By Ian Walker

CAP-XX shares fell 51% in early trade, marking their worst ever one-day percentage fall, after the company said that a U.S. court has ruled against it over a patent infringement case against a subsidiary of Tesla.

Shares at 0941 GMT were down 0.88 pence at 0.83 pence. They are currently down 78% over the year to date.

The London-listed Australia-based maker of thin, prismatic supercapacitors said Monday that the U.S. District Court for the District of Delaware ruled on Dec. 15 that CAP-XX's patents were invalid and therefore Tesla's Maxwell Technologies didn't infringe on them and is therefore not liable to pay damages nor license fees.

"Whilst CAP-XX is disappointed with this decision, it is in discussions with its attorneys to agree the appropriate next steps," the company said

It added that the company plans to proceed with its current product range, supported by a strong portfolio of current IP, to focus on the key short-term actions to maximize sales and deliver profitability.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

December 18, 2023 05:10 ET (10:10 GMT)

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