ITEM 8.01. OTHER EVENTS.
Inability to file Quarterly Report on Form
10-Q for the quarter ended March 31, 2020 by the original deadline of May 15, 2020 due to circumstances related to COVID-19.
CBAK Energy Technology, Inc. (the “Company”)
will be unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “10-Q”) by May 15,
2020 due to circumstances related to COVID-19. The Company is relying on the SEC order under Section 36 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), dated March 25, 2020 (Release No. 34-88465) to extend the due date for
the filing of the 10-Q. The Company expects to file the 10-Q on or before June 29, 2020 (45 days after the original due date).
The Company is unable to file the 10-Q by its
original due date as a result of disruptions caused by the COVID-19 pandemic. All of the Company’s operating subsidiaries,
employees, facilities and customers are located in China which has been affected by the outbreak of COVID-19 since December 2019.
Although the Company has gradually resumed operations since late March, due to the impacts of COVID-19, the audit of the Company’s
financial statements for the year ended December 31, 2019 was just recently completed. As a result, the preparation and review
of the Company’s financial statements for the quarter ended March 31, 2020 will not be completed by May 15, 2020 without
undue hardship and expense to the Company.
Below is a risk factor regarding COVID -19
that the Company’s stockholders and potential investors should consider with respect to the quarter ended March 31, 2020.
Our business operations have been and may continue to be materially
and adversely affected by the outbreak of the coronavirus (COVID-19).
An outbreak of respiratory illness caused by
COVID-19 emerged in late 2019 and has spread within the PRC and globally. The coronavirus is considered to be highly contagious
and poses a serious public health threat. The World Health Organization labeled the coronavirus a pandemic on March 11, 2020, given
its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020.
Any outbreak of health epidemics or other outbreaks
of diseases in the PRC or elsewhere in the world may materially and adversely affect the global economy, our markets and our business.
In the first quarter of 2020, the COVID-19 outbreak has caused disruptions in our manufacturing operations and temporary closure
of our offices. The disruption in the procurement, manufacturing and assembly process within our production facilities has resulted
in delays in the shipment of our products to customers, increased costs and reduced revenue. As of early May, we have fully resumed
operations.
As the coronavirus epidemic expands globally,
the world economy is suffering a noticeable slowdown. If this outbreak persists, commercial activities throughout the world could
be curtailed with decreased consumer spending, business operation disruptions, interrupted supply chain, difficulties in travel,
and reduced workforces. The duration and intensity of disruptions resulting from the coronavirus outbreak is uncertain. It is unclear
as to when the outbreak will be contained, and we also cannot predict if the impact will be short-lived or long-lasting. The extent
to which the coronavirus impacts our financial results will depend on its future developments. If the outbreak of the
coronavirus is not effectively controlled in a short period of time, our business operation and financial condition may be materially
and adversely affected as a result of any slowdown in economic growth, operation disruptions or other factors that we cannot predict.
***
Forward-Looking Statements
Statements
in this Current Report on Form 8-K are “forward-looking statements” as the term is defined under applicable
securities laws. These statements include the anticipated timing of the filing of Company’s 10-Q under the Exchange Act,
the expected impact of the COVID-19 outbreak on the Company’s financial reporting capabilities and its operations
generally, and the potential adverse effects of such pandemic on the overall business environment. These and other forward-looking
statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those
statements. Such risks and uncertainties are, in many instances, beyond the Company’s control. Forward-looking statements,
which are presented as of the date of this filing, will not be updated to reflect events or circumstances after the date of this
report except as required by law.