8-K
filed March 31, 2026, 7:59 PM ET
ticker SMTK
CIK 0001817760
other material
confidence high
sentiment neutral
materiality 0.75
SmartKem raises ~$9.1M in Series A Preferred & warrant placement; also enters up to $500M ELOC
SmartKem, Inc.
- Private placement of 11,411.5 Series A Preferred shares and 23,251,960 warrants at $0.5812 per share; gross proceeds ~$9.13M.
- Existing $3.75M March Notes can be exchanged at 120% premium into the placement.
- ELOC allows sale of up to $500M common stock at 90% of lowest daily price/VWAP; 10,000 Series A Preferred shares as commitment fee.
- Company believes it now meets Nasdaq $2.5M stockholders' equity requirement; awaits formal confirmation.
- Stockholder vote required to authorize 5B common shares, reverse stock split, and increase equity plan.
Key facts
Extracted from this filing and checked against the source text.
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
SmartKem, Inc. issued 11,411.5 shares of preferred stock to certain institutional investors.
- Security
- preferred stock
- Shares
- 11,411.5 shares
- Purchaser
- certain institutional investors
Exact text from the filing
On March 30, 2026, SmartKem, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Preferred Stock Purchase Agreement") with certain institutional investors (collectively, the "Buyers"), including certain March Noteholders (as defined below) pursuant to which the Company agreed to issue and sell to the Buyers in a private placement (the “Private Placement”), at an initial closing, (i) 11,411.5 shares of the Company's newly designated Series A Convertible Preferred Stock, par value $0.0001 per share (the "Series A Preferred Stock"), with a stated value of $1,000 per share, convertible into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at an initial conversion price of $0.5812 per share, subject to adjustment as set forth in the Certificate of Designations (as defined below), and (ii) warrants to purchase up to 23,251,960 shares of Common Stock (the "Warrants").
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
SmartKem, Inc. issued up to 23,251,960 shares of Common Stock of warrant to certain institutional investors.
- Security
- warrant
- Shares
- up to 23,251,960 shares of Common Stock
- Purchaser
- certain institutional investors
Exact text from the filing
On March 30, 2026, SmartKem, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Preferred Stock Purchase Agreement") with certain institutional investors (collectively, the "Buyers"), including certain March Noteholders (as defined below) pursuant to which the Company agreed to issue and sell to the Buyers in a private placement (the “Private Placement”), at an initial closing, (i) 11,411.5 shares of the Company's newly designated Series A Convertible Preferred Stock, par value $0.0001 per share (the "Series A Preferred Stock"), with a stated value of $1,000 per share, convertible into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at an initial conversion price of $0.5812 per share, subject to adjustment as set forth in the Certificate of Designations (as defined below), and (ii) warrants to purchase up to 23,251,960 shares of Common Stock (the "Warrants").
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
SmartKem, Inc.: Filed Certificate of Designations establishing Series A Convertible Preferred Stock (effective 2026-03-30).
- Change
- charter amendment
- Effective
- 2026-03-30
Exact text from the filing
On March 30, 2026, the Company filed the Certificate of Designations with the Secretary of State of the State of Delaware, establishing the terms of the Series A Preferred Stock.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SmartKem, Inc. entered into Preferred Stock Purchase Agreement with certain institutional investors (effective 2026-03-30).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- certain institutional investors
- Effective
- 2026-03-30
Exact text from the filing
On March 30, 2026, SmartKem, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Preferred Stock Purchase Agreement") with certain institutional investors (collectively, the "Buyers"),
View on SEC.gov
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