SmartKem, Inc. Relocates Principal Executive Offices

TL;DR

SmartKem moved its HQ to the UK. New address: Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley, Manchester, M9 8GQ.

AI Summary

On January 8, 2025, SmartKem, Inc. filed an 8-K report. The filing indicates a change in the company's principal executive offices to Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley, Manchester, M9 8GQ, U.K. This move is effective as of January 8, 2025.

Why It Matters

This filing signals a change in SmartKem's operational base, which could impact logistics, talent acquisition, and regulatory oversight.

Risk Assessment

Risk Level: low — The filing reports a change of address for executive offices, which is a routine administrative event with no immediate financial or operational risk.

Key Players & Entities

• SmartKem, Inc. (company) — Registrant
• January 8, 2025 (date) — Date of earliest event reported
• Manchester Technology Center, Hexagon Tower Delaunays Road , Blackley Manchester , M9 8GQ U.K. (location) — New principal executive offices address
• Delaware (location) — State of incorporation
• 001-42115 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share SMTK The Nasdaq Stock Mar
• $2.3 million — e the Company's stockholders' equity of $2.3 million as reported in the Company's Quarterly
• $2.5 m — 2024 was below the required minimum of $2.5 million, and because, as of November 15,
• $35 million — he market value of listed securities of $35 million or net income from continuing operation
• $500,000 — et income from continuing operations of $500,000 in the most recently completed fiscal y
• $6.6 million — able by the Company, were approximately $6.6 million. As a result of the Offering, as of th
• $2.5 million — s it has stockholders' equity above the $2.5 million requirement and that it has regained co

Filing Documents

• tm252039d1_8k.htm (8-K) — 26KB
• 0001104659-25-002025.txt ( ) — 199KB
• tmb-20250108_lab.xml (EX-101.LAB) — 33KB
• tmb-20250108_pre.xml (EX-101.PRE) — 22KB
• tmb-20250108.xsd (EX-101.SCH) — 3KB
• tm252039d1_8k_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events. As previously reported, on November 15, 2024, SmartKem, Inc. (the "Company") received a letter (the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market, under Listing Rule 5550(b)(1) (the "Minimum Stockholders' Equity Requirement"), because the Company's stockholders' equity of $2.3 million as reported in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2024 was below the required minimum of $2.5 million, and because, as of November 15, 2024, the Company did not meet the alternative compliance standards relating to the market value of listed securities of $35 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years. The Letter had no immediate impact on the listing of the Company's common stock. Pursuant to the Letter, Nasdaq gave the Company 45 calendar days, or until December 30, 2024, to submit to Nasdaq a plan to regain compliance. On December 20, 2024, the Company completed its previously announced offering (the "Offering"), pursuant to which it issued (i) 1,449,997 registered shares of common stock and unregistered Class D warrants to purchase up to 1,449,997 shares of common stock to investors in concurrent public and private offerings and (ii) 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 to investors in a separate private placement. Total net proceeds from the Offering, after deducting placement agent fees and other expenses payable by the Company, were approximately $6.6 million. As a result of the Offering, as of the date of this Curr

View Full Filing

View this 8-K filing on SEC EDGAR