SmartKem enters non-binding LOI for reverse merger with Jericho Energy Ventures

SmartKem, Inc.

Jericho stockholders to own 65%, SmartKem stockholders 35% of combined company in all-stock deal.
Brian Williamson (Jericho CEO) to become CEO of combined company; board majority from Jericho.
SmartKem may purchase Jericho common shares up to $1M, subject to conditions including $500k minimum by Nov 30, 2025.
60-day exclusivity period to negotiate definitive agreement; deal subject to due diligence, stockholder/Nasdaq approvals.
Also disclosed issuance of up to 500k shares for IR services and prior issuances of 10k shares each in July/Aug/Sep to vendors.

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