Why Did MAXN Stock Surge 19% In Pre-Market Today?
Synopsis
The company signed an agreement with Shanghai Aiko Solar Energy under which Aiko will gain rights to use all of its Back Contact patents outside the U.S., including existing intellectual property and any new patents added over the next five years.
Shares of Maxeon Solar Technologies (MAXN) popped over 19% in pre-market trading on Friday after the company signed a patent licensing agreement with Shanghai Aiko Solar Energy for Maxeon’s Back Contact solar cell and module technology.
Under the deal, Aiko will gain rights to use all of Maxeon’s Back Contact patents outside the United States, including existing intellectual property and any new patents added over the next five years.
The agreement also resolves ongoing legal issues between the companies. Maxeon will terminate all pending and potential patent enforcement actions against Aiko, while Aiko will end its efforts to invalidate Maxeon’s patents.
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