美国

证券交易委员会

华盛顿特区20549

表格8-K

当前报告

根据1934年证券交易法案第13或15(d)条款

报告日期（最早事件报告日期）：2024年12月17日

SmartKem，Inc.

(注册人名称按章程所示)

曼彻斯特科技中心，六角塔架

德劳内斯路, 布莱克利

曼彻斯特, M9 8GQ 英国。

(主要执行办公室地址，包括 邮政编码)

011-44-161-721-1514

(注册人的电话号码，包括 区号)

不适用

(如果自上次报告以来已更改，提供前名称或前地址)

如果表格8-k的提交旨在同时满足注册人根据以下任何条款的提交义务，请勾选下面的适当框：

根据该法第12(b)条注册的证券：

请勾选表示登记人是否符合1933年证券法规第405条（本章节第230.405条）或1934年证券交易所法规第2-2条（本章节第2401.2亿-2条）所定义的新兴成长公司。

新兴成长 公司 x

如果是新兴增长公司，请勾选，如果登记人选择不使用根据《证券交易法》第13(a)条提供的任何新修订财务会计准则的延长过渡期。¨

2024年12月17日，公司与部分证券持有者（“持有者”）签署了《同意和修订协议》（“协议”），该协议涉及2023年6月公司进行的定向增发（“2023年定向增发”）。根据该协议，持有者同意(i) 修订2023年6月14日签署的购股协议中某些条款（此前已修订，“购股协议”），具体内容如下；以及(ii) 修订和重述公司系列A-1可转换优先股的某些条款，每股面值10,000美元（“系列A-1优先股”），具体内容如下，生效时间为“合格发行”完成之前的即时生效（“生效时刻”）。该协议将合格发行定义为根据1933年证券法的有效注册声明进行的公司普通股和/或普通股等价物的销售，或在并行的定向增发中，以每股至少等于当时适用的纳斯达克“最低价格”的有效价格进行的销售，导致公司获得至少4,000,000美元的总收入。在本当前报告（8-k表）的日期之前，没有发生合格发行，也不能保证合格发行会发生或其条款将如何。如果没有发生合格发行，则本协议中总结的修订和重述将不会发生，购股协议和系列A-1优先股的当前条款将保持有效。

购买协议的修订

在协议中，各方同意修改自生效时间起生效的采购协议，以 (i) 删除 (A) 采购协议第 4.12(a) 节的条款，该条款曾阻止公司在 2023 年定向增发（“初步关闭”）初次关闭后的 180 天内发行其普通股和普通股等价物，该条款已按其条款到期； (B) 采购协议第 4.17 节，该节限制公司支付分红派息的能力； (C) 采购协议第 4.18 节，该节赋予配置购买者（如采购协议中定义）在后续融资（如采购协议中定义）中某些参与权； (D) 采购协议第 4.19 节，该节赋予配置购买者某些 "最惠国" 权利； (E) 采购协议第 4.20 节，该节允许配置购买者将其 A-1系列优先股转换为后续融资中出售的证券。此外，各方同意修改采购协议第 4.12(b) 节，自生效时间起生效，以 (i) 延长公司被禁止从事“变量交易”（如采购协议中定义）的期间，直到生效时间之后的 18 个月期结束；以及 (ii) 规定在生效时间满六个月后，公司可以以至少等于合格发行（“合格发行价格”）中普通股销售价格的毛价进行普通股的市场发行。各方还同意修改采购协议第 4.12(c) 节，自生效时间起生效，以 (i) 要求公司获得不低于 65% 的原始配置购买者（如协议中定义）同意以进行“低价发行”（如采购协议中定义）； (ii) 将低价发行被视为发生的价格从当前的 A-1系列优先股转换价格降至 4.00 美元；以及 (iii) 将所需的同意期限从初步关闭后的 30 个月减少至 (A) 从合格发行关闭后的 18 个月或 (B) 公司已从一次或多次融资交易（包括合格发行）获得不低于 1500万美元的总收入的日期，二者中较早者。

在协议中，持有人还同意了 合格发行和惠普和解（见下文）并不可撤销地放弃了他们对此的任何权利。持有人还同意成为注册权利协议的当事方，涉及任何将在 与协议及合格发行相关的交易中发放给他们的新证券。

