Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
SmartKem, Inc.: Filed Certificate of Designation for Series A-1 Preferred Stock, designating 18,000 shares and setting terms (effective 2023-06-14).
- Change
- charter amendment
- Effective
- 2023-06-14
Exact text from the filing
On June 14, 2023, the Company filed a Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware designating 18,000 shares out of the authorized but unissued shares of its preferred stock as Series A-1 Preferred Stock with a stated value of $1,000 per share
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
SmartKem, Inc. entered into Securities Purchase Agreement with investors named therein valued at aggregate gross proceeds of $12,179,000 (effective 2023-06-14).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- investors named therein
- Value
- aggregate gross proceeds of $12,179,000
- Effective
- 2023-06-14
Exact text from the filing
On June 14, 2023, SmartKem, Inc., a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the i nvestors named therein (the “Purchasers”), pursuant to which the Company sold, in a private placement, an aggregate of (i) 9,229 shares (the “Series A-1 Preferred Shares”) of the Company’s Series A-1 Convertible Preferred Stock, stated value $1,000 per share (the “Series A-1 Preferred Stock”), initially convertible into an aggregate of 36,916,000 shares of the Company’s common stock, par value $0.0001 (the “Common Stock”) at a conversion price of $0.25 (subject to adjustment in certain circumstances), (ii) 2,950 shares (the “Series A-2 Preferred Shares” and together with the Series A-1 Preferred Shares, the “Preferred Shares”) of the Company’s Series A-2 Convertible Preferred Stock, stated value $1,000 per share (“Series A-2 Preferred Stock” and together with the Series A-1 Preferred Stock, the “Preferred Stock”), initially convert
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