CBAK ENERGY TECHNOLOGY, INC. (NASDAQ:CBAK) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On May 31, 2017, CBAK Energy Technology, Inc. (the Company)
entered into a securities purchase agreement (the “Securities
Purchase Agreement”) with certain investors, to which, the
Company agreed to issue an aggregate of 6,403,518 shares of
common stock, par value $0.001 per share of the Company (the
Shares) to the investors, at a purchase price of $1.50 per share,
for an aggregate price of $9,605,277. The Securities Purchase
Agreement contains customary representations and warranties of
the investors. The investors do not have registration rights with
respect to the Shares.
The foregoing description of the Securities Purchase Agreement is
qualified in its entirety by reference to the full text of the
Securities Purchase Agreement, a form of which is attached hereto
as Exhibit 10.1, and is incorporated herein by reference.
The issuance of the Shares to the investors was made in reliance
on the exemption provided by Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Act”), for the offer and sale of
securities not involving a public offering, and Regulation S
promulgated thereunder. None of the Shares have been registered
under the Act and neither may be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. This current report on Form 8-K does
not constitute an offer to sell, or a solicitation of an offer to
buy, any security and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offering would be
unlawful.
ITEM 3.02 UNREGISTERED SALES OF EQUITY
SECURITIES.
The information set forth in Item 1.01 above is incorporated by
reference herein.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
| Exhibit | Description |
| 10.1 | Form of Securities Purchase Agreement |
2
About CBAK ENERGY TECHNOLOGY, INC. (NASDAQ:CBAK)
CBAK Energy Technology, Inc., formerly China BAK Battery, Inc., is a holding company. The Company and its subsidiaries are engaged in the manufacture, commercialization and distribution of a range of standard and customized lithium ion (Li-ion) rechargeable batteries for use in an array of applications. As of September 30, 2016, it manufactured five types of Li-ion rechargeable batteries: aluminum-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. Its products are used in various applications, including electric vehicles (EV), such as electric cars, electric buses, hybrid electric cars and buses; light electric vehicles (LEV), such as electric bicycles, electric motors and sight-seeing cars, and electric tools, energy storage, uninterruptible power supply (UPS), and other high power applications. CBAK ENERGY TECHNOLOGY, INC. (NASDAQ:CBAK) Recent Trading Information
CBAK ENERGY TECHNOLOGY, INC. (NASDAQ:CBAK) closed its last trading session up +0.05 at 1.40 with 20,363 shares trading hands.
