false
0001817760
0001817760
2023-11-21
2023-11-21
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 21, 2023
SmartKem, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
000-56181 |
85-1083654 |
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
Manchester Technology Center, Hexagon Tower
Delaunays Road, Blackley
Manchester, M9 8GQ U.K.
(Address of principal executive offices, including
zip code)
011-44-161-721-1514
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to
Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth
company x
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective
November 21, 2023, Barbra C. Keck resigned as a member of the Board of Directors (the “Board”) of SmartKem, Inc. (the “Company”).
At the time of her resignation, Ms. Keck did not serve on any committees of the Board. Ms. Keck’s resignation was not the result
of any disagreements with the Company relating to the Company’s operations, policies or practices. Ms. Keck will continue to serve
as the Company’s Chief Financial Officer.
Effective
November 21, 2023, upon the recommendation of the Nominating and Corporate Governance Committee of the Board, the Board appointed Melisa
A. Denis, age 60, to serve as a Class III director of the Company to fill the vacancy created by Ms. Keck’s resignation. Ms. Denis
will hold this position until the 2024 annual meeting of the Company’s stockholders or until her successor is elected and qualified,
subject to her earlier resignation or removal. The Board appointed Ms. Denis to serve as the Chair of the Company’s Audit Committee
and as a member of the Company’s Compensation Committee and Nominating and Corporate Governance Committee. The Board has determined
that Ms. Denis (i) is independent under the rules of The Nasdaq Stock Market LLC (“Nasdaq”), (ii) meets the heightened standards
of independence for compensation and audit committee membership under the applicable rules of the U.S. Securities and Exchange Commission
(“SEC”) and Nasdaq and (iii) qualifies as an “audit committee financial expert” under the criteria set forth
in Item 407(d)(5) of Regulation S-K.
Since
November 20, 2020, Ms. Denis has served as a member of the audit committee and mergers and acquisitions committee of the board of directors
of Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM). Ms. Denis previously served as a partner at KPMG from 1998 to October 2020,
including as National Tax Leader for Consumer Goods and as the leader of the Consumer and Industrial Market for Dallas. Ms. Denis
has served as a member of the Board of Regents and chair of the audit committee for the University of North Texas System since January
2020, an advisory board member of Women Corporate Directors since 2011, and a board member of Enactus, a global non-profit, since 2019.
Ms. Denis is a Certified Public Accountant and received her degree in accounting and her Bachelor of Science and Master of Science
from the University of North Texas.
Ms.
Denis will be compensated in accordance with the Company’s standard non-employee director compensation plan.
There
are no family relationships between Ms. Denis and any other executive officers or directors of the Company. There is no arrangement or
understanding between Ms. Denis and any other persons pursuant to which Ms. Denis was selected as director. There are no transactions
to which the Company is a party and in which Ms. Denis has a material interest that is required to be disclosed under Item 404(a) of Regulation
S-K.
Item 7.01. Regulation
FD.
On
November 28, 2023, the Company issued a press release announcing Ms. Denis’s appointment to the Board. A copy of the press
release is attached hereto as Exhibit 99.1.
The
information in this Current Report on Form 8-K under Item 7.01, including the information contained in Exhibit 99.1, is being furnished
to the SEC, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated
by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by a specific reference in such filing.
Item 9.01 Financial Statements
and Exhibits
(d) The following exhibits are being filed
herewith:
Signature
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
SMARTKEM, INC. |
|
|
|
Dated: November 28, 2023 |
By: |
/s/ Barbra C. Keck |
|
|
Barbra C. Keck |
|
|
Chief Financial Officer |
Exhibit 99.1
|
PRESS
RELEASE
|
SMARTKEM, INC. APPOINTS MELISA A. DENIS
TO THE BOARD OF DIRECTORS
Manchester, England
– November 28, 2023 – SmartKem, Inc. (OTCQB: SMTK), a company seeking to reshape the world of electronics with its
disruptive organic thin-film transistors (OTFTs) that have the potential to drive the next generation of displays, today announced the
appointment of Melisa A. Denis to the SmartKem Board of Directors, effective November 21, 2023. Ms. Denis will serve as the Chair of
the Audit Committee of the Board, a member of the Compensation Committee and Nominating and Corporate Governance Committee.
SmartKem Chairman and CEO, Ian Jenks,
commented, “We are pleased to welcome Melisa Denis to the SmartKem Board. Melisa’s Big-4 accounting background and public
company board experience will be invaluable to SmartKem as we grow our business and pursue our mission to disrupt the world of technology
with our leading-edge organic thin-film transistors”.
