On June 6, 2024, SMX (Security Matters) received a comment letter from the United States Securities and Exchange Commission (SEC) regarding its Registration Statement on Form F-1, initially filed on May 29, 2024. The SEC conducted a limited review and requested clarifications on the terms of the stock purchase agreement detailed in the registration statement. Specifically, the SEC pointed out inconsistencies in the company's disclosure about the conditions under which it can issue a put notice for the sale of shares, particularly when the market price of the common stock is below $0.20. Additionally, the SEC highlighted a discrepancy between the potential aggregate gross proceeds of $30 million and the maximum put amount of $500,000 over a 30-day period during the 36-month term of the agreement...Show More

On June 6, 2024, SMX (Security Matters) received a comment letter from the United States Securities and Exchange Commission (SEC) regarding its Registration Statement on Form F-1, initially filed on May 29, 2024. The SEC conducted a limited review and requested clarifications on the terms of the stock purchase agreement detailed in the registration statement. Specifically, the SEC pointed out inconsistencies in the company's disclosure about the conditions under which it can issue a put notice for the sale of shares, particularly when the market price of the common stock is below $0.20. Additionally, the SEC highlighted a discrepancy between the potential aggregate gross proceeds of $30 million and the maximum put amount of $500,000 over a 30-day period during the 36-month term of the agreement. SMX (Security Matters) has been instructed to amend the registration statement or provide a rationale if they believe an amendment is not necessary. The SEC reminded the company of its responsibility for the accuracy and adequacy of their disclosures and advised them to allow sufficient time for review of any amendments before the registration statement's requested effective date.