---
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"
generated_at: "2026-05-17T00:55:58.590325+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# SmartKem issues $1.1M secured notes, warrants; curtails operations due to cash need

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-105530
- JSON: https://secwatch.observer/filing/0001104659-25-105530.json
- Plain text: https://secwatch.observer/filing/0001104659-25-105530.txt

## Key facts
- Debt Financings
  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.
  - Instrument: senior notes
  - Principal: $1,100,000
  - Counterparty: the Purchasers
  - Rate: do not bear interest prior to an event of default. If an event of default occurs
  - Maturity: April 30, 2026
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1817760/000110465925105530/0001104659-25-105530-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.