CBAK buys 5% of BAK Power ($35.6M), enters battery recycling; Nasdaq warns on bid price

CBAK Energy Technology, Inc.

Nanjing CBAK to buy 5% stake in BAK Power for RMB260M ($35.6M); BAK Power to supply battery products and non-compete.
Hitrans to initially acquire 26% of Zhejiang Shengyang for RMB28.6M ($3.9M), with option for additional 44% later.
Company expects investment to stabilize supply chain and enter battery recycling industry.
Nasdaq notice: CBAT common stock below $1.00 bid price; has until March 25, 2024 to regain compliance.
If not compliant by March 25, 2024, may qualify for additional 180-day period or face delisting.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CBAK Energy Technology, Inc. entered into Equity Transfer Agreement with Shenzhen BAK Battery Co., Ltd. valued at RMB260 million (approximately $35.57 million) (effective 2023-09-27).

Action: entry
Agreement: asset purchase
Counterparty: Shenzhen BAK Battery Co., Ltd.
Value: RMB260 million (approximately $35.57 million)
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, Nanjing CBAK New Energy Technology Co., Ltd. (“Nanjing CBAK”), a wholly-owned subsidiary of CBAK Energy Technology, Inc. (the “Company”) in China, entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with Shenzhen BAK Battery Co., Ltd. (“BAK Battery”), under which BAK Battery shall sell a five percent (5%) equity interest in Shenzhen BAK Power Battery Co., Ltd. (“BAK Power”) to Nanjing CBAK for a purchase price of RMB260 million (approximately $35.57 million) (the “Target Equity”).

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CBAK Energy Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001013762-23-001154

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