Leader in the development of a new generation of organic semiconductor 
materials for the manufacture of flexible electronics successfully closes 
acquisition and completes financing.

SmartKem, Inc. (the Company), a pioneer in the development of materials and 
processes used to make organic semiconductor materials for the manufacture of 
flexible electronics, today announced the closing of a $24.6 million private 
placement financing.  Prior to the financing, SmartKem Limited (SmartKem) 
completed a reverse acquisition transaction with Parasol Investments 
Corporation (Parasol), a public Delaware corporation, whereby SmartKem became a 
wholly owned subsidiary of Parasol.  Following the acquisition, Parasol changed 
its name to SmartKem, Inc. and will continue the historic business of SmartKem. 
The directors of SmartKem, Ian Jenks, Robert Bahns, Dr. Simon King, Klaas de 
Boer and Barbra Keck, have become the directors of the Company. Ian Jenks has 
become the Chief Executive Officer of the Company and Robert Bahns has become 
the Chief Financial Officer of the Company. 

Ian Jenks, Chief Executive Officer says, “The success of this financing 
surpassed our expectations, and we believe demonstrates investor confidence in 
SmartKem, our technology, product, current customer traction and the market 
opportunity. This financing will allow us to continue to scale production of 
our truFLEX® inks, our Electrical Design Automation Tools and expand our 
Foundry Services.”

SmartKem’s truFLEX® technology deposits organic ink on a substrate at a 
temperature as low as 80°C, enabling manufacturers to use a range of low-cost 
flexible plastic substrates using existing industry standard equipment and 
infrastructure. SmartKem’s transistor stacks are flexible, bendable, wearable 
and lightweight and can be used in a number of different applications, 
including bendable smart-phone displays, foldable laptops, TV backlights, 
curved automotive displays, color ePaper displays, wearables, fingerprint and 
X-ray detectors as well as printed biosensors. 

GP Nurmenkari, Inc. (as consulted by Intuitive Venture Partners) acted as the 
exclusive placement agent for the private placement. Montrose Capital Partners 
was the sponsor for this transaction. 

The securities issued in the acquisition and sold in the private placement have 
not been registered under the Securities Act of 1933 and may not be resold 
absent registration under, or exemption from registration under, such Act.

This press release shall not constitute an offer to sell or the solicitation of 
an offer to buy these securities nor shall there by any sale of these 
securities in any jurisdiction in which such offer, solicitation or sale would 
be unlawful prior to the registration or qualification under the securities 
laws of any such jurisdiction.

About SmartKem 
SmartKem is the global leader of Application Specific Organic Materials for 
organic thin-film transistors (OTFT) backplanes compatible with 
industry-standard production. SmartKem focuses on the design, development, 
industrialization, and technology transfer of low temperature, 
solution-deposited organic semiconductors for transistor backplanes.

Forward-Looking Statements
All statements in this press release that are not historical are 
forward-looking statements, including, among other things, statements relating 
to the Company’s expectations regarding its market position and market 
opportunity, expectations and plans as to its product development, 
manufacturing and sales, and relations with its partners and investors. These 
statements are not historical facts but rather are based on SmartKem Inc.’s 
current expectations, estimates, and projections regarding its business, 
operations and other similar or related factors. Words such as “may,” "will,” 
“could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” 
“expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar 
or elated expressions are used to identify these forward-looking statements, 
although not all forward-looking statements contain these words. You should not 
place undue reliance on forward-looking statements because they involve known 
and unknown risks, uncertainties, and assumptions that are difficult or 
impossible to predict and, in some cases, beyond the Company’s control. Actual 
results may differ materially from those in the forward-looking statements as a 
result of a number of factors, including those described in the Company’s 
filings with the Securities and Exchange Commission. The Company undertakes no 
obligation to revise or update information in this release to reflect events or 
circumstances in the future, even if new information becomes available.

www.smartkem.com

Source: SmartKem