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SmartKem , Inc. (NASDAQ:SMTK), a semiconductor company with a market capitalization of $9.23 million, has announced the approval of discretionary cash bonuses for its executive officers by the Compensation Committee of the Board of Directors. The decision, which took place on February 28, 2025, involves significant cash bonuses for four top executives. According to InvestingPro data, the company faces challenging financial conditions with an EBITDA of -$10.25 million in the last twelve months.
Ian Jenks, the Chief Executive Officer, will receive the highest bonus of $150,000. Following him is Barbra Keck, the Chief Financial Officer, with a bonus of $99,041. The company’s Chief Technology Officer, Simon Ogier, Ph.D., and Chief Scientist, Beverley Brown, Ph.D., will both receive bonuses of $31,480 each. The amounts for Dr. Ogier and Dr. Brown were converted from British pounds to U.S. dollars at the exchange rate of 1.2592, as published by the Bank of England on the date of the bonus approval. These bonuses come as the company’s stock has declined by 64.28% over the past year.
This financial move comes as the Delaware-incorporated company, which is based in the Manchester Technology Center in the United Kingdom (TADAWUL:4280), continues to navigate the competitive semiconductor industry. The bonuses reflect the Compensation Committee’s recognition of the executive team’s contributions to SmartKem.
The company, formerly known as Parasol Investments Corp, has undergone significant changes since its name change on July 10, 2020. As an emerging growth company, SmartKem has the option to defer compliance with new or revised financial accounting standards, but it has not indicated whether it has chosen to exercise this right.
The information provided in this article is based on a press release statement filed with the Securities and Exchange Commission on March 4, 2025. For comprehensive analysis and additional insights about SmartKem’s financial health, visit InvestingPro, which features 18 additional investment tips and detailed financial metrics. SmartKem’s current business address is at the Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley, Manchester, M9 8GQ, U.K., and it can be contacted via phone at 011-44-161-721-1514.
In other recent news, SmartKem, Inc. reported a successful $7.65 million fundraising effort in December, which included a mixed offering of common stock and warrants. The company also regained compliance with Nasdaq’s minimum stockholders’ equity requirement after raising approximately $6.6 million in net proceeds. This development followed a previous notification from Nasdaq regarding non-compliance, which has now been resolved with the recent offering. Additionally, SmartKem announced strategic amendments to its capital structure, including changes to its Series A-1 Convertible Preferred Stock, aimed at enhancing financial flexibility. The company has delayed the accrual of dividends on this preferred stock until January 31, 2025, contingent on certain stock price conditions. SmartKem has been actively engaging in strategic partnerships with major display manufacturers and has expanded its intellectual property portfolio to 138 patents. Looking ahead, SmartKem aims to ship materials for a microLED display and enter into further collaborations as part of its 2025 objectives. These recent developments reflect the company’s ongoing efforts to strengthen its market position and financial standing.
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