CBAK Energy Issues Update on Status of SEC Announcements Under Foreign Corporate Liability Act

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Dalian, China, April 22, 2022 /PRNewswire/ — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy” or the “Company”), a leading lithium-ion battery manufacturer and electric power solutions provider in Chinaannounced today that the Company is aware that it has been provisionally identified by the United States Securities and Exchange Commission (the “SEC”) under the Holding Foreign Companies Accountable Act (the “HFCAA”) the April 21, 2022.

The identification was anticipated by the company as a routine HFCAA application following CBAK Energy’s filing of an annual report on Form 10-K for the fiscal year ended December 31, 2021 with the SEC on April 15, 2022. This indicates that the SEC has determined that the company has retained an auditor who cannot be inspected or investigated completely by the Public Company Accounting Oversight Board (the “PCAOB”), to issue the audit report for the financial statements of the Company for the year ended December 31, 2021.

Under the HFCAA, the SEC must prohibit a company securities to be traded on a US stock exchange if the company has been identified by the SEC under the HFCAA for three consecutive years due to the PCAOB’s failure to inspect its auditor due to a position taken by the authority of the foreign territory where the auditor is located.

CBAK Energy plans to identify and engage an independent accounting firm that satisfies the PCAOB control requirements for the audit of its consolidated financial statements within the required deadlines. As always, the Company will continue to comply with all applicable laws and regulations in all jurisdictions where it operates or is listed and will endeavor to maintain its listed status on the Nasdaq stock market.

About CBAK Energy

CBAK Energy Technology, Inc. is a leading high-tech company in China engaged in the development, manufacture and sale of new high-power lithium batteries. Applications of the Company’s products and solutions include electric vehicles, light electric vehicles, power tools, energy storage, uninterruptible power supply (UPS) and other high power applications. In January 2006CBAK Energy has become the first manufacturer of lithium batteries in China listed on the Nasdaq Stock Market. CBAK Energy has several operating subsidiaries in Dalian and Nankeenas well as a large-scale R&D and production base Dalian.

For more information, please visit www.cbak.com.cn.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial condition, our strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by using terminology including “anticipates”, “believes”, “may”, “continues”, “could”, “estimates”, “expects”, ” intends”, “may”, “plans”, “potential”, “predicts”, “should” or “will” or the negative form of these terms or any other comparable terminology. Our actual results may differ materially or possibly significantly from those discussed herein, or implied by, these forward-looking statements.

All forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and on management’s current beliefs regarding the potential outcome of future events. Whether these future events will occur as anticipated by management, whether we will achieve our business objectives, and whether our revenues, results of operations or financial condition will improve in future periods are subject to numerous risks. . There are a number of important factors that could cause actual results to differ materially from the statements made in this press release, including: significant legal and operational risks associated with the fact that substantially all of our business activities Chinathe Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could limit materially or completely impair our ability to offer or continue to offer securities to investors and could result in a significant decline or loss in value of such securities, trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB subsequently determines our audit work is performed by auditors that the PCAOB is unable to fully inspect or investigate, the effects of the global Covid-19 pandemic, changes in laws, regulations and domestic and foreign taxes, uncertainties related to China legal system and economic, political and social events China, stock market volatility; and other risks, including, but not limited to, the Company’s ability to meet its contractual obligations, the uncertain market for the Company’s lithium battery cells and business, macroeconomic, technological, regulatory or other matters affecting the profitability of battery cells designed for energy storage that we have discussed or referred to in the Company’s filings with the United States Securities and Exchange Commission (the ” SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K as well as our other reports filed or provided from time to time with the SEC. You should read these factors and the other cautionary statements in this press release. If one or more of these factors materialize, or if underlying assumptions prove incorrect, our actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.

For investor and media inquiries, please contact:

In China:

CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: [email protected]

The Blueshirt Group
M/s. Feifei Shen
Telephone: +86 13466566136
Email: [email protected]

The Blueshirt Group
M/s. Suwen Feng
Telephone: +86 13917110134
Email: [email protected]

In United States:

The Blueshirt Group
M/s. Julia Qian
Phone: +1 973-619-3227
Email: [email protected]

Related links
https://ir.cbak.com.cn/

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SOURCECBAK Energy Technology, Inc.

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