# EDGAR Filing Document

**Accession Number:** 0001817760
**File Stem:** 0001104659-26-033047
**Filing Date:** 2026-3
**Character Count:** 167318
**Document Hash:** 1dea180ace76d814cc8734fe8b747876
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-033047.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001104659-26-033047

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SmartKem, Inc.
- **CENTRAL INDEX KEY:** 0001817760
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 851083654
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-281608
- **FILM NUMBER:** 26779938

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MANCHESTER TECHNOLOGY CENTER
- **STREET 2:** HEXAGON TOWER, DELAUNAYS ROAD, BLACKLEY
- **CITY:** MANCHESTER
- **PROVINCE COUNTRY:** X0
- **ZIP:** M9 8GQ
- **BUSINESS PHONE:** 011-44-161-721-1514

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MANCHESTER TECHNOLOGY CENTER
- **STREET 2:** HEXAGON TOWER, DELAUNAYS ROAD, BLACKLEY
- **CITY:** MANCHESTER
- **PROVINCE COUNTRY:** X0
- **ZIP:** M9 8GQ

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Parasol Investments Corp
- **DATE OF NAME CHANGE:** 20200710

**Filed Pursuant to Rule 424(b)(5)**

**Registration Statement No.: 333-281608**

**PROSPECTUS SUPPLEMENT**

**(To Prospectus dated August 22, 2024)**

**11,365,350 Shares of Common Stock**

![](tm269507d1_424b5img001.jpg)

**SmartKem, Inc.**

Pursuant to this prospectus supplement and the accompanying prospectus, we are offering in a registered direct offering to certain institutional investors 11,365,350 shares of common stock, par value $0.0001 per share ("Common Stock") at a purchase price of $0.2303 per share.

Our Common Stock is listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "SMTK." On March 19, 2026, the last reported sale price of our Common Stock on Nasdaq was $0.2303 per share.

We are an "emerging growth company" and a "smaller reporting company" under the federal securities laws and, as such, are subject to reduced public company reporting requirements.

As of the date of this prospectus supplement, the aggregate market value of our outstanding shares of Common Stock held by non-affiliates was $10,004,132 based on 9,837,561 shares of Common Stock outstanding, of which 29,588 shares were held by affiliates, based on a price of $1.02 per share, which was the last reported sale price of our Common Stock on Nasdaq on January 20, 2026. As of the date of this prospectus supplement, we have sold $680,500 in securities pursuant to General Instruction I.B.6. of Registration Statement on Form S-3 during the prior 12-month calendar period that ends on, and includes, the date of this prospectus supplement (but excluding this offering). Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering with a value exceeding one-third of our public float in any 12-month period so long as our public float remains below $75.0 million. We are thus currently eligible to offer and sell up to an aggregate of approximately $2,654,210 of our securities pursuant to General Instruction I.B.6 of Form S-3.

**Investing in our securities involves a high degree of risk. Before making any decision to invest in our securities, you should carefully consider the information disclosed in this prospectus supplement and the accompanying prospectus, including the information under "Risk Factors" beginning on page S-8 of this prospectus supplement, as well as the information, including the risk factors contained or incorporated by reference to this prospectus supplement and the accompanying prospectus as described under the heading "Where You Can Find More Information."**

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

There is no arrangement for funds to be received in escrow, trust, or similar arrangement.

---

| | | |
|:---|:---|:---|
|  | **Per share of<br> Common Stock** | **Total** |
| Offering Price | $0.2303 | $0.2303 |
| Proceeds, before expenses, to us | $2617440 | $2617440 |

---

We expect that delivery of the shares of Common Stock being offered pursuant to this prospectus supplement and the accompanying base prospectus will be made on or about March 23, 2026, subject to satisfaction of customary closing conditions.

The date of this prospectus supplement is March 20, 2026.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **PROSPECTUS SUPPLEMENT** |  |
| [ABOUT THIS PROSPECTUS SUPPLEMENT](#vik_001) | [S-1](#vik_001) |
| [CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS](#vik_002) | [S-2](#vik_002) |
| [PROSPECTUS SUPPLEMENT SUMMARY](#vik_003) | [S-3](#vik_003) |
| [THE OFFERING](#vik_004) | [S-7](#vik_004) |
| [RISK FACTORS](#vik_005) | [S-8](#vik_005) |
| [USE OF PROCEEDS](#vik_006) | [S-10](#vik_006) |
| [DIVIDEND POLICY](#vik_007) | [S-10](#vik_007) |
| [DILUTION](#vik_008) | [S-11](#vik_008) |
| [DESCRIPTION OF THE SECURITIES WE ARE OFFERING](#vik_009) | [S-12](#vik_009) |
| [PLAN OF DISTRIBUTION](#vik_010) | [S-13](#vik_010) |
| [LEGAL MATTERS](#vik_011) | [S-14](#vik_011) |
| [EXPERTS](#vik_012) | [S-14](#vik_012) |
| [WHERE YOU CAN FIND MORE INFORMATION](#vik_013) | [S-14](#vik_013) |
| [INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#vik_014) | [S-15](#vik_014) |

---

---

| | |
|:---|:---|
|  | **Page** |
| **PROSPECTUS: AUGUST 22, 2024** |  |
| [ABOUT THIS PROSPECTUS](#p_001) | [1](#p_001) |
| [PROSPECTUS SUMMARY](#p_002) | [2](#p_002) |
| [RISK FACTORS](#p_003) | [4](#p_003) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#p_004) | [5](#p_004) |
| [USE OF PROCEEDS](#p_005) | [7](#p_005) |
| [THE SECURITIES WE MAY OFFER](#p_006) | [8](#p_006) |
| [DESCRIPTION OF CAPITAL STOCK](#p_007) | [9](#p_007) |
| [DESCRIPTION OF STOCK WARRANTS](#p_008) | [15](#p_008) |
| [DESCRIPTION OF DEBT SECURITIES](#p_009) | [16](#p_009) |
| [DESCRIPTION OF SUBSCRIPTION RIGHTS](#p_010) | [21](#p_010) |
| [DESCRIPTION OF UNITS](#p_011) | [22](#p_011) |
| [FORMS OF SECURITIES](#p_012) | [23](#p_012) |
| [PLAN OF DISTRIBUTION](#p_013) | [25](#p_013) |
| [LEGAL MATTERS](#p_014) | [29](#p_014) |
| [EXPERTS](#p_015) | [30](#p_015) |
| [ADDITIONAL INFORMATION](#p_016) | [31](#p_016) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#p_017) | [32](#p_017) |

---

**You should rely only on the information we have provided or incorporated by reference in this prospectus or in any prospectus supplement. We have not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus or in any prospectus supplement. This prospectus and any prospectus supplement is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information contained in this prospectus and in any prospectus supplement is accurate only as of their respective dates and that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any prospective supplement or any sale of securities. The registration statement, including the exhibits and the documents incorporated herein by reference, can be read on the website of the Securities and Exchange Commission, or "SEC," or on our corporate website at www.smartkem.com as set forth in this prospectus under the heading "Available Information."**

*This prospectus supplement is not an offer to sell or a solicitation of an offer to buy securities in any jurisdiction in which such offer or solicitation is illegal.*

**ABOUT THIS PROSPECTUS SUPPLEMENT**

All references to the terms the "Company," "we," "us" or "our" in this prospectus supplement refer to SmartKem, Inc., a Delaware corporation, unless the context requires otherwise.

This prospectus supplement and the accompanying base prospectus are part of a registration statement that we filed with the Securities and Exchange Commission (the "SEC") on Form S-3 (File No. 333-281608) utilizing a "shelf" registration process. Each time we conduct an offering to sell securities under the accompanying base prospectus we will provide a prospectus supplement that will contain specific information about the terms of that offering, including the price, the amount of securities being offered, and the plan of distribution. The shelf registration statement was initially filed with the SEC on August 16, 2024, and was declared effective on August 22, 2024. This prospectus supplement describes the specific details regarding this offering and may add, update or change information contained in the accompanying base prospectus. The accompanying base prospectus provides general information about us and our securities, some of which, such as the section entitled "Plan of Distribution," may not apply to this offering. This prospectus supplement and the accompanying base prospectus are an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making offers to sell or solicitations to buy our securities in any jurisdiction in which an offer or solicitation is not authorized or in which the person making that offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation.

If information in this prospectus supplement is inconsistent with the accompanying base prospectus or the information incorporated by reference with an earlier date, you should rely on this prospectus supplement. This prospectus supplement, together with the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying base prospectus, include all material information relating to this offering. You should assume that the information appearing in this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference in this prospectus supplement and the accompanying base prospectus is accurate only as of the respective dates of those documents. Our business, financial condition, results of operations and prospects may have changed since those dates. **You should carefully read this prospectus supplement, the accompanying base prospectus and the information and documents incorporated by reference herein and therein before making an investment decision. See "Where You Can Find More Information" in this prospectus supplement and in the accompanying base prospectus.**

We have not authorized anyone to provide you with information that is different from that contained in this prospectus supplement, the accompanying base prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. When you make a decision about whether to invest in our securities, you should not rely upon any information other than the information contained in or incorporated by reference into this prospectus supplement, the accompanying base prospectus or in any free writing prospectus that we may authorize to be delivered or made available to you. Neither the delivery of this prospectus supplement and the accompanying base prospectus nor the sale of our securities means that the information contained in this prospectus supplement, the accompanying base prospectus or any free writing prospectus is correct after the date of the respective dates of such documents.

For investors outside the United States: We have not taken any action that would permit this offering or possession or distribution of this prospectus supplement or the accompanying base prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus supplement or the accompanying base prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities covered hereby and the distribution of this prospectus supplement and the accompanying base prospectus outside the United States.

This prospectus supplement and the accompanying base prospectus contain summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the full text of the actual documents, some of which have been filed or will be filed with the SEC and incorporated by reference herein. See "Where You Can Find More Information" in this prospectus supplement. We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference into this prospectus supplement or the accompanying base prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.

This prospectus supplement and the accompanying base prospectus contain and incorporate by reference certain market data and industry statistics and forecasts that are based on studies sponsored by us, independent industry publications and other publicly available information. Although we believe these sources are reliable, estimates as they relate to projections involve numerous assumptions, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed under "Risk Factors" in this prospectus supplement and the accompanying base prospectus and under similar headings in the documents incorporated by reference herein and therein. Accordingly, investors should not place undue reliance on this information.

**CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated by reference herein contain or may contain forward looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this prospectus, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking statements. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will," or the negative of these terms or other comparable terminology. Although we do not make forward looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks outlined under "Risk Factors" or elsewhere in this prospectus, which may cause our or our industry's actual results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from what is expressed in or suggested by the forward-looking statements.

Forward-looking statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. Except as required by law, we assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

**PROSPECTUS SUPPLEMENT SUMMARY**

*The following summary highlights selected information contained elsewhere in or incorporated by reference into this prospectus supplement and the accompanying prospectus. The summary may not contain all of the information that you should consider before investing in our securities. You should read the entire prospectus supplement and accompany prospectus, the registration statement of which this prospectus is a part, and the information incorporated by reference into this prospectus supplement in their entirety, including the "Risk Factors" and our financial statements and the related notes incorporated by reference into this prospectus, before purchasing our securities in this offering. See the "<u>Risk Factors</u>" section of this prospectus supplement beginning on page S-8 for a discussion of the risks involved in investing in our securities. Except as otherwise indicated herein or as the context otherwise requires, references in this prospectus supplement to the "Company," "we," "us," and "our" refer to SmartKem, Inc.*

**Corporate Summary**

We are seeking to change the world of electronics with a new class of transistor developed using our proprietary advanced semiconductor materials that we believe has the potential to revolutionize the display industry. Our TRUFLEX® semiconductor polymers enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost, high-performance displays. Our semiconductor platform can be used in a range of display technologies including MicroLED, LCD and AMOLED, as well as in applications in advanced computer and artificial intelligence chip packaging, sensors, and logic.

We design and develop our materials at our research and development facility in Manchester, UK and provide prototyping services at the Centre for Process Innovation in Sedgefield, UK. We also operate a field application office in Hsinchu, Taiwan, close to our collaboration partner, The Industrial Technology Research Institute of Taiwan. With our collaboration partners, we are developing a commercial-scale production process and Electronic Design Automation (EDA) tools for our materials to demonstrate the commercial viability of manufacturing a new generation of displays using our materials. We have an extensive IP portfolio including 140 granted patents across 17 patent families, 14 pending patents and 40 codified trade secrets.

**Recent Developments**

*<u>Senior Secured Notes Financing</u>*

On March 18, 2026, we entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain accredited investors (the "Buyers"), pursuant to which the Company agreed to issue and sell to the Buyers senior secured promissory notes (the "Notes") in the aggregate original principal amount of $3,750,000 for an aggregate purchase price of $2,625,000, reflecting an original issue discount of approximately 30%.

