CBAK ENERGY TECHNOLOGY, INC. (NASDAQ:CBAK) Files An 8-K Entry into a Material Definitive Agreement
|ENTRY INTO A MATERIAL DEFINTIVE AGREEMENT|
On March 21, 2017, CBAK Energy Technology, Inc. (the Company) and
its wholly owned subsidiary, Dalian CBAK Power Battery Co., Ltd
(Dalian CBAK) entered into a termination agreement (the IP
Termination Agreement) with the Companys former subsidiary,
Shenzhen BAK Battery Co., Ltd (Shenzhen BAK), to which the
parties agreed to terminate the intellectual property license
agreement that they entered into on August 25, 2014 (the License
Agreement). Under the License Agreement, Shenzhen BAK licensed to
the Company and Dalian CBAK any and all intellectual property
rights that Shenzhen BAK owns for a term of five years.
As a result of the execution of the IP Termination Agreement, the
License Agreement was terminated in its entirety and was deemed
null and void. The Company and Dalian CBAK may not use or
transfer to any third party any intellectual property right
licensed to them by Shenzhen BAK to the License Agreement. In
addition, Shenzhen BAK agreed to pay $1 million to the Company as
the termination fee no later than one month after the execution
of the IP Termination Agreement. Shenzhen BAK also agreed to
unconditionally transfer for free to Dalian CBAK any registered
trademark and logo containing the word CBAK owned by Shenzhen BAK
or its subsidiaries (including but not limited to the trademark
with the registration number of 5735737). Dalian CBAK and
Shenzhen BAK will enter into a separate transfer agreement to
govern this matter.
The foregoing description of the IP Termination Agreement is
qualified in its entirety by reference to the full text of the
English translation of the IP Termination Agreement, a copy of
which is filed as Exhibit 10.1 to this Current Report.
TERMINATION OF A MATERIAL DEFINITIVE
The information set forth in Item 1.01 above is incorporated by
reference in response to this Item 1.02.
|ITEM 9.01.||FINANCIAL STATEMENTS AND EXHIBITS.|
English Translation of Termination Agreement of Intellectual
Property License by and among CBAK Energy Technology, Inc.,
Dalian CBAK Power Battery Co., Ltd and Shenzhen BAK Battery
Co., Ltd, dated March 21, 2017
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 00.00 at 1.30 with 4,327 shares trading hands.