ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On December 30, 2019 (the "Closing Date"), CBAK Energy Technology, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a Promissory Note (the "Note") to the Lender dated as of the Closing Date. The Note has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the Closing Date, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender's expenses of $20,000.

The Note provides that, the Company shall have the right to prepay the Note for an amount equal to 125% multiplied by the portion of the Outstanding Balance (as defined in the Note) being prepaid. Beginning on the date that is six months after the Closing Date, the Lender has the right to redeem any amount of the Note up to $250,000 per calendar month. Upon the occurrence of an event of default, interest accrues at the lesser of 22% per annum or the maximum rate permitted by applicable law and the Lender may accelerate the Note pursuant to which the Outstanding Balance will become immediately due and payable in cash. In addition, so long as the Note is outstanding, in the event the common stock of the Company is delisted from the Nasdaq Stock Market, the Outstanding Balance will automatically be increased by ten percent (10%).

The Company relied on the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, in connection with the issuance and sale of the Note.

The foregoing descriptions of the Purchase Agreement and the Note are not complete and are qualified in their entireties by reference to the full text of the Purchase Agreement and Note, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.

ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 2.03 by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.





(d) Exhibits



Exhibit   Description

10.1        Securities Purchase Agreement between the Company and Atlas Sciences,
          LLC, dated December 30, 2019
10.2        Promissory Note from the Company to Atlas Sciences, LLC, dated
          December 30, 2019




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