Shares of Manchester-based novel nanomaterials firm Nanoco Group plc rose about 40% on Friday after it announced that “a term sheet for a no fault settlement of the current litigation has been agreed between Nanoco and Samsung.”

Nanoco had claimed that Samsung infringed on its unique synthesis and resin capabilities for quantum dots, Alliance News reported.

Quantum dot technology is used on Samsung QLED televisions. QLED stands for quantum light-emitting diode.

Nanoco said in a stock exchange statement: “The parties now have 30 days to agree the detailed terms of a binding agreement.

“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.”

Nanoco describes itself as “a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform.”