Ideal Power Accepts Resignation of Director Timothy Burns

Ideal Power Inc. (NASDAQ: IPWR) disclosed that independent director Timothy Burns resigned from its board of directors effective June 1 2026.

The resignation affects the seven-member board previously listed in the company's proxy materials. Burns served as an independent director and was a member of at least one board committee whose composition must now be reconstituted under Nasdaq listing rules and the company's governance documents.

The board now operates with one fewer independent director until a replacement is identified and elected. The company stated that Burns did not cite any disagreement with Ideal Power on any matter relating to the company's operations, policies or practices. No severance or consulting arrangement was disclosed in connection with the departure.

Downstream requirements include updating committee assignments and maintaining the required majority of independent directors under Nasdaq standards. The company must also reflect the change in its next proxy statement and Form 10-K. Item 5.02 of Form 8-K obligates the company to report the departure within four business days, a deadline satisfied by the June 4 2026 filing.

A replacement director, if named, would require a separate Form 8-K under Item 5.02 within four business days of election or appointment.

The filing also reported results of matters submitted to a vote of security holders at the company's 2026 annual meeting. Those results and related exhibits appear as Items 5.07 and 9.01.

This marks the first board-level change Ideal Power has reported in 2026. The company last filed an Item 5.02 Form 8-K in 2024 concerning executive compensation plan amendments. Ideal Power develops B-TRAN semiconductor power switches for renewable energy, energy storage, and electric-vehicle charging systems.