The Notes do not bear interest unless an Event of Default (as defined therein) has occurred, in which case interest accrues at a rate of 14% per annum. The Notes mature on the six-month anniversary of the original issuance date, subject to extension at the option of each Buyer in the event that an Event of Default has occurred. In addition, if we or any of our subsidiaries consummates a subsequent placement of securities, each Buyer may elect to exchange all or any portion of the then outstanding principal amount of its Note into the securities being issued in such subsequent placement, with the aggregate amount of such securities valued at 120% of the exchanged principal amount.

In connection with the Purchase Agreement, we entered into a Security and Pledge Agreement (the "Security Agreement," and together with the Purchase Agreement, the Notes, and the Guaranties (as defined below), the "Transaction Documents") in favor of the collateral agent (the "Collateral Agent") for the benefit of the Buyers. Pursuant to the Security Agreement, the Grantors granted to the Collateral Agent a first priority perfected security interest in all of our existing and future assets and our direct and indirect subsidiaries, including a pledge of all of the capital stock of each subsidiary, as security for our obligations under the Transaction Documents.

In connection with the Security Agreement, we also entered into an Intellectual Property Security Agreement (the "IP Security Agreement"), pursuant to which the Grantors granted to the Collateral Agent a continuing security interest in certain of their intellectual property, as additional collateral security for the obligations under the Transaction Documents. In addition, each of our subsidiaries executed and delivered Guaranties (the "Guaranties") in favor of the Collateral Agent, for the benefit of the Buyers, pursuant to which each such subsidiary unconditionally and irrevocably guaranteed the payment and performance of all of our obligations under the Purchase Agreement, the Notes, and the other Transaction Documents.

*<u>Settlement Agreement with Noteholder</u>*

On March 18, 2026, we entered into a Settlement Agreement and Release (the "Settlement Agreement") with certain holders (the "Noteholders") of a senior secured notes that we issued on October 31, 2025 (the "Notes") to resolve certain claims alleged by the Noteholders against us arising under the Notes, all of which we denied. Pursuant to the Settlement Agreement, we agreed to (i) pay the Noteholders a cash settlement payment of $300,000, (ii) repay the outstanding balance of the Notes in full, and (iii) assign, transfer, and convey to the Noteholders all of our right, title, and interest in and to certain patents and patent applications (the "Assigned Patents"). Under the terms of the Settlement Agreement, we also agreed to continue the employment of a designated employee for six months following the effective date of the Settlement Agreement to serve as a liaison and provide the Noteholders with information, assistance, and support related to the Assigned Patents. In exchange, the Noteholders agreed to release us and our affiliates, officers, directors, employees, and representatives from any and all claims arising under the Notes and the related securities purchase agreement. Pursuant to the Settlement Agreement, we also granted a release in favor of the Noteholders, releasing it from any and all claims we may have had.

*<u>Waiver and Termination Agreement</u>*

In connection with the Settlement Agreements, entered into Waiver and Termination Agreements with the Holders (the "Waiver and Termination Agreements") with respect to the Prior Purchase Agreement. Pursuant to the Waiver and Termination Agreements, the Holders agreed to (i) waive compliance with the Lower Priced Issuance provision set forth in Section 4.12(c) of the Prior Purchase Agreement with respect to the sale of securities pursuant to the Prior Purchase Agreement, (ii) amend Section 4.12(c) of the Prior Purchase Agreement to reset the price threshold thereunder to the lowest price per share at which securities are sold in the contemplated registered direct and private placement offering by us, and (iii) subject to our payment of the settlement payment and completion of the patent assignment contemplated by the Settlement Agreements, terminate the Variable Rate Transaction provision set forth in Section 4.12(b) of the Prior Purchase Agreement.

*<u>Nasdaq Listing Deficiencies</u>*

On March 5, 2026, we received notice (the "Notification Letter") from the staff (the "Staff") of Nasdaq that we are not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule") for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of our common stock between January 21, 2026, and March 4, 2026, we no longer meet the minimum bid price requirement. The Notification Letter has no immediate effect on the listing or trading of our common stock on The Nasdaq Capital Market and, at this time, our common stock will continue to trade on The Nasdaq Capital Market under the symbol "SMTK," subject to the pending hearing discussed more fully below.

The Notification Letter provides that we have 180 calendar days, or until September 1, 2026, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the bid price of our common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. If we do not regain compliance by September 1, 2026, an additional 180 days may be granted to regain compliance, so long as we meet The Nasdaq Capital Market initial listing requirement of $5 million in stockholders' equity and all other continued listing requirements (except for the bid price requirement) and we notify Nasdaq in writing of our intention to cure the deficiency during the second compliance period. As noted below, we currently have less than $5 million in stockholders' equity; however, the determination on eligibility for a second bid price grace period will not be made until the first bid price grace period expires. If we do not qualify for the second compliance period or fail to regain compliance during the second 180-day period, then Nasdaq will notify us of its determination to delist our common stock, at which point we will have an opportunity to request a hearing before an independent Hearings Panel.

We intend to monitor the closing bid price of our common stock and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of our outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

In addition, as previously reported in a Current Report on Form 8-K on February 12, 2026, we received notice that based upon our continued non-compliance with Nasdaq Listing Rule 5550(b) (the "Equity Rule"), the Staff has determined to delist our securities from Nasdaq unless we timely requested a hearing before the Hearings Panel. We timely requested a hearing, which stayed the delisting and suspension of our securities pending the decision of the Hearings Panel. There can be no assurance that we will be able to evidence compliance with the Equity Rule or other applicable requirements for continued listing on The Nasdaq Capital Market prior to the hearing or that the Panel will grant us a further extension period in accordance with the Nasdaq Listing Rules.

There can be no assurance that the Hearings Panel will grant us any extension period within which to regain compliance with the Equity Rule, or if any such extension period is granted, that we will regain compliance with the Equity Rule within such extension period, or that we will be successful in otherwise maintaining the listing of our common stock on The Nasdaq Capital Market.

*<u>Debt Conversion</u>*

On February 5, 2026, we entered into a debt conversion agreement (the "Debt Conversion Agreement") with SmartKem Limited, our wholly owned subsidiary, and a creditor (the "Creditor"), pursuant to which we issued to the Creditor (i) 385,130 shares of Common Stock, at an ascribed price of $2.75 per share and (ii) pre-funded warrants to purchase 348,260 shares of Common Stock, in satisfaction of approximately $2,016,821 owed to the Creditor by SmartKem Limited.

*<u>January 2026 Offering</u>*

On January 30, 2026, we entered into a securities purchase agreement with an institutional investor, pursuant to which we sold such investor 677,129 shares of Common Stock at a purchase price of $0.50 per share, and 683,871 pre-funded warrants to purchase 683,871 shares of Common Stock at a purchase price of $0.4999 per pre-funded warrant and an exercise price of $0.0001 per share (the "January 2026 Offering"). The January 2026 Offering closed on January 31, 2026. The shares of Common Stock and pre-funded warrants were offered pursuant to our shelf registration statement on Form S-3 (File No. 333-281608), which was declared effective by the Securities and Exchange Commission on August 22, 2024, and a related base prospectus and prospectus supplement thereunder. We received aggregate gross proceeds from the January 2026 Offering of approximately $680,500, before deducting placement agent fees and other offering expenses.

**Corporate Information**

We were incorporated as Parasol Investments Corporation in the State of Delaware on May 13, 2020. SmartKem Limited was incorporated under the laws of England and Wales on July 21, 2008. On February 23, 2021, we completed an exchange with SmartKem Limited and the former shareholders of SmartKem Limited (the "Exchange") pursuant to which substantially all of the equity interests in SmartKem Limited were exchanged for shares of our common stock, and SmartKem Limited became our wholly owned subsidiary. Immediately following the Exchange, the business of SmartKem Limited became our business and we changed our name to "SmartKem, Inc." Prior to the Exchange, Parasol Investments Corporation was a "shell" company registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with no specific business plan or purpose until it began operating the business of SmartKem Limited following the closing of the Exchange.

Our principal executive offices are located at Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley Manchester, M9 8GQ U.K. Our telephone number is 011-44-161-721-1514. Our website address is www.smartkem.com. Information contained on, or that can be accessed through, our website is not a part of this prospectus.

All trademarks, service marks and trade names appearing in this prospectus are the property of their respective holders. Use or display by us of other parties' trademarks, trade dress, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements or sponsorship of, us by the trademark or trade dress owners.

**Implications of Being a Smaller Reporting Company and Emerging Growth Company**

We are a "smaller reporting company," as defined in Rule 12b-2 of the Exchange Act, meaning that the market value of our shares held by non-affiliates was less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our shares held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our shares held by non-affiliates is less than $700 million. As a smaller reporting company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation. Additionally, as a smaller reporting company, we may continue to take advantage of the exception from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended. If investors consider our shares of common stock less attractive as a result of our election to use the scaled-back disclosure permitted for smaller reporting companies, there may be a less active trading market for our common shares and our share price may be more volatile.

We are also an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging growth company until the earliest to occur of: (i) the last day of the fiscal year in which we have more than $1.235 billion in annual revenues; (ii) the date we qualify as a "large accelerated filer," with at least $700 million of equity securities held by non-affiliates; (iii) the issuance, in any three-year period, by us of more than $1.0 billion in non-convertible debt securities; and (iv) the last day of the fiscal year ending after the fifth anniversary of our first sale of common equity securities pursuant to a U.S. registration.

As an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other publicly traded entities that are not emerging growth companies. These exemptions include: (i) the option to present only two years of audited financial statements and related discussion in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our filings with the SEC; (ii) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended; (iii) not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board, or PCAOB, regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements; (iv) not being required to submit certain executive compensation matters to stockholder advisory votes, such as "say-on-pay," "say-on-frequency," and "say-on-golden parachutes"; and (v) not being required to disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

**The Offering**

---

| | |
|:---|:---|
| **Common Stock offered by us** | 11,365,350 shares of Common Stock. |
| **Common Stock outstanding before this offering<sup>(1)</sup>** | 9,837,561 shares of Common Stock. |
| **Common Stock outstanding after this offering** | 21,202,911 shares of Common Stock. |
| **Use of proceeds** | We intend to use the net proceeds from this offering for working capital and general corporate purposes. Please see the section entitled "Use of Proceeds" on page S-10 of this prospectus supplement for a more detailed discussion. |
| **Risk factors** | An investment in our securities involves a high degree of risk. Please see the section entitled "Risk Factors" beginning on page S-8 of this prospectus supplement as well as the other information included in or incorporated by reference into this prospectus supplement and the accompanying prospectus for a discussion of factors that you should consider carefully before making an investment decision. |
| **Dividend policy** | We have never declared or paid any cash dividends on our Common Stock. We do not anticipate paying any cash dividends in the foreseeable future. |
| **National securities exchange listing** | Our Common Stock is currently listed on the Nasdaq Capital Market under the symbol "SMTK." |

---

(1) The number of shares of our Common Stock to be outstanding after the offering is based on 9,837,561 shares of Common Stock outstanding as of March 20, 2026 and excludes, as of that date, the following:

● 1,643,122 shares
 of Common Stock issuable upon the exercise of outstanding options, having a weighted average exercise price of $5.90 per share;

● 273,592 shares
 of Common Stock available for future issuance under our 2021 Equity Incentive Plan; and

● 3,654,779 shares
 of Common Stock issuable upon the exercise of outstanding warrants, having a weighted average exercise price of $5.20 per share.

