SmartKem, Inc. - SMTK STOCK NEWS

Smartkem (SMTK), a developer of organic thin-film transistors (OTFTs), highlighted its 2024 achievements and outlined 2025 goals. The company raised $7.65 million in December and secured a $1.1 million grant with a collaboration partner for developing the world's first rollable, transparent microLED display.

Key 2024 achievements include multiple strategic partnerships with industry leaders like AUO, FlexiIC, ITRI, Chip Foundation, Shanghai Tianma Microelectronics, and RiTdisplay. The company expanded its intellectual property to 138 patents and 40 codified trade secrets and successfully uplisted to Nasdaq.

For 2025, Smartkem aims to ship its first materials to Chip Foundation, sign a Joint Development Agreement for chip-first microLED display, complete qualification of Gen 2.5 ITRI process line, and establish additional collaborations for technology commercialization. The company expects to benefit from the microLED industry's projected growth from $150 million in 2024 to over $4 billion by 2031.

Smartkem (SMTK) has completed concurrent public and private offerings, raising $7.65 million in gross proceeds. The company issued 1,449,997 registered shares of common stock and unregistered Class D warrants at $3.00 per share in the public offering. In a concurrent private placement, they sold 169,784 unregistered shares, pre-funded warrants for 930,215 shares, and Class D warrants to institutional investors.

The Class D warrants are exercisable at $3.00 per share until December 31, 2025, while pre-funded warrants are exercisable at $0.0001 per share. The company plans to use the net proceeds for working capital and general corporate purposes. Craig-Hallum Capital Group served as the exclusive placement agent.

Smartkem (SMTK) has secured a £900,000 (USD 1.1 million) grant from Innovate UK for developing rollable, transparent microLED displays in collaboration with AUO. The project, part of the 2024 UK-Taiwan Collaborative R&D Initiative, will span two years starting January 1, 2025. Initial grant payments are scheduled to begin in Q1 2025. The company, which specializes in organic thin-film transistors (OTFTs), aims to advance its display technology through this partnership.

Smartkem (SMTK) has announced pricing for concurrent public and private offerings totaling $7.65 million. The offerings include:

1. Public offering: 1,449,997 registered common shares and unregistered Class D warrants at $3.00 per share/warrant pair

2. Private placement: 169,784 unregistered shares, 930,215 pre-funded warrants, and 1,099,999 Class D warrants at similar pricing

The Class D warrants will be exercisable at $3.00 per share until December 31, 2025, while pre-funded warrants have a $0.0001 exercise price. Craig-Hallum Capital Group is acting as exclusive placement agent, with closing expected on December 20, 2024. Proceeds will be used for working capital and general corporate purposes.

Smartkem (NASDAQ: SMTK) has signed a multi-year agreement with FlexiIC to develop a new generation of CMOS for smart sensors. The two-year project aims to develop custom circuitry using Smartkem's organic thin-film transistor (OTFT) technology and n-type oxide TFT to create low-power CMOS enabled sensor devices.

The devices will incorporate mixed signal and digital IPs, including RISC-V cores, and utilize machine learning for improved signal processing. The technology targets the internet-of-things (IOT) market, which is projected to reach $4,062.34 billion by 2032, growing at a CAGR of 24.3% from 2024. The project's commencement depends on grant funding approval from the Centro para el Desarrollo Tecnológico Industrial (CDTI).

Smartkem (NASDAQ: SMTK) has partnered with AUO, Taiwan's largest display manufacturer, to develop the world's first rollable, transparent microLED display using Smartkem's organic thin-film transistors (OTFTs). The collaboration, starting January 1, 2025, aims to revolutionize microLED display production through Smartkem's low-temperature processing technology, which enables direct application on microLEDs and eliminates the need for mass transfer and laser welding. This 'Chip-First' architecture could potentially reduce microLED TV prices from $100,000 to mass market levels. The project has received funding from the 2024 Taiwan-UK Research & Development Collaboration.

Smartkem (SMTK) reports Q3 2024 financial results, highlighting progress in commercializing its organic thin-film transistors for microLED displays. The company signed a joint development agreement with Chip Foundation for microLED-based backlight technology and expanded collaboration with ITRI. Financial results show cash and equivalents at $1.8 million (down from $8.8 million in December 2023), operating expenses of $3.0 million (up from $2.7 million in Q3 2023), and no revenue compared to $3,000 in Q3 2023. The company targets the microLED display industry, projected to grow from $150 million in 2024 to over $4 billion by 2031.

Smartkem (Nasdaq: SMTK), a company developing organic thin-film transistors (OTFTs), will present at the 6th National Conference on Organic Field-Effect Transistors in Hangzhou, China on November 9th, 2024. Dr. Simon Ogier, Chief Technology Officer, will deliver a presentation titled 'OTFT materials for emissive displays and low temperature logic circuitry on plastic substrates' at 13:30 local time.

The conference, hosted by Beihang University and the Institute of Chemistry, Chinese Academy of Sciences (ICCAS), with co-organization by Fudan University, will focus on Organic Field-Effect Transistors and Flexible Printed Optoelectronic Materials and Devices.

Smartkem, Inc. (NASDAQ: SMTK), a company developing organic thin-film transistors (OTFTs) for next-generation displays, has announced its participation in the TechBlick: The Future of Electronics Reshaped conference in Berlin, Germany. The event will take place on October 23rd and 24th, 2024, at the Estrel Berlin Hotel and Convention Center.

Smartkem will be exhibiting at booth F01, with Senior Formulation Scientist Jordan Brannick available for one-on-one meetings throughout the exhibition. This global conference provides an opportunity for Smartkem to showcase its disruptive OTFT technology to industry professionals and potential partners.