UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
July 1, 2021
________________________________________________________________
IDEAL POWER INC.
(Exact name of registrant as specified in Charter)
| Delaware |
|
001-36216 |
|
14-1999058 |
|
(State or other jurisdiction of
incorporation or organization) |
|
(Commission File No.) |
|
(IRS Employee Identification No.) |
5508 Highway 290 West, Suite 120
Austin, Texas, 78735
(Address of Principal Executive Offices)
512-264-1542
(Issuer Telephone number)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2 below).
| |
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12) |
| |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). |
| |
¨ |
Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act (17 CFR 240.13(e)-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each
class |
Trading Symbol |
Name of each
exchange on which registered |
| Common Stock |
IPWR |
Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
| Item 4.01. | Changes in Registrant’s Certifying Accountant. |
Effective July 1, 2021, Gumbiner Savett Inc. (“GS”),
the independent registered public accounting firm for Ideal Power Inc. (the “Company”), combined with BPM LLP
(“BPM”). Solely as a result of this transaction, on July 1, 2021, GS resigned as the independent registered public
accounting firm for the Company. Concurrent with such resignation as a result of the transaction, the Company’s audit
committee approved the engagement of BPM as the new independent registered public accounting firm for the Company for the
Company’s fiscal year ending December 31, 2021.
The audit reports of GS on the Company’s financial statements
for the years ended December 31, 2020 and 2019 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or
modified as to uncertainty, audit scope or accounting principles, with the exception that, the report dated March 30, 2020, contained
an explanatory paragraph about the Company’s ability to continue as a going concern.
During the two most recent fiscal years ended December 31, 2020 and
2019 and through the subsequent interim period preceding GS’s resignation, there were no disagreements between the Company and GS
on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements,
if not resolved to the satisfaction of GS would have caused them to make reference thereto in their reports on the Company’s financial
statements for such years.
During the two most recent fiscal years ended December 31, 2020 and
2019 and through the subsequent interim period preceding GS’s resignation, there were no reportable events within the meaning set
forth in Item 304(a)(1)(v) of Regulation S-K.
During the two most recent fiscal years ended December 31, 2020 and
2019 and through the subsequent interim period preceding BPM’s engagement, the Company did not consult with BPM on either (1) the
application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that may be
rendered on the Company’s financial statements, and BPM did not provide either a written report or oral advise to the Company that
BPM concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting
issue; or (2) any matter that was either the subject of a disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K, or a reportable
event, as defined in Item 304(a)(1)(v) of Regulation S-K.
The Company has provided GS a copy of the disclosures in this Form
8-K and has requested that GS furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees
with the Company’s statements herein. A copy of the letter dated July 7, 2021 is filed as Exhibit 16.1 to this Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: July 7, 2021 |
IDEAL POWER INC. |
|
| |
|
|
|
| |
|
|
|
| |
By: |
/s/ Timothy Burns |
|
| |
|
Timothy Burns |
|
| |
|
Chief Financial Officer |
|
