Connect with us

Technology

Smartkem Reports Fourth Quarter and Full Year 2024 Financial Results

Published

on

MANCHESTER, England, April 1, 2025 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics with a new class of transistor technology, today provides a business update and reports financial results for the three and twelve months ended December 31, 2024.

Smartkem Chairman and CEO, Ian Jenks, commented: “During the fourth quarter of 2024, Smartkem made bold strides towards commercializing our advanced semiconductor materials, which enable flexible, transparent and lightweight MicroLED displays, an industry projected to grow to over $4 billion by 2030.1   We delivered on every key milestone during the quarter, and in December, we raised $7.65 million in equity financing and received a $1.1 million grant from Innovate UK – critical funding to supercharge our momentum, expand our resources, and support our ongoing programs.

“Our commercialization strategy is built on three pillars: advancing our polymer materials, developing EDA tools, and establishing scalable manufacturing processes. Concentrating on executing this strategy, we established some key goals for 2025, which included:

Commencing development work on a rollable, transparent MicroLED display with our partner, AUO;Completing first sale of our TRUFLEX® materials to Chip Foundation under the terms of our co-development agreement;Extending Technology Transfer Agreement with RiTdisplay to transfer Smartkem’s OTFT process from ITRI to RiTdisplay’s Gen2.5 line;Entering into a joint development agreement for a “chip-first” MicroLED display;Entering into additional collaboration and/or co-development agreements that further advance our technology toward commercialization; andProducing a demonstration of a MicroLED display using our OTFT technology.

“Our early wins in 2025, including the project commencement with AUO and the first commercial sales of our TRUFLEX® advanced semiconductor materials show our focus on accelerating towards commercialization of our technology. We are well on our way to delivering further objectives set out including additional joint development agreements and product demonstrations at upcoming industry events. I look forward to updating you of our progress throughout the year as we continue to solidify our position as a global leader in organic transistor technology that has the potential to change the world of electronics,” added Jenks.

Recent Business Highlights

Advanced strategic partnership with RiTdisplay Corporation, a leading developer of optoelectronic solutions, visual displays and passive-matrix OLED displays, in a new phase toward commercialization, including the planned integration of Smartkem’s OTFT process on to RiTdisplay’s Gen 2.5 Pilot Line.Positioned to unveil the first MicroLED-in-a-Package (MiP) Backlight using Smartkem’s unique and proprietary technology at this year’s Touch Taiwan conference in Taipei City, Taiwan which runs from April 16-18th 2025.Completed first sale of TRUFLEX® semiconductor materials to joint development partner, Chip Foundation, a manufacturer of semiconductor and integrated circuit devices, for use in the co-development of a new generation of MicroLED-based backlight technology for Liquid Crystal Displays.Signed multi-year agreement with FlexiIC, a company providing innovation in the design of flexible integrated circuits and systems, to begin a new project to develop a new generation of CMOS for smart sensors.Partnered with AUO, the largest display manufacturer in Taiwan, to jointly develop the world’s first advanced rollable, transparent MicroLED display.Appointed Jonathan Watkins as Chief Operating Officer (COO), with responsibility for global operations and strategic partnerships.Participated at SEMICON® Korea 2025.

Full Year 2024 Financial Highlights:

Completed concurrent public and private offerings in December 2024 for aggregate proceeds of $7.65 million.Received and accepted a £900,000 (USD 1.1 million) grant from Innovate UK for a project partnership with AUO to develop a rollable, transparent MicroLED display.Cash and cash equivalents were $7.1 million as of December 31, 2024, compared to $8.8 million as of December 31, 2023.Revenues were $82 thousand for the year ended December 31, 2024, up compared to $27 thousand for the same period of 2023, primarily due to an increase in the sale of demonstrator products to potential partners, as the company sought to expand its marketing efforts.Operating expenses were $11.5 million for the year ended December 31, 2024, compared to $10.8 million for the same period of 2023.

About Smartkem

Smartkem is seeking to change the world of electronics with a new class of transistor using its proprietary advanced semiconductor materials. Its technology can be used in a range of applications including MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor.

In seeking to enable the adoption and mass commercialization of MicroLED displays, Smartkem’s low temperature (80C) process allows its liquid transistors to be poured directly onto the MicroLEDs, eliminating many of the high-cost, low-yield manufacturing processes used in traditional production. This innovation reduces defects, enhances yield and integrates seamlessly into existing manufacturing infrastructure, making MicroLED displays more commercially viable across sectors including smartphones, wearables, automatives and digital signage.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 17 patent families, 16 pending patents and 40 codified trade secrets. For more information, visit our website or follow us on LinkedIn.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, 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.

