Smartkem, inc. receives additional $2.0 million in final closing of private placement

Manchester, england , june 23, 2023 /prnewswire/ -- smartkem, inc. ("smartkem" or the "company") (otcqb: smtk), a company seeking to reshape the world of electronics with its disruptive organic thin-film transistors (otfts), today announced that it had sold in the final closing of its previously-announced private placement an aggregate of (i) 1,870.36596 shares of its series a-1 convertible preferred stock, stated value $1,000 per share, (ii) 100 shares of its series a-2 convertible preferred stock, stated value $1,000 per share, and (iii) class a warrants to purchase up to 7,881,464 shares of its common stock, for aggregate gross proceeds of approximately $2.0 million before deducting cash placement agent fees and other offering expenses. the shares of a-1 convertible preferred stock are initially convertible into an aggregate of 7,481,464 shares of common stock of the company, and the shares of series a-2 convertible preferred stock are initially convertible into an aggregate of 400,000 shares of common stock of the company, in each case, at a conversion price of $0.25 per share.
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