Nanoco Group PLC (LSE:NANO) shares surged higher after Samsung Electronics (KRX:005930) agreed to a 'no fault' settlement over the UK company's intellectual property (IP) lawsuit.
The case was due to be heard in the Texas courts today, centring around the Korean tech giant's alleged wilful infringement of the UK company's cadmium-free quantum dots IP, which is used to make richer colours on televisions and other screens.
Nanoco said as it and Samsung have 30 days to agree the detailed terms of a binding agreement, the pair have jointly requested a stay to the trial.
"The company expects to issue a further update on completion of the final binding agreement within the next 30 days," it added.
The shares leapt to 72.6p in early trading, up 70% from the closing price of 42.60p yesterday and 260% higher than a year ago.