Cap-XX Ltd shares rose on Wednesday, amid developments in ligation with Maxwell Technologies Inc.
Shares in the company were up 31% to 0.52 pence each in London on Wednesday afternoon. The stock remains down 25% over the past week, however.
Shares rose amid developments in ligation with Maxwell Technologies Inc, the designer and manufacturer of supercapacitors and energy management systems.
It noted that Maxwell has applied for extension to lodge application to claim costs from the firm.
It said that the claim would cover court-related costs only, without legal or expert witness expenses.
‘This filing was procedural and does not substantively impact CAP-XX and only came to the attention of the company and board in the latter part of last week,’ it said.
The firm is in negotiations to ensure the potential claim and all other litigation matters are ‘resolved in a cost-effective manner as soon as possible’.
It also said that current outstanding orders continue to increase, totalling $1.3 million currently, of which $800,000 is expected to be shipped in the current financial year.
It is ‘pleased’ with the level of business activity, given this period typically sees slow order intake.
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