SmartKem, Inc. (SMTK), a developer of organic thin-film transistors (OTFTs), Wednesday said it has priced the concurrent public and private offerings of its securities, including Stock and stock equivalents, for $7.65 million.
The company plans to use the net proceeds of the offerings for working capital and general corporate purposes.
Smartkem is selling 1.45 million of shares, and unregistered Class D warrants to purchase up to 1.45 million shares, at $3 per share and Class D warrant. Investors will receive one Class D warrant for each share purchased in the offering.
Parallelly, the company is privately selling 169,784 unregistered shares, unregistered pre-funded warrants to purchase up to 930,215 shares, and unregistered Class D warrants to purchase up to 1,099,999 shares at $3.00 per share and related Class D warrant and $2.9999 per pre-funded warrant and related Class D warrant. Investors will receive one Class D warrant for each share or pre- funded warrant purchased in the offering.
The Class D warrants and pre-funded warrants will be immediately exercisable upon issuance at $3.00 per share and $0.0001 per share respectively. Class D warrants will expire on December 31, 2025, while pre-funded warrants can be exercised at any time.
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