**RISK FACTORS**

*Before making an investment decision, you should carefully consider the risks described in this prospectus supplement, together with all of the other information incorporated by reference into this prospectus supplement and the accompanying prospectus, including the risks described in our most recent Annual Report on Form 10-K, as well as any amendments thereto reflected in subsequent filings with the SEC, including our audited consolidated financial statements and corresponding management's discussion and analysis. The risks mentioned below are presented as of the date of this prospectus supplement and we expect that these will be updated from time to time in our periodic and current reports filed with or furnished to the SEC, as applicable, which are incorporated herein by reference. Please refer to these subsequent reports for additional information relating to the risks associated with investing in our securities.*

*Our business, financial condition or results of operations could be materially adversely affected by any of these risks. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. The trading price of our Common Stock could decline due to any of these risks, and you may lose all or part of your investment. This prospectus supplement, the accompanying prospectus and the incorporated documents also contain forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks mentioned below. Forward-looking statements included in this prospectus supplement are based on information available to us on the date hereof, and all forward-looking statements in documents incorporated by reference are based on information available to us as of the date of each such document. We are under no obligation to update or alter such forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.*

**Risks Relating to our Business and This Offering**

***The Nasdaq Capital Market may subsequently delist our Common Stock if we fail to comply with ongoing listing standards.***

As described in this prospectus supplement in the section entitled "Prospectus Supplement Summary – Recent Developments - Nasdaq Listing Deficiencies," we are not currently in compliance with certain continued listing standards of Nasdaq. If we are unable to regain compliance with the applicable Nasdaq listing standards within the timeframes set forth in the deficiency notices we received from Nasdaq, Nasdaq may initiate delisting proceedings with respect to our Common Stock. If we are delisted from Nasdaq, but obtain a substitute listing for our Common Stock, it will likely be on a market with less liquidity, and therefore experience potentially more price volatility than experienced on Nasdaq. Stockholders may not be able to sell their shares of Common Stock on any such substitute market in the quantities, at the times, or at the prices that could potentially be available on a more liquid trading market. As a result of these factors, if our Common Stock is delisted from Nasdaq, the value and liquidity of our Common Stock, warrants and pre-funded warrants would likely be significantly adversely affected. A delisting of our Common Stock from Nasdaq could also adversely affect our ability to obtain financing for our operations and/or result in a loss of confidence by investors, employees and/or business partners.

***Our obligations to certain holders is secured by security interests in our assets, so if we default on those obligations, they could foreclose on some or all of our assets.***

Our obligations under those Senior Secured Notes issued pursuant to our October 31, 2025 Securities Purchase Agreement is secured by security interests in our assets. As of the date of this prospectus supplement, approximately $1.1 million was owed under these Senior Secured Notes which have a maturity date of April 30, 2026. If we default on our obligations under these Senior Secured Notes, the holders of such notes could foreclose on their security interests and liquidate some or all of these assets, which would harm our financial condition and results of operations and would require us to reduce or cease operations and possibly seek bankruptcy protection.

Pursuant to the Settlement Agreement described elsewhere in this prospectus supplement, we are required to repay the outstanding balance of the Senior Secured Notes in full within two business days following the effective date of the Settlement Agreement.

***Sales of our Common Stock by stockholders may have an adverse effect on the then prevailing market price of our Common Stock.***

Sales of a substantial number of our Common Stock in the public market following this offering could cause the market price of our Common Stock to decline and could impair our ability to raise capital through the sale of additional equity securities. We cannot predict the effect that future sales of our Common Stock or other equity or equity-related securities would have on the market price of our Common Stock.

***Management will have broad discretion as to the use of the net proceeds from this offering, and we may not use the proceeds effectively.***

We intend to use the net proceeds from the sale of securities by us in this offering for working capital and general corporate purposes. Our management will have broad discretion as to the application of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of this offering, as described below in the section entitled "Use of Proceeds," or in ways that do not necessarily improve our operating results or enhance the value of our Common Stock. Our stockholders may not agree with the manner in which our management chooses to allocate and spend the net proceeds. Our failure to use these funds effectively could have a material adverse effect on our business and could cause the price of our securities to decline.

***Investors in this offering will suffer immediate and substantial dilution in the net tangible book value per Common Stock.***

A purchaser of securities in this offering will experience immediate and substantial dilution. Please see the section entitled "Dilution" for a more detailed discussion of the dilution you will incur in this offering.

***We may require additional funding through further issuances of our Common Stock or other securities, which may negatively affect the market price of our Common Stock.***

To operate our business, we may need to raise additional capital through sales of our Common Stock, securities exercisable for or convertible into our Common Stock or debt securities pursuant to which interest and/or principal payments may be satisfied through the issuance of our Common Stock. Future sales of such securities or our Common Stock could adversely affect the prevailing market price of our Common Stock and our ability to raise capital in the future, and may cause you to incur additional dilution.

***We do not intend to pay dividends on our Common Stock so any returns will depend on appreciation in the price of our Common Stock.***

We have never declared or paid any cash dividends on our Common Stock. We currently anticipate that we will retain future earnings, if any, for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable future. Any return to stockholders will, therefore, be limited to the appreciation of their respective shares. There is no guarantee that our Common Stock will appreciate in value or maintain the price at which you purchased them.

**USE OF PROCEEDS**

We estimate that the net proceeds from this offering will be approximately $2,457,440, after deducting the estimated offering expenses payable by us. We currently expect to use the net proceeds from this offering for working capital and general corporate purposes.

This expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions, and our management will retain broad discretion as to the ultimate allocation of the proceeds. We may temporarily invest funds that we do not immediately need for these purposes in investment securities or use them to make payments on our borrowings.

**DIVIDEND POLICY**

We have not declared or paid cash dividends on our common stock since our inception. Even if our board of directors ("Board") decides to pay dividends, the form, the frequency, and the amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant. While our Board will make any future decisions regarding dividends, as circumstances surrounding us change, it currently does not anticipate that we will pay any cash dividends in the foreseeable future.

**DILUTION**

If you invest in our securities in this offering, your interest will be diluted immediately to the extent of the difference between the effective offering price per share and the as-adjusted net tangible book value per share of Common Stock after this offering.

The net tangible book value of our Common Stock as of September 30, 2025, was approximately $(3.0) million, or approximately $(0.53) per share of Common Stock. Net tangible book value per share represents the amount of our total tangible assets less total liabilities divided by the total number of our Common Stock outstanding as of September 30, 2025.

After giving effect to the issuance of (i) 300,000 shares of Common Stock on October 7, 2025 to consulting firms to provide investor relations related services to the Company, (ii) 2,865,170 shares of Common Stock pursuant to the exercise of warrants, (iii) 677,129 shares of Common Stock in January 2026 in a registered direct offering, (iv) 385,130 shares of Common Stock in February 2026 pursuant to a debt conversion agreement, and (v) 5,089 share of Common Stock in February 2026 pursuant to the exercise of stock options, our pro forma net tangible book value as of September 30, 2025 would have been approximately $(0.3) million, or approximately $(0.03) per share of Common Stock.

After giving effect to the sale of shares of Common Stock in this offering at an offering price of $0.23 per share, our pro forma as adjusted net tangible book value as of September 30, 2025, would have been approximately $(2.2) million, or approximately $(0.10) per share of Common Stock. This represents an immediate increase in pro forma net tangible book value of approximately $0.13 per share of Common Stock to our existing security holders and an immediate dilution in pro forma as adjusted net tangible book value of approximately $(0.13) per share of Common Stock to the purchaser of securities in this offering, as illustrated by the following table:

---

| | | |
|:---|:---|:---|
| Offering price per share Common Stock |  | $0.23 |
| Pro forma net tangible book value per share of Common Stock as of September 30, 2025 | $(0.03) |  |
| Increase in pro forma net tangible book value per share of Common Stock attributable to the offering | $0.13 |  |
| Pro forma as adjusted net tangible book value per share of Common Stock as of September 30, 2025, after giving effects to this offering |  | $0.10 |
| Dilution in pro forma as adjusted net tangible book value per share Common Stock to new investors participating in this offering |  | $(0.13) |

---

To the extent that outstanding exercisable options or warrants are exercised, you may experience further dilution. In addition1, we may need to raise additional capital and to the extent that we raise additional capital by issuing equity or convertible debt securities your ownership will be further diluted.

**DESCRIPTION OF THE SECURITIES WE ARE OFFERING**

We are offering shares of our common stock.

**Common Stock**

***Voting Rights***

Each holder of Common Stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our amended and restated certificate of incorporation and our amended and restated bylaws do not provide for cumulative voting rights. Because of this, the holders of a plurality of the shares of Common Stock entitled to vote in any election of directors can elect all of the directors standing for election, if they should so choose. With respect to matters other than the election of directors, at any meeting of the stockholders at which a quorum is present or represented, the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at such meeting and entitled to vote on the subject matter shall be the act of the stockholders, except as otherwise required by law. The holders of one-third of the stock issued and outstanding and entitled to vote, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders.

***Dividends***

Subject to preferences that may be applicable to any then-outstanding convertible preferred stock, holders of our Common Stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.

We have never paid cash dividends on our Common Stock. Moreover, we do not anticipate paying periodic cash dividends on our Common Stock for the foreseeable future. Any future determination about the payment of dividends will be made at the discretion of our board of directors and will depend upon our earnings, if any, capital requirements, operating and financial conditions, contractual restrictions, including any loan or debt financing agreements, and on such other factors as our board of directors deems relevant.

***Liquidation***

In the event of our liquidation, dissolution, or winding up, holders of our Common Stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then-outstanding shares of preferred stock.

**PLAN OF DISTRIBUTION**

These securities are being sold in this offering to certain purchasers under securities purchase agreements dated March 20, 2026 between us and the purchaser.

**Fees and Expenses**

The following table shows the per share price and total cash fees we will pay in connection with the sale of the securities pursuant to this prospectus supplement.

---

| | | |
|:---|:---|:---|
|  | **Per share of<br> Common Stock** | **Total** |
| Offering Price | $0.2303 | $0.2303 |
| Proceeds, before expenses, to us | $2617440 | $2617440 |

---

Our total estimated expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, including the expenses set forth above are approximately $160,000.

**Listing on the Nasdaq Capital Market**

Our Common Stock is quoted on the Nasdaq Capital Market under the symbol "SMTK." On March 19, 2026, the closing price of our Common Stock as reported on the Nasdaq Capital Market was $0.2303 per share.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us that would permit a public offering of the securities offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful.

**LEGAL MATTERS**

Certain legal matters relating to the offering of the securities under this prospectus supplement will be passed upon for us by Sheppard Mullin Richter & Hampton LLP, New York, New York.

**EXPERTS**

The consolidated financial statements as of December 31, 2024 and 2023 and for the years then ended, incorporated by reference herein have been so incorporated in reliance on the report of Marcum, LLP, an independent registered public accounting firm (which report on the financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern), appearing in our annual report on [Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000155837025004151/smtk-20241231x10k.htm), incorporated by reference herein, given on the authority of said firm as experts in auditing and accounting.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and periodic reports, proxy statements, and other information with the SEC using the SEC's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system. The SEC maintains a web site that contains reports, proxy and information statements, and other information about issuers, such as us, who file electronically with the SEC. The address of that website is http://www.sec.gov.

Our website address is www.smartkem.com. The information on our website, however, is not, and should not be deemed to be, a part of this prospectus.

This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. This prospectus omits some of the information contained in the registration statement, and we refer you to the full registration statement for further information about us and the securities being offered by the selling stockholders under this prospectus. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC's website, as provided above.

**INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE**

**Incorporation by Reference**

We are "incorporating by reference" in this prospectus certain documents we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information in the documents incorporated by reference is considered to be part of this prospectus. Statements contained in documents that we file with the SEC and that are incorporated by reference in this prospectus will automatically update and supersede information contained in this prospectus, including information in previously filed documents or reports that have been incorporated by reference in this prospectus, to the extent the new information differs from or is inconsistent with the old information. We have filed or may file the following documents with the SEC and they are incorporated herein by reference as of their respective dates of filing:

● [our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000155837025004151/smtk-20241231x10k.htm) ;

● our Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025, and September
 30, 2025, filed with the SEC on [May 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000155837025007572/smtk-20250331x10q.htm) , [August 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000155837025011221/smtk-20250630x10q.htm) , and [November 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925111274/smtk-20250930x10q.htm) , respectively;

● our Current Reports on Form 8-K filed with the Commission on [January 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925002025/tm252039d1_8k.htm) , [January 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925003278/tm253189d1_8k.htm) , [March 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925020367/tm2581429d1_8k.htm) , [March 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925021967/tm258541d1_8k.htm) , [March 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925026892/tm2510099d1_8k.htm) , [April 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925032235/tm2511443d1_8k.htm) [April 22, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925037457/tm2512498d1_8k.htm) , [May 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925046160/tm2514267d1_8k.htm) , [May 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925053616/tm2516204d1_8k.htm) , [June 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925056419/tm2517144d1_8k.htm) , [June 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925062100/tm2518711d1_8k.htm) , [July 9, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925066576/tm2520133d1_8k.htm) , [August 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925079274/tm2523647d1_8k.htm) , [August 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925084318/tm2524333d1_8k.htm) , [September 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925087838/tm2525176d1_8k.htm) , [October 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925097444/tm2528045d1_8k.htm) , [October 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925099052/tm2528045d3_8k.htm) , [November 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925105530/tm2528045d4_8k.htm) , [November 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925114601/tm2531858d1_8k.htm) , [January 6, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926001067/tm261870d1_8k.htm) , [January 15, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926004112/tm263321d1_8k.htm) , [January 30, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926008511/tm264567d1_8k.htm) , [February 6, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926011252/tm265435d1_8k.htm) , [February 13, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926015258/tm266425d1_8k.htm) , [March 11, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926026443/tm268569d1_8k.htm) , and [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465926032112/tm269203d1_8k.htm) (other than any portions thereof deemed furnished and not filed);

● our [Definitive Proxy Statement on Schedule 14A filed with the Commission on April 23, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465925037986/tm2512196-1_def14a.htm) ; and

● the description of our Common Stock contained in [our Registration Statement on Form 8-A, filed with the SEC on May 30, 2024](https://www.sec.gov/Archives/edgar/data/1817760/000110465924066596/tm2416000d1_8a12b.htm) as updated by the Description of Securities set forth
 on [Exhibit 4.4 to our Annual Report on Form 10-K filed with the Commission on March 31, 2025](https://www.sec.gov/Archives/edgar/data/1817760/000155837025004151/smtk-20241231xex4d4.htm) , including any amendments or reports filed for the purpose of
 updating such description.

