Manchester-based Nanoco has announced that it has reached a “no fault” settlement in a long-running patent dispute with Samsung.
It was announced just hours before the 2 companies were due to meet in a US courthouse.
Nanoco Group plc is a world-leading developer of nano materials for the technology used in electronics, such as OLED screens.
In 2020, it filed an IP infringement lawsuit against Samsung and raised several million pounds through third party funding and a share offer to pursue it.
Today it released a statement to the Stock Exchange confirming that a “no fault settlement” had been agreed.
“The Parties now have 30 days to agree the detailed terms of a binding agreement,” read the announcement.
“The Parties have therefore jointly requested a stay to the trial that was scheduled to commence on Friday 6 January 2023 in order to allow the detailed terms of a binding agreement to be finalised.
“The Company expects to issue a further update on completion of the final binding agreement within the next 30 days.”
