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): November 11, 2020

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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):

ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On November 11, 2020, CBAK Energy Technology, Inc. (the “Company”) entered into a Cancellation Agreement (the “Cancellation Agreement”) with a creditor who loaned an aggregate of RMB 72 million (approximately $11.17 million) to a subsidiary of the Company (the “Debt”). Pursuant to the terms of the Cancellation Agreement, the creditor agreed to cancel the Debt in exchange for an aggregate of 3,192,291 shares of common stock of the Company (the “Shares”) at an exchange price of $3.50 per share. Upon receipt of the Shares, the creditor will release the Company from any claims, demands and other obligations relating to the Debt. The Cancellation Agreement contains customary representations and warranties of the Company and the creditor. The creditor does not have registration rights with respect to the Shares. The closing price of the Company’s common stock on November 11, 2020, as reported by the Nasdaq Stock Market, was $3.48 per share.

The foregoing description of the Cancellation Agreement is qualified in its entirety by reference to the full text of the Cancellation Agreement, which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.

The issuance of the Shares to the creditor will be 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 SALE OF EQUITY SECURITIES.

Reference is made to the disclosure set forth under Item 1.01 above, which disclosures are incorporated herein by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

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