{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-105530","form_type":"8-K","ticker":"SMTK","cik":"0001817760","company_name":"SmartKem, Inc.","filed_at":"2025-11-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.576197+00:00","generated_at":"2026-05-17T00:55:58.590325+00:00","sec_items":["1.01","2.03","3.02","8.01","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"SmartKem issues $1.1M secured notes, warrants; curtails operations due to cash need","bullets":["Issued $1.1M principal Senior Secured Notes and warrants for 400K shares at $2.75 exercise price for $1M total.","Notes mature April 30, 2026; no interest pre-default, then 10% per annum on default.","Granted security interest in substantially all assets via Security Agreement with Hewlett Fund LP as collateral agent.","Company significantly curtailed operations, delayed vendor payments; accounts payable increased since June 30, 2025.","Requires significant additional capital to resume normal operations and pay vendors."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-105530","json":"https://secwatch.observer/filing/0001104659-25-105530.json","markdown":"https://secwatch.observer/filing/0001104659-25-105530.md","text":"https://secwatch.observer/filing/0001104659-25-105530.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1817760/000110465925105530/0001104659-25-105530-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1817760/000110465925105530/tm2528045d4_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T00:55:58.590325+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"e39681ab1f1a62fb90f003c5cf63c0e4d9390eca","claim":"SmartKem, Inc. incurred senior notes of $1,100,000 with the Purchasers at do not bear interest prior to an event of default. If an event of default occurs maturing April 30, 2026.","evidence_excerpt":"On October 31, 2025, SmartKem, Inc. (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”) with certain purchasers (the “Purchasers”), pursuant to which the Company issued and sold to the Purchasers in a private placement: (i) Senior Secured Notes (the “Notes”) in the aggregate principal amount of $1,100,000","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1817760/000110465925105530/0001104659-25-105530-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$1,100,000"},{"label":"Counterparty","value":"the Purchasers"},{"label":"Rate","value":"do not bear interest prior to an event of default. If an event of default occurs"},{"label":"Maturity","value":"April 30, 2026"},{"label":"Event","value":"incurrence"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}