Last checked at 
(Alliance News) - Nanoco Group PLC on Friday said it has agreed a USD150 million settlement with Samsung Electronics Co for IP infringement, and expects a narrowed loss for financial 2023.
Nanoco shares were down 31% at 25.33 pence each on Friday morning in London.
The Manchester, England-based Nanoco, a quantum dots manufacturer, said it will receive USD150 million cash to paid in two equal tranches and it will retain over USD90 million net proceeds after litigation costs.
"This has been a long and hard battle for Nanoco. The outcome is remarkable, given the relative scale of Nanoco and Samsung," Nanoco Chair Chris Richards said.
The company in January cautioned that it expected the settlement value to be at the lower end of expectations.
Nanoco initially launched a US patent infringement lawsuit against the South Korean-based electronics company in December, alongside lawsuits in Germany and China.
It claimed Samsung infringed on its unique synthesis and resin capabilities for quantum dots. Quantum dot technology is used on Samsung quantum light-emitting diode televisions.
Separately, Nanoco said revenue for the half-year ended on January 31 remains "comfortably in line with the board's expectations". It said active cost management is delivering costs also comfortably in line with guidance.
Therefore, the firm said adjusted loss before interest, tax, depreciation and amortisation for the year is now expected to be narrower, and thus ahead of expectations.
Chief Executive Officer Brian Tenner said: "In the first half, we have continued to build on the significant positive momentum achieved in the last few years, positioning ourselves for significant organic growth in the near term."
The company will release its interim results on March 28.
By Xindi Wei, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
