Brief: CBAK Energy Technology Enters Cancellation Agreement With 3 Creditors

CBAK Energy Technology

01/05/2019 23:34

May 1 (Reuters) - CBAK Energy Technology Inc  CBAT.O :
    * ON APRIL 26, ENTERED INTO CANCELLATION AGREEMENT WITH
THREE
CREDITORS WHO LOANED AGGREGATE OF ABOUT $5.73 MILLION TO CO'S
UNIT
    * CREDITORS AGREED TO CANCEL DEBTS IN EXCHANGE FOR AGGREGATE
OF
5.2 MILLION CO'S COMMON SHARES AT EXCHANGE PRICE OF $1.10 PER
SHARE
    * UPON RECEIPT OF SHARES, CREDITORS WILL RELEASE COMPANY
FROM ANY
CLAIMS, DEMANDS AND OTHER OBLIGATIONS RELATING TO DEBTS
    * CANCELLATION AGREEMENT CONTAINS CUSTOMARY REPRESENTATIONS
AND
WARRANTIES OF CREDITORS
    * CREDITORS DO NOT HAVE REGISTRATION RIGHTS WITH RESPECT TO
SHARES

Source text - (http://bit.ly/2ITczvU)
Further company coverage:  CBAT.O 

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