On June 22, 2023, SmartKem, Inc. closed the transaction. The company has amended the terms of the transaction and has received $14,149,366 in the transaction. The company has received its second tranche.

The company has issued 1,870.36596 series A-1 convertible preferred shares for gross proceeds of $1,870,365.96 and 100 series A-2 convertible preferred shares for gross proceeds of $100,000. The series A-1 shares are initially convertible into an aggregate of 7,481,464 shares of the Company’s common stock, par value $0.0001 at a conversion price of $0.25. The series A-2 shares are initially convertible into an aggregate of 400,000 shares of Common Stock at a conversion price of $0.25 per share.