Proposal No. 2; existing proxy cards for other proposals remain valid. Will be informed of the new auditor once selected.

Next Steps

• Selection of a new PCAOB-licensed independent accounting firm for the fiscal year ending June 30, 2025.
• Disclosure of the New Auditor to stockholders once engagement is finalized.
• Holding of the 2025 Annual Meeting of Stockholders on June 23, 2025, with remaining proposals (1, 3, 4, 5) on the agenda.

Key Dates

Keywords

iPower Inc., IPW, SEC filing, DEFA14A, Proxy Statement, Annual Meeting, Auditor, Independent Accountants, Corporate Governance, Stockholders, Guangdong Prouden CPAs GP, PCAOB