Industry Representatives and Media
Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
s.kirkwood@smartkem.com

Analysts and Investors
David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
dbarnard@allianceadvisors.com

1 2024 Omdia Report

 

SMARTKEM, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except number of shares and per share data)

December 31, 

December 31, 

2024

2023

Assets

Current assets

Cash and cash equivalents

$

7,141

$

8,836

Accounts receivable

—

268

Research and development tax credit receivable

519

610

Prepaid expenses and other current assets

849

811

Total current assets

8,509

10,525

Property, plant and equipment, net

269

455

Right-of-use assets, net

120

285

Other assets, non-current

6

7

Total assets

$

8,904

$

11,272

Liabilities and stockholders’ equity

Current liabilities

Accounts payable and accrued expenses

$

1,791

$

1,178

Lease liabilities, current

47

230

Other current liabilities

450

360

Total current liabilities

2,288

1,768

Lease liabilities, non-current

25

19

Warrant liability

—

1,372

Total liabilities

2,313

3,159

Commitments and contingencies (Note 7)

—

—

Stockholders’ equity:

Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized,
856 and 13,765 shares issued and outstanding, at December 31, 2024
and December 31, 2023, respectively

—

—

Common stock, par value $0.0001 per share, 300,000,000 shares authorized,
3,590,217 and 889,668 shares issued and outstanding, at December 31, 2024
and December 31, 2023, respectively

—

—

Additional paid-in capital

122,316

104,757

Accumulated other comprehensive loss

(1,105)

(1,578)

Accumulated deficit

(114,620)

(95,066)

Total stockholders’ equity

6,591

8,113

Total liabilities and stockholders’ equity

$

8,904

$

11,272

 

 

SMARTKEM, INC. AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except number of shares and per share data)

Year Ended December 31,

2024

2023

Revenue

$

82

$

27

Cost of revenue

32

23

Gross profit

50

4

Other operating income

1,017

836

Operating expenses

Research and development

5,111

5,556

General and administrative

6,342

5,188

(Gain)/loss on foreign currency transactions

78

87

Total operating expenses

11,531

10,831

Loss from operations

(10,464)

(9,991)

Non-operating income/(expense)

Gain/(loss) on foreign currency transactions

(544)

1,213

Transaction costs allocable to warrants

—

(198)

Change in fair value of the warrant liability

672

465

Interest income/(expense)

7

12

Total non-operating income/(expense)

135

1,492

Loss before income taxes

(10,329)

(8,499)

Income tax expense

(1)

—

Net loss

$

(10,330)

$

(8,499)

Preferred stock deemed dividends

(9,224)

—

Net loss attributed to common stockholders

$

(19,554)

$

(8,499)

Weighted average shares outstanding – basic and diluted

3,260,127

1,344,892

Basic and diluted net loss per common share attributed to common stockholders

$

(6.00)

$

(6.32)

Net loss

$

(10,330)

$

(8,499)

Other comprehensive loss:

Foreign currency translation

473

(1,095)

Total comprehensive loss

$

(9,857)

$

(9,594)

 

Logo – https://mma.prnewswire.com/media/2597198/SmartKem_Brand_Identity_RGB_POS___small_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/smartkem-reports-fourth-quarter-and-full-year-2024-financial-results-302416225.html

Continue Reading

Technology

Sabre Corporation Announces Early Tender Results of Previously Announced Cash Tender Offer and Consent Solicitation by Sabre Financial Borrower, LLC

Published

on

By

SOUTHLAKE, Texas, Sept. 25, 2026 /PRNewswire/ — Sabre Corporation (“Sabre”) (Nasdaq: SABR) today announced the early tender results of the previously announced cash tender offer (the “Tender Offer”) by Sabre Financial Borrower, LLC (“Sabre Financial”), its indirect wholly-owned subsidiary, for any and all of Sabre Financial’s securities set forth in the table below (the “Securities”) and concurrent solicitation of consents (the “Consent Solicitation”) to certain proposed amendments to the Securities and the Indenture (as defined below). The Tender Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on October 12, 2026 (unless extended or earlier terminated, the “Expiration Date”).

