CBAK ENERGY TECHNOLOGY, INC. : Change in Directors or Principal Officers, Other Events (form 8-K)

Published: 2021-09-28 16:38:17 ET CBAT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 24, 2021, Guosheng Wang advised the Board of Directors (the "Board") of CBAK Energy Technology, Inc. (the "Company") of his resignation as a member of the Board, effectively immediately. Mr. Wang's decision to resign was due to personal reasons and not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

On September 24, 2021, the Board elected Ms. Xiangyu Pei as a new director of the Company, effective immediately. Ms. Pei will be subject to reelection at the Company's next annual meeting of stockholders.

Ms. Pei has served as the Interim Chief Financial Officer of the Company since August 2019. Her biographical information is incorporated herein by reference as set forth in the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission on April 13, 2021.

Like other employee directors of the Company, Ms. Pei will not receive compensation for serving as a director of the Company, but she is entitled to reimbursements for reasonable expenses incurred in connection with attending the Company's board meetings.

There is no family relationship that exists between Ms. Pei and any directors or executive officers of the Company. In addition, there are no arrangements or understandings between Ms. Pei and any other persons pursuant to which she was elected to the Board and there are no related party transactions between the Company and Ms. Pei that would require disclosure under Item 404(a) of Regulation S-K.

On September 24, 2021, Mr. Wang resigned as a manager of Dalian CBAK Power Battery Co., Ltd., a wholly owned PRC subsidiary of the Company. Mr. Wang has agreed to act as a consultant to the Company. Mr. Wang's resignation is not the result of any disagreement with management, the Company or its operations, policies, or practices.