The SmartKem Inc (OTCMKTS:SMTK) stock may have been trading within a range yesterday but at the same time it ought to be noted that the company is innovative and it was in the news yesterday as well.
SmartKem, Inc. Closes $2.0 Million Common Stock Private Placement
First of all, investors need to note that SmartKem is looking to bring about disruptive change to the electronics space with its innovative semiconductor platform. Yesterday, the company was in the news cycle after it announced that it had completed the sale of as many as 1 million shares of the SmartKem common stock Octopus Ventures. Octopus is a venture capital firm and is currently an investors in the company.
The shares were sold at $2 a share and ended up raising as much as $2 million in fresh capital for SmartKem. It was also announced yesterday by the company that it seeks to use the funds for the purposes of general corporate expenses and for working capital.
In this context, it should be noted that an existing investors buying new shares could be seen as a vote of confidence in SmartKem. Hence, it is going to be interesting to see if the SmartKem stock makes an upward move today or not.
SmartKem is seeking to reshape the world of electronics with a revolutionary semiconductor platform that enables a new generation of displays, sensors and logic. SmartKem’s patented TRUFLEX® inks are solution deposited at a low temperature, on low-cost substrates to make organic thin-film transistor (OTFT) circuits.