Katapult Settles Patent Lawsuit with Flexshopper, Agrees to Lump Sum Payment
KPLT is trading near its 52-week low of $5.5 (11% above the low).
Summary
Katapult reached an agreement on June 5 to settle a patent lawsuit with Flexshopper and ReadySett. As part of the settlement, Katapult will make a lump sum payment, and Flexshopper and ReadySett have covenanted not to sue for patent infringement. The lawsuit claims were dismissed with prejudice on June 8. This resolution removes a legal overhang for Katapult, which has recently faced financial challenges including a going concern warning and multiple loan waivers.
At the time of this announcement, KPLT was trading at $6.09 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $29M. The 52-week trading range was $5.50 to $24.34. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.