All documents that we filed with the SEC pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act subsequent to the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement that indicates that all securities offered under this prospectus have been sold, or that deregisters all securities then remaining unsold, will be deemed to be incorporated in this registration statement by reference and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed modified, superseded, or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus, or in any subsequently filed document that also is deemed to be incorporated by reference in this prospectus, modifies, supersedes, or replaces such statement. Any statement so modified, superseded, or replaced shall not be deemed, except as so modified, superseded, or replaced, to constitute a part of this prospectus. None of the information that we disclose under Items 2.02 or 7.01 of any Current Report on Form 8-K or any corresponding information, either furnished under Item 9.01 or included as an exhibit therein, that we may from time to time furnish to the SEC will be incorporated by reference into, or otherwise included in, this prospectus, except as otherwise expressly set forth in the relevant document. Subject to the foregoing, all information appearing in this prospectus is qualified in its entirety by the information appearing in the documents incorporated by reference.

You may request a free copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically incorporated by reference in the documents) by writing or telephoning us at the following address:

SmartKem, Inc.

Manchester Technology Center, Hexagon Tower

Delaunays Road, Blackley

Manchester, M9 8GQ U.K.

Telephone: 011-44-161-721-1514

Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus and any accompanying prospectus supplement and the information on our website is not a part of this prospectus and is not incorporated by reference.

**PROSPECTUS**

**SmartKem, Inc.**![Graphic](tm264503d1_424b5img003.jpg)

**$100,000,000**

**Common Stock**

**Preferred Stock**

**Warrants**

**Debt Securities**

**Subscription Rights**

**Units**

We may offer, issue and sell from time to time together or separately, in one or more offerings, any combination of (i) our common stock, (ii) our preferred stock, which we may issue in one or more series, (iii) warrants, (iv) senior or subordinated debt securities, (v) subscription rights and (vi) units. The debt securities may consist of debentures, notes, or other types of debt. The debt securities, preferred stock, warrants and subscription rights may be convertible into, or exercisable or exchangeable for, common or preferred stock or other securities of ours. The units may consist of any combination of the securities listed above.

The aggregate public offering price of the securities that we are offering will not exceed $100,000,000. We will offer the securities in an amount and on terms that market conditions will determine at the time of the offering. Our common stock is listed on the Nasdaq Capital Market under the symbol "SMTK." The last reported sale price for our common stock on August 14, 2024 on the Nasdaq Capital Market was $5.76 per share. You are urged to obtain current market quotations of our common stock. As of the date of this prospectus, we have no preferred stock, warrants, debt securities, subscription rights or units listed or quoted on any securities exchange or other nationally recognized trading market. Each prospectus supplement will indicate if the securities offered thereby will be listed or quoted on any securities exchange or another nationally recognized trading market.

As of the date of this prospectus, the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was $11,529,922.80, which was calculated based on 1,720,884 shares of our outstanding common stock held by non-affiliates at a price of $6.70 per share, the closing price of our common stock on August 2, 2024. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities pursuant to this prospectus with a value of more than one-third of the aggregate market value of our common stock held by non-affiliates in any 12-month period, so long as the aggregate market value of our common stock held by non-affiliates is less than $75,000,000. During the 12 calendar months prior to, and including, the date of this prospectus, we have not sold any securities pursuant to General Instruction I.B.6 of Form S-3.

**Investing in our securities involves risk. You should carefully consider the risks that we refer you to under the section captioned** "**Risk Factors**" **in this prospectus on page 4 and in other filings we make with the Securities and Exchange Commission before buying our securities.**

Should we offer any of the securities described in this prospectus, we will provide you with the specific terms of the particular securities being offered in a supplement to this prospectus. You should read this prospectus and any supplement, together with additional information described under the headings "Additional Information" and "Incorporation of Certain Information by Reference" carefully before you invest. This prospectus may not be used to sell securities unless accompanied by a prospectus supplement.

We may sell these securities directly to our stockholders or to other purchasers or through agents on our behalf or through underwriters or dealers as designated from time to time. If any agents or underwriters are involved in the sale of any of these securities, the applicable prospectus supplement will provide the names of the agents or underwriters and any applicable fees, commissions or discounts.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is August 22, 2024.**

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#p_001) | [1](#p_001) |
| [PROSPECTUS SUMMARY](#p_002) | [2](#p_002) |
| [RISK FACTORS](#p_003) | [4](#p_003) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#p_004) | [5](#p_004) |
| [USE OF PROCEEDS](#p_005) | [7](#p_005) |
| [THE SECURITIES WE MAY OFFER](#p_006) | [8](#p_006) |
| [DESCRIPTION OF CAPITAL STOCK](#p_007) | [9](#p_007) |
| [DESCRIPTION OF STOCK WARRANTS](#p_008) | [15](#p_008) |
| [DESCRIPTION OF DEBT SECURITIES](#p_009) | [16](#p_009) |
| [DESCRIPTION OF SUBSCRIPTION RIGHTS](#p_010) | [21](#p_010) |
| [DESCRIPTION OF UNITS](#p_011) | [22](#p_011) |
| [FORMS OF SECURITIES](#p_012) | [23](#p_012) |
| [PLAN OF DISTRIBUTION](#p_013) | [25](#p_013) |
| [LEGAL MATTERS](#p_014) | [29](#p_014) |
| [EXPERTS](#p_015) | [30](#p_015) |
| [ADDITIONAL INFORMATION](#p_016) | [31](#p_016) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#p_017) | [32](#p_017) |

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**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the "SEC") using a "shelf" registration process. Under this shelf registration process, we may from time to time offer and sell, in one or more offerings, any or all of the securities described in this prospectus, separately or together, up to an aggregate offering price of $100,000,000. This prospectus provides you with a general description of the securities we may offer. When we issue securities pursuant to this prospectus, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus supplement together with additional information described under the heading "Additional Information" and "Incorporation of Certain Information by Reference."

You may only rely on the information contained in this prospectus and the accompanying prospectus supplement or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We have not authorized anyone to provide you with different information. This prospectus and any prospectus supplement do not constitute an offer to sell or a solicitation of an offer to buy any securities other than the securities offered by this prospectus and the prospectus supplement. This prospectus and any prospectus supplement do not constitute an offer to sell or a solicitation of an offer to buy any securities in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus or any prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus or such prospectus supplement or that the information contained by reference to this prospectus or any prospectus supplement is correct as of any time after its date.

Unless otherwise stated or the context otherwise indicates, references to "SmartKem," the "Company," "we," "our," "us," or similar terms refer to SmartKem, Inc. and its subsidiaries.

**PROSPECTUS SUMMARY**

The following summary highlights some information from this prospectus. It is not complete and does not contain all of the information that you should consider before making an investment decision. You should read this entire prospectus, including the "Risk Factors" section on page 4 and the disclosures to which that section refers you, the financial statements and related notes and the other more detailed information appearing elsewhere or incorporated by reference into this prospectus before investing in any of the securities described in this prospectus.

**Overview**

We are seeking to reshape the world of electronics with our disruptive organic thin-film transistors ("OTFTs") that we believe have the potential to drive the next generation of displays. Our patented TRUFLEX® semiconductor and dielectric inks, or electronic polymers, are used to make a new type of transistor that we believe have the capability to revolutionize the display industry. Our inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technologies. Our electronic polymer platform can be used in a range of display technologies including microLED, miniLED and AMOLED displays for next generation televisions, laptops, augmented reality ("AR") and virtual reality ("VR") headsets, smartwatches and smartphones.

**Implications of Being an Emerging Growth Company and a Smaller Reporting Company**

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or JOBS Act, and as a "smaller reporting company" under applicable SEC regulations. An emerging growth company and a smaller reporting company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· being permitted to
 present only two years of audited financial statements and only two years of related "Management's
 Discussion and Analysis of Financial Condition and Results of Operations" disclosure
 in our periodic reports and registration statements, including this prospectus; reduced disclosure
 about our executive compensation arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;· not being required
 to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
 Act, as amended, on the effectiveness of our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;· reduced disclosure
 obligations regarding executive compensation arrangements in our periodic reports, proxy
 statements and registration statements, including this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;· exemptions from the
 requirements of holding a nonbinding advisory vote on executive compensation and stockholder
 approval of any golden parachute payments not previously approved.

We will cease to be an emerging growth company on the last day of our fiscal year in which the fifth anniversary of the first sale of our common stock pursuant to our initial registration statement occurs. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1.0 billion of non- convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period. We will continue to be a smaller reporting company as long as we have a public float (determined as of the end of our second fiscal quarter) of less than $250 million or have annual revenues of less than $100 million as of the last fiscal year for which we have audited financial statements and a public float of less than $700 million.

We have elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards, until those standards apply to private companies. We have elected to take advantage of the benefits of this extended transition period and, therefore, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. Until the date that we are no longer an emerging growth company or affirmatively and irrevocably opt out of the exemption provided by Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), upon issuance of a new or revised accounting standard that applies to our financial statements and that has a different effective date for public and private companies, we will disclose the date on which we will adopt the recently issued accounting standard.

If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

**Corporate Information**

We were incorporated as Parasol Investments Corporation in the State of Delaware on May 13, 2020. SmartKem Limited was incorporated under the laws of England and Wales on July 21, 2008. On February 23, 2021, we completed an exchange with SmartKem Limited and the former shareholders of SmartKem Limited The "Exchange") pursuant to which substantially all of the equity interests in SmartKem Limited were exchanged for shares of our common stock, and SmartKem Limited became our wholly owned subsidiary. Immediately following the Exchange, the business of SmartKem Limited became our business and we changed our name to "SmartKem, Inc." Prior to the Exchange, Parasol Investments Corporation was a "shell" company registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with no specific business plan or purpose until it began operating the business of SmartKem Limited following the closing of the Exchange.

Our principal executive offices are located at Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley Manchester, M9 8GQ U.K. Our telephone number is 011-44-161-721-1514. Our website address is www.smartkem.com. Information contained on, or that can be accessed through, our website is not a part of this prospectus.

All trademarks, service marks and trade names appearing in this prospectus are the property of their respective holders. Use or display by us of other parties' trademarks, trade dress, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements or sponsorship of, us by the trademark or trade dress owners.

**RISK FACTORS**

Before purchasing any of the securities you should carefully consider the risk factors incorporated by reference in this prospectus from our most recent Annual Report on Form 10-K and any subsequent updates described in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For a description of these reports and information about where you can find them, see "Additional Information" and "Incorporation of Certain Information By Reference." Additional risks not presently known or that we presently consider to be immaterial could subsequently materially and adversely affect our financial condition, results of operations, business and prospects.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated by reference in this prospectus contain, and our officers and representatives may from time to time make, forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions intended to identify statements about the future. These statements speak only as of the date of this prospectus and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements include, without limitation, statements about the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the implementation
 of our business model and strategic plans for our business, technologies and products;

&nbsp;&nbsp;&nbsp;&nbsp;· the rate and degree
 of market acceptance of any of our products or organic semiconductor technology in

&nbsp;&nbsp;&nbsp;&nbsp;· general, including
 changes due to the impact of (i) new semiconductor technologies, (ii) the performance of
 organic semiconductor technology, whether perceived or actual, relative to competing semiconductor
 materials, and (iii) the performance of our products, whether perceived or actual, compared
 to competing silicon-based and other products;

&nbsp;&nbsp;&nbsp;&nbsp;· the timing and success
 of our, and our customers', product releases;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to develop
 new products and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;· our estimates of our
 expenses, ongoing losses, future revenue and capital requirements, including our needs for
 additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to obtain
 additional funds for our operations and our intended use of any such funds;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to remain
 eligible on an over-the-counter quotation system;

&nbsp;&nbsp;&nbsp;&nbsp;· our receipt and timing
 of any royalties, milestone payments or payments for products, under any current or future
 collaboration, license or other agreements or arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to obtain
 and maintain intellectual property protection for our technologies and products and our ability
 to operate our business without infringing the intellectual property rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;· the strength and marketability
 of our intellectual property portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;· our dependence on
 current and future collaborators for developing, manufacturing or otherwise bringing our
 products to market;

&nbsp;&nbsp;&nbsp;&nbsp;· the ability of our
 third-party supply and manufacturing partners to meet our current and future business needs;

&nbsp;&nbsp;&nbsp;&nbsp;· our exposure to risks
 related to international operations;

&nbsp;&nbsp;&nbsp;&nbsp;· our dependence on
 third-party fabrication facilities;

&nbsp;&nbsp;&nbsp;&nbsp;· the impact of the
 COVID-19 pandemic and any future communicable disease outbreak on our business and operations;

&nbsp;&nbsp;&nbsp;&nbsp;· our relationships
 with our executive officers, directors, and significant stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· our expectations regarding
 our classification as a "smaller reporting company," as defined under Exchange
 Act, and an "emerging growth company" under the JOBS Act in future periods;

&nbsp;&nbsp;&nbsp;&nbsp;· our future financial
 performance;

&nbsp;&nbsp;&nbsp;&nbsp;· the competitive landscape
 of our industry; and

&nbsp;&nbsp;&nbsp;&nbsp;· the impact of government
 regulation and developments relating to us, our competitors, or our industry.

