Elektros Issues Cease-and-Desist to Major Automaker for Patent Infringement, Seeks Licensing or Buyout
ELEK has more than doubled off its 52-week low of $0.002 on elevated volume (3.0× avg).
Summary
Elektros announced it issued a cease-and-desist notice on May 5th to an undisclosed major global automotive manufacturer over potential infringement of its EV charging patent. This follows earlier news of the company securing the patent and engaging with an automotive technology company. Management now expects to initiate licensing discussions and explore potential acquisition or buyout proposals for its patent portfolio. For a microcap company, these actions could be highly material, potentially leading to significant revenue or a strategic transaction for its intellectual property.
At the time of this announcement, ELEK was trading at $0.01 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $3.6M. The 52-week trading range was $0.00 to $0.10. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: ACCESS Newswire.