系列A-1优先股的第二次修订与重述

In the Agreement, the Holders agreed to further amend and restate the Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series A-1 Convertible Preferred Stock (the “Amended and Restated CoD”) effective upon the Effective Time to, among other things: (i) remove the obligation of the Company to pay dividends on shares of the Series A-1 Preferred Stock in certain circumstances; (ii) remove the provisions of Amended and Restated CoD that require the Company to obtain the consent of the holders of a majority of the outstanding shares of Series A-1 Preferred Stock to take certain actions, such as the incurrence of certain indebtedness, the granting of liens and the purchase or redemption of outstanding equity securities; (iii) remove the liquidation preference applicable to the Series A-1 Preferred Stock; (iv) reduce the conversion price of the Series A-1 Preferred Stock to $4.34; (v) prevent the conversion of the Series A-1 Preferred Stock for a period ending on the earlier of (A) the effective date of a resale registration statement covering the additional shares of common stock issuable upon the conversion of the Series A-1 Preferred Stock as a result of the reduction in the conversion price (the “Effective Date”) and (B) the six-month anniversary of the Effective Time; (vi) provide for the automatic conversion of the Series A-1 Preferred Stock into either shares of common stock or the Company’s Class C Warrants at the conversion price upon the earlier of (A) the Effective Date or (B) as determined by the written consent of the holders of at least a majority of the outstanding shares of Series A-1 Preferred Stock which must include AIGH Investment Partners LP and its Affiliates (“AIGH”) for so long as AIGH holds at least $1,500,000 in aggregate Stated Value of Series A-1 Preferred Stock acquired pursuant to the Purchase Agreement; and (vii) remove certain price protection provisions which had expired pursuant to their terms.

Hewlett Settlement

In connection with the transactions contemplated by the Agreement, the Company entered into a General Release (the “Release”) with the Hewlett Fund LP (the “Hewlett Fund”) pursuant to which the Hewlett Fund has agreed on its own behalf and on behalf of certain of its related parties to release the Company and certain of its related parties from any claims, including claims arising out of the transactions contemplated by the Purchase Agreement, effective as of the Effective Time, in exchange for Class C Warrants to purchase 750,000 shares of Common Stock. These transactions are collectively referred to as the “Hewlett Settlement.”

The Agreement is attached hereto as Exhibit 10.1. The Release is attached hereto as Exhibit 10.2. The descriptions of the Agreement and the Release are summaries only, are not intended to be complete, and are qualified in their entirety by reference to such exhibits.

The information contained in response to Item 1.01 above is incorporated herein by reference.

According to the 2024 Omdia Report, the microLED market is expected to grow to over $4 billion in 2030, a 59% compound annual growth rate (“CAGR”) from approximately $150 million in 2024 with microLED displays expected to represent approximately 7% to 8% of the total display market by 2030. According to a 2024 report by Yole Intelligence, the advanced packaging market is expected to grow to approximately $28 billion in 2029, a 37% CAGR from approximately $4.3 billion in 2023.

According to a 2024 Omdia Report, “Top 10 Display Topics on 2024 Review and 2025 Prospect,” approximately 200 million square meters of display backplanes are manufactured annually. According to a report from Hendy Consulting commissioned by the Company, the average selling price for display backplanes is over $100 per square meter. As a result, the Company believes that the potential annual addressable market for its OTFT inks is more than $20 billion.

Statements contained in this Current Report on Form 8-K regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may involve risks and uncertainties, such as statements related to potential market size and growth estimates, potential market penetration, backplane manufacturing levels, backplane costs and the timing and terms of any Qualified Offering. The risks and uncertainties involved include uncertainty surrounding the growth and adoption of new technologies, the Company’s ability to address existing and new markets effectively, market acceptance and adoption of the Company’s current and future products, costs of manufacturing microLED displays, and the Company’s ability to consummate a Qualified Offering and the timing thereof, as well as other risks detailed from time to time in the Company’s SEC filings, including in its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 27, 2024, its Quarterly Reports on Form 10-Q filed with the SEC on May 20, 2024, August 12, 2024 and November 8, 2024.

(d) Exhibits.

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.