The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein and in the documents incorporated by reference herein or risk factors that we are faced with that may cause our actual results to differ from those anticipate in our forward-looking statements. Factors that may affect our results include, but are not limited to, the risks and uncertainties discussed in the "Risk Factors" section on page 4 of this prospectus, in our Annual Report on Form 10-K or in other reports we file with the SEC.

Moreover, new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. The Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act, do not protect any forward-looking statements that we make in connection with this offering. All forward-looking statements included in this prospectus and in the documents incorporated by reference in this prospectus are based on information available to us on the date of this prospectus or the date of the applicable document incorporated by reference. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this prospectus and in the documents incorporated by reference in this prospectus. We qualify all of our forward-looking statements by these cautionary statements.

You should rely only on the information in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely upon it.

**USE OF PROCEEDS**

Unless we inform you otherwise in the prospectus supplement, we will use the net proceeds from the sale of the securities offered by this prospectus and the exercise price from the exercise of any convertible securities, if any, for working capital and general corporate purposes.

When particular securities are offered, the prospectus supplement relating to that offering will set forth our intended use of the net proceeds received from the sale of those securities we sell. Pending the application of the net proceeds for these purposes, we expect to invest the proceeds in short-term, interest-bearing instruments or other investment-grade securities.

**THE SECURITIES WE MAY OFFER**

The descriptions of the securities contained in this prospectus, together with the applicable prospectus supplements, summarize all of the material terms and provisions of the various types of securities that we may offer. We will describe in the applicable prospectus supplement relating to any securities the particular terms of the securities offered by that prospectus supplement. If we indicate in the applicable prospectus supplement, the terms of the securities may differ from the terms we have summarized below. We may also include in the prospectus supplement information about material United States federal income tax considerations relating to the securities, and the securities exchange, if any, on which the securities will be listed.

We may sell from time to time, in one or more offerings:

&nbsp;&nbsp;&nbsp;&nbsp;· common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;· debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· subscription rights
 to purchase shares of common stock, preferred stock or debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· warrants to purchase
 shares of common stock or preferred stock; and

&nbsp;&nbsp;&nbsp;&nbsp;· units consisting of
 any combination of the securities listed above.

In this prospectus, we refer to the common stock, preferred stock, debt securities, subscription rights, warrants and units collectively as "securities." The total dollar amount of all securities that we may sell will not exceed $100,000,000.

If we issue debt securities at a discount from their original stated principal amount, then, for purposes of calculating the total dollar amount of all securities issued under this prospectus, we will treat the initial offering price of the debt securities as the total original principal amount of the debt securities.

This prospectus may not be used to consummate a sale of securities unless it is accompanied by a prospectus supplement.

**DESCRIPTION OF CAPITAL STOCK**

We have authorized capital stock consisting of 300,000,000 shares of common stock and 10,000,000 shares of preferred stock. As of July 31, 2024, we had 1,750,472 shares of common stock issued and outstanding, and 856 shares of Series A-1 Preferred Stock issued and outstanding . Unless stated otherwise, the following discussion summarizes the term and provisions of our amended and restated certificate of incorporation and our amended and restated bylaws. This description is summarized from, and qualified in its entirety by reference to, our amended and restated certificate of incorporation and our amended and restated bylaws, which are filed as exhibits to the registration statement of which this prospectus forms a part.

**Common Stock**

***Voting Rights***

Each holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our amended and restated certificate of incorporation and our amended and restated bylaws do not provide for cumulative voting rights. Because of this, the holders of a plurality of the shares of common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they should so choose. With respect to matters other than the election of directors, at any meeting of the stockholders at which a quorum is present or represented, the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at such meeting and entitled to vote on the subject matter shall be the act of the stockholders, except as otherwise required by law. The holders of one-third of the stock issued and outstanding and entitled to vote, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders.

***Dividends***

Subject to preferences that may be applicable to any then-outstanding convertible preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.

We have never paid cash dividends on our common stock. Moreover, we do not anticipate paying periodic cash dividends on our common stock for the foreseeable future. Any future determination about the payment of dividends will be made at the discretion of our board of directors and will depend upon our earnings, if any, capital requirements, operating and financial conditions, contractual restrictions, including any loan or debt financing agreements, and on such other factors as our board of directors deems relevant.

***Liquidation***

In the event of our liquidation, dissolution, or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then-outstanding shares of preferred stock.

**Preferred Stock**

Our board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences, and privileges could include dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences, sinking fund terms, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing change in our control or other corporate action.

***Series A-1 Preferred Stock***

On June 14, 2023, we filed a Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware, and on January 29, 2024, we filed an Amended and Restated Certificate of Designation of Preferences, Rights and Limitation with the Secretary of the State of Delaware designating 11,100 shares out of the authorized but unissued shares of its preferred stock as Series A-1 Preferred Stock with a stated value of $10,000 per share (as amended and restated, the "Series A-1 Certificate of Designation"). The following is a summary of the principal terms of the Series A-1 Preferred Stock as set forth in the Series A-1 Certificate of Designation is qualified in its entirety by reference to the Series A-1 Certificate of Designation, which is included in our amended and restated certificate of incorporation, which is filed as an exhibit to the registration statement of which this prospectus forms a part.

*Dividends*

The holders of Series A-1 Preferred Stock are entitled to dividends, on an as-if converted basis, equal to and in the same form as dividends actually paid on shares of common stock, when and if actually paid. In addition, in the event that on December 14, 2024, the trailing 30-day VWAP (as defined in the Series A-1 Certificate of Designation) is less than the then-effective Series A-1 Conversion Price, the Series A-1 Preferred Stock will begin accruing dividends at the annual rate of 19.99% of the stated value thereof (the "Series A-1 Dividend"). The Series A-1 Dividend would be paid in cash, or, at the option of the Company if certain equity conditions are met, in shares of common stock at a price per share equal to ninety percent (90%) of the trailing 10-day VWAP for the last 10 trading date prior to the date the Series A-1 Dividend is paid.

*Voting Rights*

The shares of Series A-1 Preferred Stock have no voting rights, except to the extent required by the Delaware General Corporation Law (the "DGCL").

As long as any shares of Series A-1 Preferred Stock are outstanding, we may not, without the approval of a majority of the then outstanding shares of Series A-1 Preferred Stock which must include AIGH Investment Partners LP and its affiliates ("AIGH") for so long as AIGH is holding at least $1,500,000 in aggregate stated value of Series A-1 Preferred Stock acquired pursuant to the Purchase Agreement (as defined in the Series A-1 Certificate of Designation) (a) alter or change the powers, preferences or rights given to the Series A-1 Preferred Stock, (b) alter or amend our amended and restated certificate of incorporation, the Series A-1 Certificate of Designation or our amended and restated bylaws in such a manner so as to materially adversely affect any rights given to the Series A-1 Preferred Stock, (c) authorize or create any class of stock ranking as to dividends, redemption or distribution of assets upon a Liquidation (as defined below) senior to, or otherwise pari passu with, the Series A-1 Preferred Stock, (d) increase the number of authorized shares of Series A-1 Preferred Stock, (e) issue any Series A-1 Preferred Stock except pursuant to the Purchase Agreement, or (f) enter into any agreement to do any of the foregoing.

*Liquidation*

Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary (a "Liquidation"), the then holders of the Series A-1 Preferred Stock are entitled to receive out of the assets available for distribution to stockholders of the Company an amount equal to 100% of the stated value, plus any accrued and unpaid dividends thereon and any other fees or liquidated damages then due and owing thereon, prior and in preference to the common stock or any other series of preferred stock.

*Conversion*

The Series A-1 Preferred Stock is convertible into common stock at any time at a conversion price of $87.50, subject to adjustment for certain anti-dilution provisions set forth in the Series A-1 Certificate of Designation (the "Series A-1 Conversion Price"). Upon conversion the shares of Series A-1 Preferred Stock will resume the status of authorized but unissued shares of preferred stock of the Company.

*Conversion at the Option of the Holder*

The Series A-1 Preferred Stock is convertible at the then-effective Series A-1 Conversion Price at the option of the holder at any time and from time to time.

*Mandatory Conversion at the Option of the Company*

So long as certain equity conditions are satisfied, we may give notice requiring the holders to convert all of the outstanding shares of Series A-1 Preferred Stock into shares of common stock at the then-effective Series A-1 Conversion Price.

*Beneficial Ownership Limitation*

The Series A-1 Preferred Stock cannot be converted to common stock if the holder and its affiliates would beneficially own more than 4.99% (or 9.99% at the election of the holder) of the outstanding common stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon notice to us, provided that any increase in this limitation will not be effective until 61 days after such notice from the holder to us and such increase or decrease will apply only to the holder providing such notice.

*Preemptive Rights*

No holders of Series A-1 Preferred Stock will, as holders of Series A-1 Preferred Stock, have any preemptive rights to purchase or subscribe for common stock or any of our other securities.

*Redemption*

The shares of Series A-1 Preferred Stock are not redeemable by the Company.

*Negative Covenants*

As long as any Series A-1 Preferred Stock is outstanding, unless the holders of more than 50% in stated value of the then outstanding shares of Series A-1 Preferred Stock shall have otherwise given prior written consent (which must include AIGH for so long as AIGH is holding at least $1,500,000 in aggregate stated value of Series A-1 Preferred Stock acquired pursuant to the Purchase Agreement), the Company cannot, subject to certain exceptions, (a) enter into, create, incur, assume, guarantee or suffer to exist any indebtedness, (b) enter into, create, incur, assume or suffer to exist any liens, (c) repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its common stock, common stock equivalents or junior securities, (d) enter into any transaction with any affiliate of the Company which would be required to be disclosed in any public filing with the SEC, unless such transaction is made on an arm's-length basis and expressly approved by a majority of the disinterested directors of the Company, (e) declare or pay a dividend on junior securities or (f) enter into any agreement with respect to any of the foregoing.

*Trading Market*

There is no established trading market for any of the Series A-1 Preferred Stock, and we do not expect a market to develop. We do not intend to apply for a listing for any of the Series A-1 Preferred Stock on any securities exchange or other nationally recognized trading system.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our common stock and Series A-1 Preferred Stock is VStock Transfer, LLC. The transfer agent's address is 18 Lafayette Place, Woodmere, NY 11598, and its telephone number is (212) 828-8436.

The transfer agent and registrar for any additional series or class of preferred stock, if any, will be set forth in each applicable prospectus supplement.

**Anti-Takeover Effects of Certain Provisions of Delaware Law, Our Amended and Restated Certificate of Incorporation and Our Amended and Restated Bylaws**

Certain provisions of Delaware law and certain provisions included in our amended and restated certificate of incorporation and in our amended and restated bylaws summarized below may be deemed to have an anti-takeover effect and may delay, deter, or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the shares held by stockholders.

***Preferred Stock***

Our amended and restated certificate of incorporation contains provisions that permit our board of directors to issue, without any further vote or action by the stockholders, shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting rights (if any) of the shares of the series and the powers, preferences, or relative, participation, optional, and other special rights, if any, and any qualifications, limitations, or restrictions, of the shares of such series.

***Classified Board of Directors***

Our amended and restated certificate of incorporation provides that our board of directors is divided into three classes, with the number of directors in each class being as nearly equal in number as possible. The directors in each class serve for a three-year term, one class being elected each year by our stockholders, with staggered three-year terms. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

***Removal of Directors***

Our amended and restated certificate of incorporation provides that stockholders may only remove a director for cause.

