Gers protest group the Sons of Struth has emailed all of the Glasgow club's major shareholders ahead of the meeting later this month.
They have warned they will stop buying Rangers merchandise and season tickets if the current directors are re-elected.
And they have upped the ante by contacting Newcastle United owner Mike Ashley, left, who owns the rights to sell Rangers merchandise through his Sports Direct chain. The email read: "We are your customers. If after the AGM any of the current board are still in place then we could as customers stop buying season tickets, match day hospitality, club merchandise, match day catering and match day magazines.
"We as supporters are not happy with the corporate governance, business acumen or trustworthiness of the current board.
"As a group, we have gained support from many fans and fans' bodies and carried out numerous protests over the previous months.
"We shall continue with our protest up to the AGM. We urge you to vote in accordance with our wishes and not re-elect any of the current board."
The AGM promises to be an explosive affair with four members of the rebel group backed by wealthy business-man Jim McColl seeking election.
Scott Murdoch, Malcolm Murray, Paul Murray and Alex Wilson are looking to seize control of their boyhood heroes later this month. It is unclear at this stage which group - the current board or the requsitioners - has enough backing to win the power struggle currently being waged.
However, the threat to boycott the club could sway undecided shareholders.
Despite raising £22million in a public share offering last December, Rangers are facing serious financial problems.
Financial director Brian Stockbridge has admitted the club will be left with just £1 million in the bank by April.
And funds are set to run out altogether midway through next season unless fresh investment is found.
Meanwhile, The Sons of Struth will stage a protest before the SPFL League One match with Forfar Athletic at Ibrox tonight.
Supporters will march on the front door before calling for the removal of Stockbridge and controversial club media advisor Jack Irvine.