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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): May 30,
2024
SmartKem, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-42115 |
85-1083654 |
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
Manchester Technology Center, Hexagon Tower
Delaunays Road, Blackley
Manchester, M9 8GQ U.K.
(Address of principal executive offices, including
zip code)
011-44-161-721-1514
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to
Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of exchange on which registered |
Common Stock, par value $0.0001 per share |
|
SMTK |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
Emerging growth
company x
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
On May 30, 2024, the Company received a letter
from the Listing Qualifications Staff of The Nasdaq Stock Market LLC approving the listing of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”), on the Nasdaq Capital Market effective at the opening of trading on May 31, 2024 (the
“Uplisting”). The Company issued a press release on May 30, 2024 announcing the Uplisting, which press release is attached
as Exhibit 99.1 hereto.
Pursuant
to the terms of the Company’s Series A-2 Convertible Preferred Stock, stated value $1,000 per share (“Series A-2 Preferred
Stock), effective at 4:00 P.M. (New York time) on May 30, 2024, the trading day immediately prior to the Uplisting, the remaining
2,411 outstanding shares of Series A-2 Preferred Stock automatically converted (the “Automatic Conversion”) into an aggregate
of 275,576 shares of Common Stock. As of May 31, 2024, after giving effect to the Automatic Conversion, the Company had 1,713,900 shares
of Common Stock issued and outstanding.
Item 9.01. |
Financial Statements and Exhibits |
(d) Exhibits:
Signature
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
SMARTKEM, INC. |
|
|
|
Dated: May 31, 2024 |
By: |
/s/ Barbra
C. Keck |
|
|
Barbra C. Keck |
|
|
Chief Financial Officer |
Exhibit 99.1
|
PRESS
RELEASE |
Smartkem
Announces Uplisting to Nasdaq
Manchester,
England – Thursday, May 30th, 2024 – Smartkem, Inc. (OTCQB:
SMTK; NASDAQ: SMTK) (the “Company” or “Smartkem”), the developer of a new class of semiconductor
polymer transistors with the potential to power the next generation of displays, announced today that the Company has received approval
to list its common stock on the Capital Market tier of The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “SMTK”.
Trading on Nasdaq is expected to commence with the open of trading on Friday, May 31st. Shareholders
are not required to take any action as a result of the uplisting.
Smartkem
Chairman and Chief Executive Officer, Ian Jenks, comments, “Smartkem’s uplist from the OTCQB to Nasdaq is a significant achievement
for the Company. We believe that the Nasdaq listing will result in increased marketability, liquidity, and trading volume, and provide
the Company with increased access to the capital markets as we work to provide long-term value for our stockholders.”
Smartkem’s
OTCQB information can be found on the OTC Markets website:
www.otcmarkets.com/stock/SMTK/overview
About
Smartkem
Smartkem
is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to drive
the next generation of displays. Smartkem’s patented TRUFLEX® semiconductor and dielectric inks, or liquid electronic polymers,
can be used to make a new type of transistor that has the potential to revolutionize the display industry. Smartkem’s inks enable
low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform
existing technology. The company’s electronic polymer platform can be used in a number of display technologies including microLED,
miniLED and AMOLED displays for next generation televisions, laptops, augmented reality (AR) and virtual reality (VR) headsets, smartwatches
and smartphones.
Smartkem
develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for
Process Innovation (CPI) at Sedgefield, UK, It has a field application office in Taiwan. The company has an extensive IP portfolio including
125 granted patents across 19 patent families and 40 codified trade secrets. For more information, visit: www.Smartkem.com
and follow us on LinkedIn www.linkedin.com/company/Smartkem-limited and Twitter @SmartkemOTFT.
Forward-Looking
Statements
All
statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating
to the Smartkem’s expectations regarding the effect of the Nasdaq listing on its common stock, its market position and market opportunity,
expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements
are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its
business, operations and other similar or related factors. Words such as “may,” will,” “could,”
SMARTKEM LTD
MANCHESTER TECHNOLOGY
CENTER, HEXAGON TOWER,
DELAUNAYS ROAD,
BLACKLEY, MANCHESTER, M9 8GQ UK
+44 (0) 161 721 1514
enquiries@Smartkem.com
|
PRESS
RELEASE |
“would,”
“should,” “anticipate,” “predict,” “potential,” “continue,” “expect,”
“intend,” “plan,” “project,” “believe,” “estimate,” and other similar or
elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words.
You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially
from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings
with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to
reflect events or circumstances in the future, even if new information becomes available.
Contact
Details:
Barbra
Keck, Chief Financial Officer, Smartkem b.keck@Smartkem.com
Selena
Kirkwood, Head of Communications, Smartkem s.kirkwood@Smartkem.com
##END##
SMARTKEM LTD
MANCHESTER TECHNOLOGY
CENTER, HEXAGON TOWER,
DELAUNAYS ROAD,
BLACKLEY, MANCHESTER, M9 8GQ UK
+44 (0) 161 721 1514
enquiries@Smartkem.com
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