***Director Vacancies***

Our amended and restated certificate of incorporation authorizes only our board of directors to fill vacant directorships.

***No Cumulative Voting***

Our amended and restated certificate of incorporation does not provide stockholders with the right to cumulate votes in the election of directors.

***Special Meetings of Stockholders***

Our amended and restated certificate of incorporation and amended and restated bylaws provide that, except as otherwise required by law, special meetings of the stockholders may be called only by the chairperson of our board of directors, the chief executive officer, or our board of directors.

***Advance Notice Procedures for Director Nominations***

Our bylaws provide that stockholders seeking to nominate candidates for election as directors at an annual or special meeting of stockholders must provide timely notice thereof in writing. To be timely, a stockholder's notice generally will have to be delivered to and received at our principal executive offices before notice of the meeting is issued by our secretary, with such notice being served not less than 90 nor more than 120 days before the meeting. Although the amended and restated bylaws do not give the board of directors the power to approve or disapprove stockholder nominations of candidates to be elected at an annual meeting, the amended and restated bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of our company.

***Action by Written Consent***

Our amended and restated certificate of incorporation and amended and restated bylaws provide that any action to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by written consent.

***Amending our Certificate of Incorporation and Bylaws***

Our amended and restated certificate of incorporation provides that the affirmative vote of at least 662∕3% of the votes entitled to be cast by holders of all outstanding shares then entitled to vote, voting together as a single class, is required to amend certain provisions of our amended and restated certificate of incorporation.

Our amended and restated bylaws may be adopted, amended, altered or repealed by stockholders only upon approval of at least 662∕3% of the votes entitled to be cast by holders of all outstanding shares then entitled to vote, voting together as a single class. Additionally, our amended and restated certificate of incorporation provides that our bylaws may be amended, altered or repealed by the board of directors.

***Authorized but Unissued Shares***

Our authorized but unissued shares of common stock and preferred stock will be available for future issuances without stockholder approval, except as required by the listing standards of any exchange upon which our common stock may become listed and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of our company by means of a proxy contest, tender offer, merger, or otherwise.

***Exclusive Jurisdiction***

***Delaware Anti-Takeover Statute***

We are subject to Section 203 of the DGCL, which prohibits a person deemed an "interested stockholder" from engaging in a "business combination" with a publicly held Delaware corporation for three years following the date such person becomes an interested stockholder unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation's voting stock.

Generally, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti- takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium over the price of our common stock.

**DESCRIPTION OF STOCK WARRANTS**

We summarize below some of the provisions that will apply to the warrants unless the applicable prospectus supplement provides otherwise. This summary may not contain all information that is important to you. The complete terms of the warrants will be contained in the applicable warrant certificate and warrant agreement. These documents have been or will be included or incorporated by reference as exhibits to the registration statement of which this prospectus is a part. You should read the warrant certificate and the warrant agreement. You should also read the prospectus supplement, which will contain additional information and which may update or change some of the information below.

**General**

We may issue warrants to purchase our debt or equity securities or securities of third parties or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing. Warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a bank, trust company or other financial institution, as warrant agent, or we may issue warrants directly to investors. A description of the terms and material provisions of any warrants we may issue will be set forth in the applicable prospectus supplement.

The applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:

&nbsp;&nbsp;&nbsp;&nbsp;· the title of such
 warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· the aggregate number
 of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices
 at which such warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency or currencies
 in which the price of such warrants will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the securities or
 other rights, including rights to receive payment in cash or securities based on the value,
 rate or price of one or more specified commodities, currencies, securities or indices, or
 any combination of the foregoing, purchasable upon exercise of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· the price at which
 and the currency or currencies in which the securities or other rights purchasable upon exercise
 of such warrants may be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;· the date on which
 the right to exercise such warrants shall commence and the date on which such right shall
 expire;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 minimum or maximum amount of such warrants which may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;· provision for changes
 to or adjustments in the exercise price of such warrants, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 designation and terms of the securities with which such warrants are issued and the number
 of such warrants issued with each such security;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 date on and after which such warrants and the related securities will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;· information with respect
 to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, a discussion
 of any material United States Federal income tax or foreign income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other terms of
 such warrants, including terms, procedures and limitations relating to the exchange and exercise
 of such warrants.

**Transfer Agent and Registrar**

The transfer agent and registrar, if any, for any warrants will be set forth in the applicable prospectus supplement.

**DESCRIPTION OF DEBT SECURITIES**

This prospectus describes certain general terms and provisions of debt securities that we may offer. The debt securities may be issued pursuant to, in the case of senior debt securities, a senior indenture, and in the case of subordinated debt securities, a subordinated indenture, in each case in the forms filed as exhibits to this registration statement, which we refer to as the "indentures." The indentures will be entered into between us and a trustee to be named prior to the issuance of any debt securities, which we refer to as the "trustee." The indentures will not limit the amount of debt securities that can be issued thereunder and will provide that the debt securities may be issued from time to time in one or more series pursuant to the terms of one or more securities resolutions or supplemental indentures creating such series.

We have summarized below the material provisions of the indentures and the debt securities or indicated which material provisions will be described in the related prospectus supplement for any offering of debt securities. These descriptions are only summaries, and you should refer to the relevant indenture for the particular offering of debt securities itself which will describe completely the terms and definitions of the offered debt securities and contain additional information about the debt securities.

All references in this section, "Description of Debt Securities," to "SmartKem," the "Company", "we", "us", "our", the "registrant" or similar words are solely to SmartKem, Inc., and not to its subsidiaries.

**Terms**

When we offer to sell a particular series of debt securities, we will describe the specific terms of the securities in a prospectus supplement. The prospectus supplement will set forth the following terms, as applicable, of the debt securities offered thereby:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 designation, aggregate principal amount, currency or composite currency and denominations;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 price at which such debt securities will be issued and, if an index formula or other method
 is used, the method for determining amounts of principal or interest;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 maturity date and other dates, if any, on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 or not the debt securities will be secured or unsecured, and the terms of any secured debt;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the debt securities rank as senior debt, senior subordinated debt, subordinated debt or any
 combination thereof, and the terms of any subordination;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 interest rate (which may be fixed or variable), if any;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date or dates from which interest will accrue and on which interest will be payable, and
 the record dates for the payment of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 manner of paying principal and interest;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 place or places where principal and interest will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 terms of any mandatory or optional redemption by us or any third party including any sinking
 fund;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 terms of any conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 terms of any redemption at the option of holders or put by the holders;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 tax indemnity provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the debt securities provide that payments of principal or interest may be made in a currency
 other than that in which the debt securities are denominated, the manner for determining
 such payments;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 portion of principal payable upon acceleration of a Discounted Debt Security (as defined
 below);

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 and upon what terms debt securities may be defeased;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 events of default or covenants in addition to or in lieu of those set forth in the indentures;

&nbsp;&nbsp;&nbsp;&nbsp;· provisions
 for electronic issuance of debt securities or for the issuance of debt securities in uncertificated
 form; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 additional provisions or other special terms not inconsistent with the provisions of the
 indentures, including any terms that may be required or advisable under United States or
 other applicable laws or regulations, or advisable in connection with the marketing of the
 debt securities.

Debt securities of any series may be issued as registered debt securities or uncertificated debt securities, in such denominations as specified in the terms of the series.

Securities may be issued under the indentures as Discounted Debt Securities to be offered and sold at a substantial discount from the principal amount thereof. Special United States federal income tax and other considerations applicable thereto will be described in the prospectus supplement relating to such Discounted Debt Securities. "Discounted Debt Security" means a security where the amount of principal due upon acceleration is less than the stated principal amount.

We are not obligated to issue all debt securities of one series at the same time and, unless otherwise provided in the prospectus supplement, we may reopen a series, without the consent of the holders of the debt securities of that series, for the issuance of additional debt securities of that series. Additional debt securities of a particular series will have the same terms and conditions as outstanding debt securities of such series, except for the date of original issuance and the offering price, and will be consolidated with, and form a single series with, such outstanding debt securities.

**Ranking**

The senior debt securities will rank equally with all of our other senior and unsubordinated debt. Our secured debt, if any, will be effectively senior to the senior debt securities to the extent of the value of the assets securing such debt. The subordinated debt securities will be subordinate and junior in right of payment to all of our present and future senior indebtedness to the extent and in the manner described in the prospectus supplement and as set forth in the board resolution, officer's certificate or supplemental indenture relating to such offering.

We have only a stockholder's claim on the assets of our subsidiaries. This stockholder's claim is junior to the claims that creditors of our subsidiaries have against our subsidiaries. Holders of our debt securities will be our creditors and not creditors of any of our subsidiaries. As a result, all the existing and future liabilities of our subsidiaries, including any claims of their creditors, will effectively be senior to the debt securities with respect to the assets of our subsidiaries. In addition, to the extent that we issue any secured debt, the debt securities will be effectively subordinated to such secured debt to the extent of the value of the assets securing such secured debt.

The debt securities will be obligations exclusively of SmartKem, Inc. To the extent that our ability to service our debt, including the debt securities, may be dependent upon the earnings of our subsidiaries, our ability to do so will be dependent on the ability of our subsidiaries to distribute those earnings to us as dividends, loans or other payments.

**Certain Covenants**

Any covenants that may apply to a particular series of debt securities will be described in the prospectus supplement relating thereto.

**Successor Obligor**

The indentures provide that, unless otherwise specified in the securities resolution or supplemental indenture establishing a series of debt securities, we shall not consolidate with or merge into, or transfer all or substantially all of our assets to, any person in any transaction in which we are not the survivor, unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the person is organized
 under the laws of the United States or a jurisdiction within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· the person assumes
 by supplemental indenture all of our obligations under the relevant indenture, the debt securities
 and any coupons;

&nbsp;&nbsp;&nbsp;&nbsp;· immediately after
 the transaction no Default (as defined below) exists; and

&nbsp;&nbsp;&nbsp;&nbsp;· we deliver to the
 trustee an officers' certificate and opinion of counsel stating that the transaction
 complies with the foregoing requirements and that all conditions precedent provided for in
 the indenture relating to the transaction have been complied with.

In such event, the successor will be substituted for us, and thereafter all of our obligations under the relevant indenture, the debt securities and any coupons will terminate.

The indentures provide that these limitations shall not apply if our board of directors makes a good faith determination that the principal purpose of the transaction is to change our state of incorporation.

**Exchange of Debt Securities**

Registered debt securities may be exchanged for an equal aggregate principal amount of registered debt securities of the same series and date of maturity in such authorized denominations as may be requested upon surrender of the registered debt securities at an agency of the Company maintained for such purpose and upon fulfillment of all other requirements of such agent.

**Default and Remedies**

Unless the securities resolution or supplemental indenture establishing the series otherwise provides (in which event the prospectus supplement will so state), an "Event of Default" with respect to a series of debt securities will occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) we default in any payment of interest on any debt securities
 of such series when the same becomes due and payable and the default continues for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) we default in the payment of all or any part of the
 principal and premium, if any, of any debt securities of such series when the same becomes due and payable at maturity or upon redemption,
 acceleration or otherwise and such default shall continue for five or more days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) we default in the performance of any of our other agreements
 applicable to the series and the default continues for 30 days after the notice specified below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a court of competent jurisdiction enters an order or
 decree under any Bankruptcy Law (as defined below) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is for relief against us in an involuntary case,

(B) appoints a Custodian (as defined below) for us or for
 any substantial part of our property, or

(C) orders the winding up or liquidation of us, and the
 order or decree remains unstayed and in effect for 90 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) we, pursuant to or within the meaning of any Bankruptcy
 Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) commence a voluntary case,

(B) consent to the entry of an order for relief against
 us in an involuntary case,

(C) consent to the appointment of a Custodian for us or
 for any substantial part of our property, or

(D) make a general assignment for the benefit of our creditors;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) there occurs any other Event of Default provided for
 in such series.

The term "Bankruptcy Law" means Title 11 of the United States Code or any similar Federal or State law for the relief of debtors. The term "Custodian" means any receiver, trustee, assignee, liquidator or a similar official under any Bankruptcy Law.

"Default" means any event which is, or after notice or passage of time would be, an Event of Default. A Default under subparagraph (3) above is not an Event of Default until the trustee or the holders of at least 25% in principal amount of the series notify us of the Default and we do not cure the Default within the time specified after receipt of the notice.

The trustee may require indemnity satisfactory to it before it enforces the indentures or the debt securities of the series. Subject to certain limitations, holders of a majority in principal amount of the debt securities of the series may direct the trustee in its exercise of any trust or power with respect to such series. Except in the case of Default in payment on a series, the trustee may withhold from securityholders of such series notice of any continuing Default if the trustee determines that withholding notice is in the interest of such securityholders. We are required to furnish the trustee annually a brief certificate as to our compliance with all conditions and covenants under the indentures.

