(Note: iPower priced its IPO on May 11, 2021, at $5 – sharply below its $7-to-$9 price range – on 3.36 million shares, up from 3 million in the downsized terms in the prospectus, to raise $16.8 million. On May 7, 2021, iPower slashed the size of its IPO to 3 million shares at $7 to $9 each – down from 5 million shares at $9 to $11 – with the new total proceeds at $24 million. (Source: S-1/A filing dated May 7, 2021.) The reduction in terms represent a 52 percent cut from its initial estimated IPO proceeds of $50 million. The pricing of the IPO was carried over to the week of May 10, 2021, from the previous week.)

iPower’s mission is to be the most trusted and convenient online provider of hydroponic equipment and supplies. iPower Inc. is one of the largest online hydroponic equipment and accessory retailers and suppliers in North America. We have built proprietary business intelligence and enterprise resource planning software tools that help us collect and analyze data to inform business decisions across our various online platforms. We sell our products through our own website – www.zenhydro.com –  as well as online channel partners that include Amazon, Walmart and eBay. Our orders are fulfilled from our two fulfillment centers (about 72,000 square feet of warehouse space) in southern California. (Note: iPower filed confidentially for an IPO on Nov. 24, 2020, SEC records show.)

Chenlong Tan and Allan Huang are our co-founders. They will own 58.26 percent of the outstanding common stock after the IPO. iPower, Inc. was founded in 2018. Its predecessor business was started in 2010.

We offer best-selling products and supplies at great prices which enable our customers to grow vegetables, fruits and flowers, and other plants, including cannabis. We partner with hundreds of the best and most trusted brands in the hydroponics industry, and we create and offer our own outstanding in-house branded products. Our in-house branded products are marketed under the iPower™ and Simple Deluxe™ brands and include advanced indoor and greenhouse grow-light systems, ventilation systems, activated carbon filters, water-resistant grow tents, trimming machines, pumps and accessories for hydroponic gardening, as well as other indoor and outdoor growing products. We offer more than 2,600 proprietary, in-house branded products to consumers which represented approximately 76% of our sales for the six months ended Dec. 31, 2020. Our strategy is to supply products to two groups of customers: (i) home growers who require an online shop to fulfill their daily and weekly growing needs and (ii) commercial growers. We utilize approximately 72,000 square feet of warehouse space in California to fulfill our customers’ orders.