SmartKem, Inc. announced that at its Annual Meeting of Stockholders on June 23, 2026, shareholders approved all eleven proposals presented. The most significant approvals grant the company greater flexibility over its capital structure, including a substantial increase in authorized common stock and the authority for the Board of Directors to enact reverse stock splits.
Key Details
- Increase in Authorized Shares: Shareholders approved an amendment to increase the number of authorized shares of common stock from 300,000,000 to 5,000,000,000.
- Reverse Stock Split Authority: The Board of Directors was granted discretionary authority to effect up to two reverse stock splits of the company's common stock.
- Director Elections: Klaas de Boer and Sriram Peruvemba were elected to serve as Class II Directors for a three-year term expiring in 2029.
- Other Approvals: Shareholders also ratified the appointment of CBIZ CPAS P.C. as the independent auditor and approved the issuance of shares below the Nasdaq minimum price in connection with an Equity Line of Credit and the conversion of Series A preferred stock.