The indentures do not have cross-default provisions. Thus, a default by us on any other debt, including any other series of debt securities, would not constitute an Event of Default.

**Amendments and Waivers**

The indentures and the debt securities or any coupons of the series may be amended, and any Default may be waived as follows:

Unless the securities resolution or supplemental indenture otherwise provides (in which event the applicable prospectus supplement will so state), the debt securities and the indentures may be amended with the consent of the holders of a majority in principal amount of the debt securities of all series affected voting as one class. Unless the securities resolution or supplemental indenture otherwise provides (in which event the applicable prospectus supplement will so state), a Default other than a Default in payment on a particular series may be waived with the consent of the holders of a majority in principal amount of the debt securities of the series. However, without the consent of each securityholder affected, no amendment or waiver may:

&nbsp;&nbsp;&nbsp;&nbsp;· change the fixed maturity
 of or the time for payment of interest on any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the principal,
 premium or interest payable with respect to any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· change the place of
 payment of a debt security or the currency in which the principal or interest on a debt security
 is payable;

&nbsp;&nbsp;&nbsp;&nbsp;· change the provisions
 for calculating any redemption or repurchase price with respect to any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· adversely affect any
 holder's right to receive payment of principal and interest or to institute suit for
 the enforcement of any such payment;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the amount
 of debt securities whose holders must consent to an amendment or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;· make any change that
 materially adversely affects the right to convert any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· waive any Default
 in payment of principal of or interest on a debt security; or

&nbsp;&nbsp;&nbsp;&nbsp;· adversely affect any
 holder's rights with respect to redemption or repurchase of a debt security.

Without the consent of any securityholder, the indentures or the debt securities may be amended to:

&nbsp;&nbsp;&nbsp;&nbsp;· provide for assumption
 of our obligations to securityholders in the event of a merger or consolidation requiring
 such assumption;

&nbsp;&nbsp;&nbsp;&nbsp;· cure any ambiguity,
 omission, defect or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;· conform the terms
 of the debt securities to the description thereof in the prospectus and prospectus supplement
 offering such debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· create a series and
 establish its terms;

&nbsp;&nbsp;&nbsp;&nbsp;· provide for the acceptance
 of appointment by a successor trustee or to facilitate the administration of the trusts by
 more than one trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· provide for uncertificated
 or unregistered securities;

&nbsp;&nbsp;&nbsp;&nbsp;· make any change that
 does not adversely affect the rights of any securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· add to our covenants;
 or

&nbsp;&nbsp;&nbsp;&nbsp;· make any other change
 to the indentures so long as no debt securities are outstanding.

**Conversion Rights**

Any securities resolution or supplemental indenture establishing a series of debt securities may provide that the debt securities of such series will be convertible at the option of the holders thereof into or for our common stock or other equity or debt instruments. The securities resolution or supplemental indenture may establish, among other things, (1) the number or amount of shares of common stock or other equity or debt instruments for which $1,000 aggregate principal amount of the debt securities of the series is convertible, as may be adjusted pursuant to the terms of the relevant indenture and the securities resolution; and (2) provisions for adjustments to the conversion rate and limitations upon exercise of the conversion right. The indentures provide that we will not be required to make an adjustment in the conversion rate unless the adjustment would require a cumulative change of at least 1% in the conversion rate. However, we will carry forward any adjustments that are less than 1% of the conversion rate and take them into account in any subsequent adjustment of the conversion rate.

**Legal Defeasance and Covenant Defeasance**

Debt securities of a series may be defeased in accordance with their terms and, unless the securities resolution or supplemental indenture establishing the terms of the series otherwise provides, as set forth below. We at any time may terminate as to a series all of our obligations (except for certain obligations, including obligations with respect to the defeasance trust and obligations to register the transfer or exchange of a debt security, to replace destroyed, lost or stolen debt securities and coupons and to maintain paying agencies in respect of the debt securities) with respect to the debt securities of the series and any related coupons and the relevant indenture, which we refer to as legal defeasance. We at any time may terminate as to a series our obligations with respect to any restrictive covenants which may be applicable to a particular series, which we refer to as covenant defeasance.

We may exercise our legal defeasance option notwithstanding our prior exercise of our covenant defeasance option. If we exercise our legal defeasance option, a series may not be accelerated because of an Event of Default. If we exercise our covenant defeasance option, a series may not be accelerated by reference to any covenant which may be applicable to a series.

To exercise either defeasance option as to a series, we must (1) irrevocably deposit in trust with the trustee (or another trustee) money or U.S. Government Obligations (as defined below), deliver a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due on the deposited U.S. Government Obligations, without reinvestment, plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay the principal and interest when due on all debt securities of such series to maturity or redemption, as the case may be; and (2) comply with certain other conditions. In particular, we must obtain an opinion of tax counsel that the defeasance will not result in recognition of any gain or loss to holders for federal income tax purposes.

"U.S. Government Obligations" means direct obligations of the United States or any agency or instrumentality of the United States, the payment of which is unconditionally guaranteed by the United States, which, in either case, have the full faith and credit of the United States pledged for payment and which are not callable at the issuer's option, or certificates representing an ownership interest in such obligations.

**Regarding the Trustee**

Unless otherwise indicated in a prospectus supplement, the trustee will also act as depository of funds, transfer agent, paying agent and conversion agent, as applicable, with respect to the debt securities. In certain circumstances, we or the securityholders may remove the trustee as the trustee under a given indenture. The indenture trustee may also provide additional unrelated services to us as a depository of funds, registrar, trustee and similar services.

**Governing Law**

The indentures and the debt securities will be governed by New York law, except to the extent that the Trust Indenture Act of 1939 is applicable.

**DESCRIPTION OF SUBSCRIPTION RIGHTS**

We may issue subscription rights to purchase our equity or debt securities. These subscription rights may be offered independently or together with any other security offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.

The prospectus supplement relating to any subscription rights we offer, if any, will, to the extent applicable, include specific terms relating to the offering, including some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the price, if any,
 for the subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;· the exercise price
 payable for our equity or debt securities upon the exercise of the subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;· the number of subscription
 rights to be issued to each stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number and terms
 of our equity or debt securities which may be purchased per each subscription right;

&nbsp;&nbsp;&nbsp;&nbsp;· the extent to which
 the subscription rights are transferable;

&nbsp;&nbsp;&nbsp;&nbsp;· any other terms of
 the subscription rights, including the terms, procedures and limitations relating to the
 exchange and exercise of the subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;· the date on which
 the right to exercise the subscription rights shall commence, and the date on which the subscription
 rights shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;· the extent to which
 the subscription rights may include an over-subscription privilege with respect to unsubscribed
 securities or an over-allotment privilege to the extent the securities are fully subscribed;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 material terms of any standby underwriting or purchase arrangement which may be entered into
 by us in connection with the offering of subscription rights.

**DESCRIPTION OF UNITS**

We may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security (but, to the extent convertible securities are included in the units, the holder of the units will be deemed the holder of the convertible securities and not the holder of the underlying securities). The unit agreement under which a unit is issued, if any, may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date. The applicable prospectus supplement may describe:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation and
 terms of the units and of the securities comprising the units, including whether and under
 what circumstances those securities may be held or transferred separately;

&nbsp;&nbsp;&nbsp;&nbsp;· any provisions for
 the issuance, payment, settlement, transfer or exchange of the units or of the securities
 comprising the units;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms of the unit
 agreement governing the units;

&nbsp;&nbsp;&nbsp;&nbsp;· United States federal
 income tax considerations relevant to the units; and

&nbsp;&nbsp;&nbsp;&nbsp;· whether the units
 will be issued in fully registered global form

This summary of certain general terms of units and any summary description of units in the applicable prospectus supplement do not purport to be complete and are qualified in their entirety by reference to all provisions of the applicable unit agreement and, if applicable, collateral arrangements and depositary arrangements relating to such units. The forms of the unit agreements and other documents relating to a particular issue of units will be filed with the SEC each time we issue units, and you should read those documents for provisions that may be important to you.

**FORMS OF SECURITIES**

Each debt security and, to the extent applicable, warrant, subscription right and unit, will be represented either by a certificate issued in definitive form to a particular investor or by one or more global securities representing the entire issuance of securities. Certificated securities in definitive form and global securities will be issued in registered form. Definitive securities name you or your nominee as the owner of the security, and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar, paying agent or other agent, as applicable. Global securities name a depositary or its nominee as the owner of the debt securities or warrants represented by these global securities. The depositary maintains a computerized system that will reflect each investor's beneficial ownership of the securities through an account maintained by the investor with its broker/dealer, bank, trust company or other representative, as we explain more fully below.

**Global Securities**

*Registered Global Securities*. We may issue the registered debt securities and, to the extent applicable, warrants, subscription rights and units in the form of one or more fully registered global securities that will be deposited with a depositary or its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a registered global security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees.

If not described below, any specific terms of the depositary arrangement with respect to any securities to be represented by a registered global security will be described in the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to all depositary arrangements.

Ownership of beneficial interests in a registered global security will be limited to persons, called participants, that have accounts with the depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the participants' accounts with the respective principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of the securities will designate the accounts to be credited. Ownership of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of participants, with respect to interests of persons holding through participants. The laws of some states may require that some purchasers of securities take physical delivery of these securities in definitive form. These laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities.

So long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered the sole owner or holder of the securities represented by the registered global security for all purposes under the applicable indenture or warrant agreement. Except as described below, owners of beneficial interests in a registered global security will not be entitled to have the securities represented by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities under the applicable indenture or warrant agreement. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the procedures of the participant through which the person owns its interest, to exercise any rights of a holder under the applicable indenture or warrant agreement. We understand that under existing industry practices, if we request any action of holders or if an owner of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take under the applicable indenture or warrant agreement, the depositary for the registered global security would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through them.

Principal, premium, if any, and interest payments on debt securities and any payments to holders with respect to warrants represented by a registered global security registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security. None of the Company, the trustees, the warrant agents or any other agent of the Company, agent of the trustees or agent of the warrant will have any responsibility or liability for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests.

We expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other distribution of underlying securities or other property to holders on that registered global security, will immediately credit participants' accounts in amounts proportionate to their respective beneficial interests in that registered global security as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing customer instructions and customary practices, as is now the case with the securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of those participants.

If the depositary for any of these securities represented by a registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange Act and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by us within 90 days, we will issue securities in definitive form in exchange for the registered global security that had been held by the depositary. Any securities issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives to the relevant trustee or warrant agent or other relevant agent of ours or theirs. It is expected that the depositary's instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been held by the depositary.

**PLAN OF DISTRIBUTION**

**Initial Offering and Sale of Securities**

Unless otherwise set forth in a prospectus supplement accompanying this prospectus, we may sell the securities being offered hereby, from time to time, by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;· to or through underwriting
 syndicates represented by managing underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;· through one or more
 underwriters without a syndicate for them to offer and sell to the public;

&nbsp;&nbsp;&nbsp;&nbsp;· through dealers or
 agents; and

&nbsp;&nbsp;&nbsp;&nbsp;· to investors directly
 in negotiated sales or in competitively bid transactions.

Offerings of securities covered by this prospectus also may be made into an existing trading market for those securities in transactions at other than a fixed price, either:

&nbsp;&nbsp;&nbsp;&nbsp;· on or through the
 facilities of the Nasdaq Capital Market or any other securities exchange or quotation or
 trading service on which those securities may be listed, quoted, or traded at the time of
 sale; and/or

&nbsp;&nbsp;&nbsp;&nbsp;· to or through a market
 maker other than on the securities exchanges or quotation or trading services set forth above.

Those at-the-market offerings, if any, will be conducted by underwriters acting as principal or agent of the Company, who may also be third-party sellers of securities as described above. The prospectus supplement with respect to the offered securities will set forth the terms of the offering of the offered securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;· the name or names
 of any underwriters, dealers or agents;

&nbsp;&nbsp;&nbsp;&nbsp;· the purchase price
 of the offered securities and the proceeds to us from such sale;

&nbsp;&nbsp;&nbsp;&nbsp;· any underwriting discounts
 and commissions or agency fees and other items constituting underwriters' or agents'
 compensation;

&nbsp;&nbsp;&nbsp;&nbsp;· any initial public
 offering price and any discounts or concessions allowed or reallowed or paid to dealers;

&nbsp;&nbsp;&nbsp;&nbsp;· any securities exchange
 on which such offered securities may be listed; and

&nbsp;&nbsp;&nbsp;&nbsp;· any underwriter, agent
 or dealer involved in the offer and sale of any series of the securities.

