SmartKem raises $4M from additional Series A preferred closing and extends $2.5M bridge loan to Ferrox

SmartKem, Inc.

Issued 5,000 Series A preferred shares and 10,753,615 warrants for $4.0M cash in an additional closing.
Funded a $2.5M convertible promissory note to Ferrox Critical Minerals, bearing 5% interest, maturing Dec 31, 2026.
Loan conversion price is lower of FMV per share or value based on $80M fully-diluted Ferrox equity.
Ferrox granted SmartKem exclusivity on fundamental transactions through Dec 31, 2026 and a right of first refusal.
The new loan adds to a previously announced $2.5M convertible note from April 23, 2026.

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