Ms.
Denis has served as a member of the audit committee and mergers and acquisitions committee of the board of directors of Hydrofarm Holdings
Group, Inc. (NASDAQ: HYFM) since November 20, 2020. Ms. Denis previously served as a partner at KPMG from 1998 to October
2020, including as National Tax Leader for Consumer Goods and as the leader of the Consumer and Industrial Market for Dallas. Ms. Denis
has served as a member of the Board of Regents and chair of the audit committee for the University of North Texas System since January
2020, an advisory board member of Women Corporate Directors since 2011, and a board member of Enactus, a global non-profit, since 2019.
Ms. Denis is a Certified Public Accountant and received her degree in accounting and her Bachelor of Science and Master of Science
from the University of North Texas.
Ms.
Denis was appointed to the Board to fill a vacancy created by the resignation, effective November 21, 2023, of Barbra C. Keck as a member
of the Board. Ms. Keck will continue to serve as SmartKem’s Chief Financial Officer.
SmartKem’s
OTCQB information can be found on the OTC Markets website: www.otcmarkets.com/stock/SMTK/overview
About SmartKem
SmartKem is reshaping the world of electronics
with its disruptive organic thin-film transistors (OTFTs) that have the potential to drive the next generation of displays. SmartKem’s
patented TRUFLEX® semiconductor and dielectric inks, or electronic polymers, are used to make a new type of transistor that could
potentially revolutionize the display industry. SmartKem’s inks enable low temperature printing processes that are compatible with
existing manufacturing infrastructure to deliver low-cost displays that outperform existing technologies. The company’s electronic
polymer platform can be used in a number of display technologies including microLED, miniLED and AMOLED displays for next generation
televisions, laptops, augmented reality (AR) and virtual reality (VR) headsets, smartwatches and smartphones.
Smartkem Ltd
Manchester
Technology Center, Hexagon Tower,
Delaunays Road,
Blackley, Manchester, M9 8GQ UK
+44 (0) 161 721 1514
enquiries@smartkem.com
|
PRESS
RELEASE
|
SmartKem
develops its materials at its research and development facility in Manchester, UK, its semiconductor manufacturing processes at the
Centre for Process Innovation (CPI) at Sedgefield, UK and retains a field application office in Taiwan. The company has an extensive
IP portfolio including 125 granted patents across 19 patent families and 40 codified trade secrets. For more information, visit: www.smartkem.com
and follow us on LinkedIn and Twitter @SmartKemTRUFLEX.
Forward-Looking Statements
All statements in this press release
that are not historical are forward-looking statements, including, among other things, statements relating to the SmartKem’s expectations
regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales,
and relations with its partners and investors. These statements are not historical facts but rather are based on SmartKem Inc.’s
current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such
as “may,” will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expect,” “intend,” “plan,” “project,”
“believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements,
although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because
they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases,
beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of
a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company
undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new
information becomes available.
Contact Details:
Barbra Keck, Chief Financial Officer,
SmartKem
b.keck@smartkem.com
Selena Kirkwood, Head of Communications,
SmartKem
s.kirkwood@smartkem.com
##END##
Smartkem Ltd
Manchester
Technology Center, Hexagon Tower,
Delaunays Road,
Blackley, Manchester, M9 8GQ UK
+44 (0) 161 721 1514
enquiries@smartkem.com
v3.23.3
Cover
|
Nov. 21, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 21, 2023
|
Entity File Number |
000-56181
|
Entity Registrant Name |
SmartKem, Inc.
|
Entity Central Index Key |
0001817760
|
Entity Tax Identification Number |
85-1083654
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
Manchester Technology Center, Hexagon Tower
|
Entity Address, Address Line Two |
Delaunays Road
|
Entity Address, Address Line Three |
Blackley
|
Entity Address, City or Town |
Manchester
|
Entity Address, Country |
GB
|
Entity Address, Postal Zip Code |
M9 8GQ
|
City Area Code |
011-44-161
|
Local Phone Number |
721-1514
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 3 such as an Office Park
+ References
+ Details
Name: |
dei_EntityAddressAddressLine3 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionISO 3166-1 alpha-2 country code.
+ References
+ Details
Name: |
dei_EntityAddressCountry |
Namespace Prefix: |
dei_ |
Data Type: |
dei:countryCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
SmartKem (QB) (USOTC:SMTKD)
Historical Stock Chart
From May 2024 to Jun 2024
SmartKem (QB) (USOTC:SMTKD)
Historical Stock Chart
From Jun 2023 to Jun 2024