The distribution of the securities may be effected from time to time in one or more transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· at fixed prices, which
 may be changed;

&nbsp;&nbsp;&nbsp;&nbsp;· at market prices prevailing
 at the time of the sale;

&nbsp;&nbsp;&nbsp;&nbsp;· at varying prices
 determined at the time of sale; or

&nbsp;&nbsp;&nbsp;&nbsp;· at negotiated prices.

Each prospectus supplement will set forth the manner and terms of an offering of securities including:

&nbsp;&nbsp;&nbsp;&nbsp;· whether that offering
 is being made to underwriters, through agents or directly to the public;

&nbsp;&nbsp;&nbsp;&nbsp;· the rules and procedures
 for any auction or bidding process, if used;

&nbsp;&nbsp;&nbsp;&nbsp;· the securities'
 purchase price or initial public offering price; and

&nbsp;&nbsp;&nbsp;&nbsp;· the proceeds we anticipate
 from the sale of the securities, if any.

In addition, we may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. The applicable prospectus supplement may indicate, in connection with such a transaction, that the third parties may sell securities covered by and pursuant to this prospectus and an applicable prospectus supplement. If so, the third party may use securities pledged by us or borrowed from us or others to settle such sales and may use securities received from us to close out any related short positions. We may also loan or pledge securities covered by this prospectus and an applicable prospectus supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and the applicable prospectus supplement.

**Sales Through Underwriters**

If underwriters are used in the sale of some or all of the securities covered by this prospectus, the underwriters will acquire the securities for their own account. The underwriters may resell the securities, either directly to the public or to securities dealers, at various times in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject to certain conditions. Unless indicated otherwise in a prospectus supplement, the underwriters will be obligated to purchase all the securities of the series offered if any of the securities are purchased.

Any public offering price and any concessions allowed or reallowed to dealers may be changed intermittently.

**Sales Through Agents**

Unless otherwise indicated in the applicable prospectus supplement, when securities are sold through an agent, the designated agent will agree, for the period of its appointment as agent, to use specified efforts to sell the securities for our account and will receive commissions from us as will be set forth in the applicable prospectus supplement.

Securities bought in accordance with a redemption or repayment under their terms also may be offered and sold, if so indicated in the applicable prospectus supplement, in connection with a remarketing by one or more firms acting as principals for their own accounts or as agents for us. Any remarketing firm will be identified and the terms of its agreement, if any, with us and its compensation will be described in the prospectus supplement. Remarketing firms may be deemed to be underwriters in connection with the securities remarketed by them.

If so indicated in the applicable prospectus supplement, we may authorize agents, underwriters or dealers to solicit offers by certain specified institutions to purchase securities at a price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a future date specified in the prospectus supplement. These contracts will be subject only to those conditions set forth in the applicable prospectus supplement, and the prospectus supplement will set forth the commissions payable for solicitation of these contracts.

**Direct Sales**

We may also sell offered securities directly to institutional investors or others. In this case, no underwriters or agents would be involved. The terms of such sales will be described in the applicable prospectus supplement.

**General Information**

Broker-dealers, agents or underwriters may receive compensation in the form of discounts, concessions or commissions from us and/or the purchasers of securities for whom such broker-dealers, agents or underwriters may act as agents or to whom they sell as principal, or both. This compensation to a particular broker-dealer might be in excess of customary commissions.

Underwriters, dealers and agents that participate in any distribution of the offered securities may be deemed "underwriters" within the meaning of the Securities Act so any discounts or commissions they receive in connection with the distribution may be deemed to be underwriting compensation. Those underwriters and agents may be entitled, under their agreements with us, to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution by us to payments that they may be required to make in respect of those civil liabilities. Certain of those underwriters or agents may be customers of, engage in transactions with, or perform services for, us or our affiliates in the ordinary course of business. We will identify any underwriters or agents, and describe their compensation, in a prospectus supplement. Any institutional investors or others that purchase offered securities directly, and then resell the securities, may be deemed to be underwriters, and any discounts or commissions received by them from us and any profit on the resale of the securities by them may be deemed to be underwriting discounts and commissions under the Securities Act.

We will file a supplement to this prospectus, if required, pursuant to Rule 424(b) under the Securities Act, if we enter into any material arrangement with a broker, dealer, agent or underwriter for the sale of securities through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer. Such prospectus supplement will disclose:

&nbsp;&nbsp;&nbsp;&nbsp;· the name of any participating
 broker, dealer, agent or underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;· the number and type
 of securities involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the price at which
 such securities were sold;

&nbsp;&nbsp;&nbsp;&nbsp;· any securities exchanges
 on which such securities may be listed;

&nbsp;&nbsp;&nbsp;&nbsp;· the commissions paid
 or discounts or concessions allowed to any such broker, dealer, agent or underwriter, where
 applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;· other facts material
 to the transaction.

In order to facilitate the offering of certain securities under this prospectus or an applicable prospectus supplement, certain persons participating in the offering of those securities may engage in transactions that stabilize, maintain or otherwise affect the price of those securities during and after the offering of those securities. Specifically, if the applicable prospectus supplement permits, the underwriters of those securities may over-allot or otherwise create a short position in those securities for their own account by selling more of those securities than have been sold to them by us and may elect to cover any such short position by purchasing those securities in the open market.

In addition, the underwriters may stabilize or maintain the price of those securities by bidding for or purchasing those securities in the open market and may impose penalty bids, under which selling concessions allowed to syndicate members or other broker-dealers participating in the offering are reclaimed if securities previously distributed in the offering are repurchased in connection with stabilization transactions or otherwise. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. The imposition of a penalty bid may also affect the price of securities to the extent that it discourages resales of the securities. No representation is made as to the magnitude or effect of any such stabilization or other transactions. Such transactions, if commenced, may be discontinued at any time.

In order to comply with the securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition, in certain states the securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Rule 15c6-1 under the Exchange Act generally requires that trades in the secondary market settle in one business day unless the parties to any such trade expressly agree otherwise. Your prospectus supplement may provide that the original issue date for your securities may be more than one scheduled business day after the trade date for your securities. Accordingly, in such a case, if you wish to trade securities on any date prior to the first business day before the original issue date for your securities, you will be required, by virtue of the fact that your securities initially are expected to settle in more than one scheduled business day after the trade date for your securities, to make alternative settlement arrangements to prevent a failed settlement.

This prospectus, any applicable prospectus supplement and any applicable pricing supplement in electronic format may be made available on the Internet sites of, or through other online services maintained by, us and/or one or more of the agents and/or dealers participating in an offering of securities, or by their affiliates. In those cases, prospective investors may be able to view offering terms online and, depending upon the particular agent or dealer, prospective investors may be allowed to place orders online.

Other than this prospectus, any applicable prospectus supplement and any applicable pricing supplement in electronic format, the information on our website or the website of any agent or dealer, and any information contained in any other website maintained by any agent or dealer:

&nbsp;&nbsp;&nbsp;&nbsp;· is not part of this
 prospectus, any applicable prospectus supplement or any applicable pricing supplement or
 the registration statement of which they form a part;

&nbsp;&nbsp;&nbsp;&nbsp;· has not been approved
 or endorsed by us or by any agent or dealer in its capacity as an agent or dealer, except,
 in each case, with respect to the respective website maintained by such entity; and

&nbsp;&nbsp;&nbsp;&nbsp;· should not be relied
 upon by investors.

There can be no assurance that we will sell all or any of the securities offered by this prospectus.

This prospectus may also be used in connection with any issuance of common stock or preferred stock upon exercise of a warrant if such issuance is not exempt from the registration requirements of the Securities Act.

In addition, we may issue the securities as a dividend or distribution or in a subscription rights offering to our existing securityholders. In some cases, we or dealers acting with us or on our behalf may also purchase securities and reoffer them to the public by one or more of the methods described above. This prospectus may be used in connection with any offering of our securities through any of these methods or other methods described in the applicable prospectus supplement.

**LEGAL MATTERS**

Unless otherwise indicated in the applicable prospectus supplement, the validity of the securities offered hereby will be passed upon for us by Lowenstein Sandler LLP, New York, New York. If the validity of the securities offered hereby in connection with offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel will be named in the prospectus supplement relating to such offering.

**EXPERTS**

The financial statements as of December 31, 2022 and for the year ended December 31, 2022 incorporated by reference herein have been so incorporated in reliance on the report of BDO LLP, an independent registered public accounting firm (the report on the financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern) incorporated by reference herein, given on the authority of said firm as experts in auditing and accounting. BDO LLP, Manchester, United Kingdom, is a member of the Institute of Chartered Accountants in England and Wales.

The financial statements as of December 31, 2023 and for the year in the period ended December 31, 2023 incorporated by reference herein have been so incorporated in reliance on the report of Marcum, LLP, an independent registered public accounting firm incorporated by reference herein, given on the authority of said firm as experts in auditing and accounting.

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered by this prospectus. Pursuant to SEC rules, this prospectus, which is part of the registration statement, omits certain information, exhibits, schedules and undertakings set forth in the registration statement. For further information pertaining to us and our securities, reference is made to our SEC filings and to the registration statement and the exhibits and schedules to the registration statement of which this prospectus forms a part. Statements contained in this prospectus as to the contents or provisions of any documents referred to in this prospectus are not necessarily complete, and in each instance where a copy of the document has been filed as an exhibit to the registration statement, reference is made to the exhibit for a more complete description of the matters involved.

In addition, registration statements and certain other filings made with the SEC electronically are publicly available through the SEC's web site at http://www.sec.gov. The registration statement, including all exhibits and amendments to the registration statement, has been filed electronically with the SEC.

We are subject to the information and periodic reporting requirements of the Exchange Act and, in accordance with such requirements, will file periodic reports, proxy statements, and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the web site of the SEC referred to above. We also maintain a website at www.smartkem.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of, and is not incorporated into, this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

You should rely only on the information in this prospectus and the additional information described above and under the heading "Incorporation of Certain Information by Reference" below. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely upon it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus was accurate on the date of the front cover of this prospectus only. Our business, financial condition, results of operations and prospects may have changed since that date.

The representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference into this prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreement, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" information that we file with it into this prospectus, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC will automatically update and supersede information contained in this prospectus and any accompanying prospectus supplement.

We incorporate by reference the documents listed below that we have previously filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;· our Annual Report
 on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on [March 27, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000155837024004098/smtk-20231231x10k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Quarterly Reports
 on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024,filed with the SEC on [May 20, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000155837024008481/smtk-20240331x10q.htm) and [August 12, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001817760/000155837024011895/smtk-20240630x10q.htm) <u>;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· our Current
 Reports on Form 8-K filed with the SEC on [January 29, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465924007568/tm243081d1_8k.htm) , [February 28, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465924028698/tm246275d1_8k.htm) , [May 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1817760/000110465924067238/tm2416181d1_8k.htm) <u>,</u> [June 17, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001817760/000110465924072289/tm2417371d1_8k.htm) , and [August 1, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001817760/000110465924084972/tm2420674d1_8k.htm) (other than any portions thereof deemed furnished and not filed); and

&nbsp;&nbsp;&nbsp;&nbsp;· the description of
 our common stock contained in our Registration Statement on Form 8-A, filed with the
 SEC on [May 30, 2024](https://www.sec.gov/Archives/edgar/data/1817760/000110465924066596/tm2416000d1_8a12b.htm) .

All reports and other documents that we file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial filing of the registration statement and prior to effectiveness of the registration statement and after the date of this prospectus but prior to the termination of the offering of the securities hereunder will also be considered to be incorporated by reference into this prospectus from the date of the filing of these reports and documents, and will supersede the information herein; *provided, however*, that all reports, exhibits and other information that we "furnish" to the SEC will not be considered incorporated by reference into this prospectus. Any statement contained in a document incorporated by reference in this prospectus or any prospectus supplement shall be deemed to be modified or superseded to the extent that a statement contained herein, therein or in any other subsequently filed document that also is incorporated by reference herein or therein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus or any prospectus supplement.

We will provide you without charge, upon your oral or written request, with a copy of any or all reports, proxy statements and other documents we file with the SEC, as well as any or all of the documents incorporated by reference in this prospectus or the registration statement (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into such documents). Requests for such copies should be directed to SmartKem, Inc., Attn: Chief Financial Officer, Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley Manchester, M9 8GQ U.K.. You may also direct any requests for documents to us by telephone at 011-44-161-721-1514**.** 

**$100,000,000**

**Common Stock**

**Preferred Stock**

**Warrants**

**Debt Securities**

**Subscription Rights**

**Units**

![Graphic](tm264503d1_424b5img004.jpg)

**PROSPECTUS**

**August 22, 2024**

**11,365,350 Shares of Common Stock**

![](tm269507d1_424b5img002.jpg)

**PROSPECTUS SUPPLEMENT**

**March 20, 2026**