A $2m deal has been struck by a firm which makes materials for flexible electronics such as bendable smart phone displays, foldable laptops and TV backlights.
SmartKem, which is headquartered in Manchester, has completed the sale of one million shares in its common stock to current investor Octopus Ventures, an investor with stakes in the likes of Cazoo.
Each share was sold at a price of $2 which resulted in total proceeds of $2m.
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SmartKem said it intends to use the net proceeds from the sale of the common stock for working capital and general corporate purposes.
Octopus Ventures is based in London and its other investments include Secret Escapes while it has previously backed Graze and Zoopla.
In February 2021, SmartKem raised almost $25m and completed a reverse takeover with a US business.
The company closed a £24.6m private placement financing drive after it completed a reverse acquisition with Parasol Investments Corporation, a public Delaware corporation.
In an exclusive interview with BusinessLive following the deal, SmartKem's CEO said it would allow the company to increase its headcount by 25%.
