SmartKem (SMTK) has released an update to notify the public and investors about corporate charter and bylaws modifications.
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On January 29, 2024, the Company designated 11,100 shares of Series A-1 Preferred Stock with a $10,000 per share stated value. These shares are entitled to dividends equivalent to common stock dividends and accrue additional dividends under certain conditions. With no voting rights except as required by Delaware law, these shares have preferences in liquidation, are convertible into common stock with anti-dilution adjustments, and are subject to beneficial ownership limitations. The Series A-1 Preferred Stock lacks preemptive rights, is non-redeemable by the Company, and carries negative covenants limiting the Company’s actions without holder consent. There is no established trading market for these shares and no intention to list them.
For further insights into SMTK corporate activity, check out TipRanks’ Insiders Trading Activity page.
