REG - CAP-XX Limited - Update on litigation and trading

CAP XXAnnouncement

28/02/2024 07:15

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RNS Number : 7586E  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)
+61 (2) 9157 0000

Lars Stegmann (Chief Executive Officer)

 

Allenby Capital (Nominated Adviser and Joint Broker)

David Hart / Piers Shimwell (Corporate Finance)
                                    +44 (0)
20 3328 5656

Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)

 

Cavendish Securities plc (Joint Broker)

Neil McDonald / Pearl Kellie
 
+44 (0) 13 1220 6939

 

Kreab (Financial PR)

Robert
Speed
+44 (0) 20 7074 1800

 

 

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 (http://www.cap-xx.com)

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