Smartkem Successfully Completes $7.65 Million Multi-Channel Offering
On December 23, 2024, Smartkem, an innovative company focused on transforming electronics with its organic thin-film transistors (OTFTs), announced the successful completion of a significant funding initiative. This offering raised a total of $7.65 million, achieved through carefully executed public and private offers of its securities, including common stock and associated warrants.
In this dual offering, Smartkem issued a total of 1,449,997 registered shares of common stock along with unregistered Class D warrants. Each investor who participated in the public offering received a Class D warrant for each share they purchased, at a price of $3.00 per share. Furthermore, in a separate private placement tailored for institutional investors—some of which were existing stakeholders in the company—Smartkem sold 169,784 unregistered shares. This placement included pre-funded warrants to acquire up to 930,215 additional shares, further capitalizing on the company’s offerings.
The Class D warrants become immediately exercisable at an exercise price of $3.00 per share, providing investors with an avenue to increase their stake in the company before the warrants expire on December 31, 2025. The structure of the pre-funded warrants allows for low-cost entry at just $0.0001 per share, ensuring investors can easily engage with the company’s future developments.
The $7.65 million raised from this comprehensive offering, besides agent fees and associated expenses, is earmarked primarily for working capital as well as various corporate purposes that include exploration and development of Smartkem’s groundbreaking technology. Craig-Hallum Capital Group LLC played a pivotal role as the exclusive placement agent, facilitating this successful capital raise.
Smartkem's offerings were conducted in accordance with the Securities and Exchange Commission’s regulations, utilizing an effective shelf registration statement which allows the company to raise capital efficiently while expanding its presence in the electronics market. The proceeds from these offerings will support Smartkem’s operations and ambitions, as it aims to redefine display technologies.
At the heart of Smartkem's innovation lies its patented TRUFLEX® liquid semiconductor polymers. These polymers are designed to revolutionize the display industry by making unique transistors adaptable for a wide range of display technologies, including highly anticipated microLED displays. These offerings highlight Smartkem's commitment to advancing its proprietary technology, which engages low-temperature printing processes that are compatible with current manufacturing setups. This innovation aims to provide cost-effective displays that promise enhanced performance compared to traditional methods.
Smartkem operates primarily from its R&D facility located in Manchester, UK, with prototyping services also available at the Centre for Process Innovation in Sedgefield, UK. In addition, the company supports its clients from a field application office in Taiwan. Smartkem has established a robust intellectual property portfolio boasting 138 granted patents spread across 18 different families, along with an additional 16 pending patents and 40 codified trade secrets, reflecting its strong focus on innovation in technology development.
Looking ahead, Smartkem’s forward-looking statements indicate strong confidence in utilizing the proceeds from these offerings as a catalyst for growth. The company acknowledges potential risks associated with these projections but remains committed to navigating these challenges as it strives for significant advancements in its market segments.
In sum, Smartkem stands at an exciting juncture as it embarks on its mission to reshape the electronics landscape, driven by its advancements in organic thin-film transistors—a technology poised to make a lasting impact on future display technology.
In this dual offering, Smartkem issued a total of 1,449,997 registered shares of common stock along with unregistered Class D warrants. Each investor who participated in the public offering received a Class D warrant for each share they purchased, at a price of $3.00 per share. Furthermore, in a separate private placement tailored for institutional investors—some of which were existing stakeholders in the company—Smartkem sold 169,784 unregistered shares. This placement included pre-funded warrants to acquire up to 930,215 additional shares, further capitalizing on the company’s offerings.
The Class D warrants become immediately exercisable at an exercise price of $3.00 per share, providing investors with an avenue to increase their stake in the company before the warrants expire on December 31, 2025. The structure of the pre-funded warrants allows for low-cost entry at just $0.0001 per share, ensuring investors can easily engage with the company’s future developments.
The $7.65 million raised from this comprehensive offering, besides agent fees and associated expenses, is earmarked primarily for working capital as well as various corporate purposes that include exploration and development of Smartkem’s groundbreaking technology. Craig-Hallum Capital Group LLC played a pivotal role as the exclusive placement agent, facilitating this successful capital raise.
Smartkem's offerings were conducted in accordance with the Securities and Exchange Commission’s regulations, utilizing an effective shelf registration statement which allows the company to raise capital efficiently while expanding its presence in the electronics market. The proceeds from these offerings will support Smartkem’s operations and ambitions, as it aims to redefine display technologies.
At the heart of Smartkem's innovation lies its patented TRUFLEX® liquid semiconductor polymers. These polymers are designed to revolutionize the display industry by making unique transistors adaptable for a wide range of display technologies, including highly anticipated microLED displays. These offerings highlight Smartkem's commitment to advancing its proprietary technology, which engages low-temperature printing processes that are compatible with current manufacturing setups. This innovation aims to provide cost-effective displays that promise enhanced performance compared to traditional methods.
Smartkem operates primarily from its R&D facility located in Manchester, UK, with prototyping services also available at the Centre for Process Innovation in Sedgefield, UK. In addition, the company supports its clients from a field application office in Taiwan. Smartkem has established a robust intellectual property portfolio boasting 138 granted patents spread across 18 different families, along with an additional 16 pending patents and 40 codified trade secrets, reflecting its strong focus on innovation in technology development.
Looking ahead, Smartkem’s forward-looking statements indicate strong confidence in utilizing the proceeds from these offerings as a catalyst for growth. The company acknowledges potential risks associated with these projections but remains committed to navigating these challenges as it strives for significant advancements in its market segments.
In sum, Smartkem stands at an exciting juncture as it embarks on its mission to reshape the electronics landscape, driven by its advancements in organic thin-film transistors—a technology poised to make a lasting impact on future display technology.
Topics Business Technology）
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