iPower Inc. announced the entry into a $30 million convertible note financing facility.
The purpose is to launch its Digital Asset Treasury strategy in the crypto space.
The facility from a US-based institutional investor will strengthen the balance sheet and support operational strategies.
Purpose of Financing
Launch Digital Asset Treasury strategy and strengthen balance sheet.
Utilization of Proceeds
$4.4 million for Digital Asset Treasury, repayment of bridge loan, and working capital.
Operational Strategies
Evaluation of acquisitions, collaboration with digital asset providers, and enhancing product offerings.
CEO Statement
Lawrence Tan highlighted the strategic significance of the Digital Asset Treasury in integrating digital assets with e-commerce.
Long-Term Growth Strategy
Focus on sustainable growth and value creation through digital assets integration.
- The financing marks iPower's initial step into executing its crypto strategy.
- The company aims to leverage its operational experience and data systems to integrate digital assets into commerce.
- iPower plans to maximize stockholder value through operational and capital structure evaluation.
With the $30 million financing, iPower is poised to explore new opportunities in the digital asset space and enhance its value proposition in e-commerce.