CAP-XX patents found invalid in litigation with Tesla subsidiary
CAP-XX Limited
0.14p
16:55 04/11/24
Supercapacitor and energy management system specialist CAP-XX updated the market on its ongoing patent infringement case against Maxwell Technologies, now a subsidiary of Tesla, on Monday.
Electronic & Electrical Equipment
9,451.64
16:54 04/11/24
FTSE AIM All-Share
735.37
16:54 04/11/24
The AIM-traded firm said that on 15 December, the jury in the US District Court for the District of Delaware confirmed that CAP-XX's patents were invalid.
As a result, Maxwell was deemed to be free from infringing on the specified.
The verdict relieved Maxwell of any obligation to compensate CAP-XX for damages or acquire patent licensing rights.
"Whilst CAP-XX is disappointed with this decision, it is in discussions with its attorneys to agree the appropriate next steps," the board said in its statement.
"While the company cannot comment further at this time, we will provide an update in due course.
"Meanwhile, the company looks forward to proceeding with its current product range, supported by a strong portfolio of current IP, to focus on the key short-term actions to maximise sales and deliver profitability."
At 1358 GMT, shares in CAP-XX were down 57.21% at 0.73p.
Reporting by Josh White for Sharecast.com.