SmartKem, Inc. (SMTK): auditor change — SmartKem completes $14.2M private placement; auditor changed from BDO to Marcum

SmartKem, Inc.

Final closing raised ~$2M gross; total private placement gross proceeds of $14.2M.
Issued Series A-1/A-2 convertible preferred stock convertible at $0.25/share and Class A warrants exercisable at $0.25.
Auditor BDO resigned June 20, 2023; Marcum LLP engaged as independent auditor for FY 2023.
BDO's prior reports included going-concern qualifications and material weaknesses, but no disagreements with management.
Company intends to use net proceeds for working capital and general corporate purposes.

item 1.01 item 3.02 item 3.03 item 5.03 item 4.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

BDO LLP resigned as auditor of SmartKem, Inc..

Action: resignation
Auditor: BDO LLP
Successor: Marcum LLP

Exact text from the filing

equested and the Audit Committee (the “Audit Committee”) of the Board of Directors of the Company accepted the resignation of BDO LLP (“BDO”), the Company’s independent registered public accounting firm, effective June 20, 2023.

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

SmartKem, Inc. engaged Marcum LLP as its auditor.

Action: engagement
Auditor: Marcum LLP

Exact text from the filing

ommittee approved the engagement of Marcum LLP (“Marcum”) as its new independent registered public accounting firm as of

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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 the purchasers valued at aggregate gross proceeds of approximately $1.97 million (effective 2023-06-22).

Action: entry
Agreement: equity purchase
Counterparty: the purchasers
Value: aggregate gross proceeds of approximately $1.97 million
Effective: 2023-06-22

Exact text from the filing

On June 22, 2023, the Company sold, pursuant to the Purchase Agreement, an additional (i) 1,870.36596 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 7,481,464 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) 100 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 convertible into an aggregate of 400,000 shares of Common Stock at a conversion price of $0.25 (subject to adjustment in certain circumstances) (the shares of Common Stock issuable upon conversi

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6 auditor changes filed in the last 30 days. Browse all auditor changes →

SmartKem, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-074285

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