# SmartKem, Inc. (SMTK) — capital_raise/private_placement [announced]
Source: SEC API (secapi.ai) · situation sit_e051a5ada3117a0aee1c · retrieved 2026-08-11T16:13:58.916Z

## Overview
SmartKem, Inc. is a semiconductor company that manufactures organic and perovskite-based semiconductors and related devices.

SmartKem, Inc. funded an additional $4,500,000 convertible bridge loan to Ferrox Critical Minerals, a British Virgin Islands company, evidenced by a Convertible Promissory Note dated July 27, 2026. The loan accrues interest at 5.0% per annum and matures on January 31, 2027. SmartKem received a $400,000 origination fee. Upon an event of default, the interest rate increases to 15% per annum and SmartKem is entitled to a default management fee of $4,500 per day. The loan is convertible into Ferrox ordinary shares at the lower of (i) fair market value as determined by independent appraisal or (ii) a value based on a total equity value of Ferrox of $80,000,000 on a fully-diluted basis. This note is additional to convertible promissory notes previously issued by Ferrox to SmartKem on April 23, 2026 and June 22, 2026.

## Terms
- Counterparty: Ferrox Critical Minerals · Deal value: $4.5M · Consideration: cash

## Key dates
- Announced 2026-07-20

## Timeline
- 2026-07-20 · 8-K (0001104659-26-085121): 8-K - SmartKem, Inc. — *SmartKem, Inc. is a semiconductor company engaged in the development and commercialization of organic semiconductor technologies.* SmartKem, Inc. entered into Amendment No. 1 to its Securities Purchase Agreement on July 16, 2026, allowing a new institutional investor to join as a buyer and reallocating the allocation of Series A Preferred Stock and Warrants among existing and new buyers. The original agreement, dated March 30, 2026, permits buyers to purchase up to 21,411.5 shares of Series A convertible preferred stock (par value $0.001 per share) and accompanying warrants to purchase common stock for an aggregate purchase price of up to $17,129,200. The amendment did not increase or decrease the total aggregate number of shares and warrants available for purchase at additional closings. As of July 16, 2026, the Company had completed closings resulting in the issuance of 17,661.5 shares of Series A Preferred Stock and 36,693,979 warrants for aggregate proceeds of approximately $5.0 million.
  https://www.sec.gov/Archives/edgar/data/1817760/0001104659-26-085121.txt
- 2026-07-27 · 8-K (0001104659-26-087085): 8-K - SmartKem, Inc. — *SmartKem, Inc. is a semiconductor company that manufactures organic and perovskite-based semiconductors and related devices.* SmartKem, Inc. funded an additional $4,500,000 convertible bridge loan to Ferrox Critical Minerals, a British Virgin Islands company, evidenced by a Convertible Promissory Note dated July 27, 2026. The loan accrues interest at 5.0% per annum and matures on January 31, 2027. SmartKem received a $400,000 origination fee. Upon an event of default, the interest rate increases to 15% per annum and SmartKem is entitled to a default management fee of $4,500 per day. The loan is convertible into Ferrox ordinary shares at the lower of (i) fair market value as determined by independent appraisal or (ii) a value based on a total equity value of Ferrox of $80,000,000 on a fully-diluted basis. This note is additional to convertible promissory notes previously issued by Ferrox to SmartKem on April 23, 2026 and June 22, 2026.
  https://www.sec.gov/Archives/edgar/data/1817760/0001104659-26-087085.txt

## Citations
- 0001104659-26-085121 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926085121
- 0001104659-26-087085 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926087085