Smartkem Prices $7.65M Offering Of 1,449,997 Registered Shares Of Common Stock And Unregistered Class D Warrants To Purchase Up To 1,449,997 Shares Of Common Stock Are Being Sold To Investors In Concurrent Public And Private Offerings At A Price Of $3.00 Per Share And Related Class D Warrant

Smartkem (NASDAQ:SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), announced that it has priced concurrent public and private offerings of its securities, including shares of its common stock and common stock equivalents, for an aggregate offering price of $7.65 million to new and existing investors.

1,449,997 registered shares of common stock and unregistered Class D warrants to purchase up to 1,449,997 shares of common stock are being sold to investors in concurrent public and private offerings at a price of $3.00 per share and related Class D warrant. Each investor will receive one Class D warrant for each share purchased in the offering.

In a separate concurrent private placement, the Company is selling to certain institutional investors, including existing investors in the Company, 169,784 unregistered shares of common stock, unregistered pre-funded warrants to purchase up to 930,215 shares of common stock and unregistered Class D warrants to purchase up to 1,099,999 shares of common stock at a price of $3.00 per share and related Class D warrant and a price of $2.9999 per pre-funded warrant and related Class D warrant. Each investor will receive one Class D warrant for each share of common stock or pre- funded warrant purchased in the offering.

The Class D warrants will be immediately exercisable upon issuance at an exercise price of $3.00 per share and will expire on December 31, 2025. The pre-funded warrants will be immediately exercisable at an exercise price of $0.0001 per share and may be exercised at any time until all of the pre-funded warrants have been exercised in full.

The gross proceeds of the offerings described above are expected to be $7.65 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds of the offerings for working capital and general corporate purposes.

Craig-Hallum Capital Group LLC is acting as the Company's exclusive placement agent for the offerings.

The offerings are expected to close on December 20, 2024, subject to satisfaction of customary closing conditions.