Update on litigation and trading

CAP-XX Limited

28 February 2024

 

Dissemination of a Regulatory Announcement that contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

28 February 2024

CAP-XX Limited

("CAP-XX" or the "Company")

Update on litigation and trading

Further to the Company's announcement on 19 February 2024, CAP-XX Limited ('the Company'), a world leader in the design and manufacture of supercapacitors and energy management systems, provides the following update.

Following the Company's decision to take no further action with the appeal made to the Federal Circuit Court of Appeals, Maxwell has applied to the Court for an extension of time to lodge an application for a claim of costs against CAP-XX. This claim will be for court-related costs only and will not include attorney nor expert witness expenses. This filing was procedural and does not substantively impact CAP-XX and only came to the attention of the Çompany and Board in the latter part of last week. Although the claim is expected to be minor in relation to the total Maxwell legal expenditure incurred, CAP-XX is in negotiations to ensure that this issue and all litigation matters with Maxwell/Tesla are resolved in a cost-effective manner and as soon as possible.

Current orders outstanding continue to increase and currently total US$1.3m of which US$0.8m is expected to be shipped in the current FY24 financial year. The Board is pleased with this level of business activity as existing and new customers are placing orders in what has historically been  a slow period for order intake and is further evidence that the initiatives announced by CAP-XX focused on increasing sales and marketing activities are beginning to reap rewards.

For further information contact:

CAP-XX Limited

Pat Elliott (Chairman)                                                                             [phone]

Lars Stegmann (Chief Executive Officer)

Allenby Capital (Nominated Adviser and Joint Broker)

David Hart / Piers Shimwell (Corporate Finance)                                      [phone]

Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)

Cavendish Securities plc (Joint Broker)

Neil McDonald / Pearl Kellie                                                                   [phone]

Kreab (Financial PR)

Robert Speed                                                                                       [phone]

Notes to Editors:

CAP-XX (LSE: CPX) is a leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics, and deliver similar benefits in automotive and other transportation applications. For more information about CAP-XX, visit www.cap-xx.com

 

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