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SmartKem , Inc. (NASDAQ:SMTK), a company specializing in semiconductors and related devices, announced an automatic conversion of its Series A-1 Convertible Preferred Stock into common shares and warrants. This event took place at 4:00 P.M. (New York time) on Tuesday, May 7, 2025, as per the terms of the Series A-1 Preferred Stock.
The conversion resulted in the issuance of 690,788 common shares, par value $0.0001 each, along with Class C warrants to purchase an additional 1,282,412 common shares at an exercise price of $0.0001 per share. Following this conversion, SmartKem reported having a total of 4,431,165 common shares outstanding.
The Series A-1 Convertible Preferred Stock was automatically converted from the remaining 856 outstanding shares. This action aligns with the company’s corporate strategy and is in accordance with the predetermined terms set for such securities.
SmartKem, Inc., headquartered at the Manchester Technology Center in the U.K., is incorporated in Delaware and is known for its previous name, Parasol Investments Corp., which it changed on July 10, 2020. The company’s fiscal year ends on December 31.
This news is based on a press release statement and reflects the company’s latest developments as it navigates the financial markets and adheres to regulatory requirements. The information provided is intended for investors and market watchers to understand the changes in SmartKem’s capital structure.
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