The Tender Offer and Consent Solicitation are being made pursuant to the terms and conditions set forth in the offer to purchase and consent solicitation statement, dated September 14, 2026 (the “Offer to Purchase”).

As of 5:00 p.m., New York City time, on September 25, 2026 (such date and time, the “Early Tender Deadline” and “Withdrawal Deadline,” as applicable), according to information provided to D.F. King & Co., Inc., the tender and information agent for the Tender Offer and Consent Solicitation, the aggregate principal amount of Securities listed in the table below has been validly tendered and not validly withdrawn in the Tender Offer and Consent Solicitation. Withdrawal rights for the Securities expired at the Early Tender Deadline and, accordingly, any Securities that were validly tendered may no longer be withdrawn except where additional withdrawal rights are required by law.

Title of

Security

CUSIP / ISIN Number

Principal

Amount 

Outstanding

Principal Amount

Tendered at Early

Tender Deadline

Percentage of

Outstanding

Securities Tendered

Total

Consideration

(1)(2)

11.125% Senior

Secured Notes 

due 2029

78573X AA8

U86042 AA3

US78573XAA81

USU86042AA34

$1,000,000,000.00

$ 930,682,000.00

93.07 %

$        $1,092.50

 

(1)

Dollars per $1,000 principal amount of Securities validly tendered and accepted for purchase.

(2)

Includes Early Tender Premium (as defined below). Does not include accrued and unpaid interest on the Securities, which will also be payable as provided herein.

The Tender Offer and Consent Solicitation remain subject to the satisfaction or waiver of the conditions described in the Offer to Purchase, including the financing for the Tender Offer and Consent Solicitation. Such conditions may be waived by Sabre Financial in its sole discretion, subject to applicable law. Any waiver of a condition by Sabre Financial will not constitute a waiver of any other condition. Subject to the satisfaction or waiver of such conditions and as described in the Offer to Purchase, Sabre Financial is expected to make payment on September 28, 2026 (such date and time, as it may be extended, the “Early Settlement Date”) for the Securities and related consents that (i) were validly tendered and delivered, as applicable, and not validly withdrawn or revoked, as applicable, at or prior to the Early Tender Deadline and (ii) are accepted for purchase on the Early Settlement Date.

The consideration to be paid for the Securities accepted for purchase on the Early Settlement Date per $1,000 principal amount of Securities is the amount set forth in the table above under the heading “Total Consideration.” The amounts set forth in the table above under “Total Consideration” include an early tender premium of $50 per $1,000 principal amount of Securities accepted for purchase (the “Early Tender Premium”). All Holders of Securities accepted for purchase will also receive accrued and unpaid interest from the most recent interest payment date preceding the Early Settlement Date to, but not including, the Early Settlement Date.

Any Holder who tenders Securities in the Tender Offer and Consent Solicitation will be deemed to automatically have provided consents, and Securities may not be tendered without delivering consents. Based on the consents received as of the Early Tender Deadline, Sabre Financial has obtained the required consents to effect all of the proposed amendments (the “Proposed Amendments”) as described in the Offer to Purchase. Consequently, as previously announced, Sabre Financial expects to execute a supplemental indenture (the “Supplemental Indenture”) effecting the Proposed Amendments with respect to the indenture dated December 5, 2025 (the “Indenture”), entered into by and among Sabre Financial, the guarantors party thereto, and Wilmington Trust, National Association, as trustee and collateral agent, under which the Securities were issued, and the Securities on or about the Early Settlement Date. The Supplemental Indenture will become effective upon (a) its execution and delivery by each of the parties thereto, and (b) the settlement of the Tender Offer with respect to accepted Securities tendered prior to the Early Tender Deadline on the Early Settlement Date.

In addition, pursuant to the terms of the Indenture, because more than 90% of the aggregate principal amount of the Securities outstanding has been validly tendered in the Tender Offer, Sabre Financial intends, following its purchase of the tendered Securities, to deliver a notice of redemption to redeem all Securities that remain outstanding after giving effect to the purchase of the Securities on the Early Settlement Date. The redemption price for such Securities will be equal to the Total Consideration set forth in the table above, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The redemption date is expected to be October 13, 2026. Notwithstanding the foregoing, there can be no assurance that any Securities will be redeemed. Nothing herein shall constitute a notice of redemption with respect to the Securities.

Sabre Financial reserves the right, subject to applicable law, in its sole discretion, to waive any of the conditions of the Tender Offer or the Consent Solicitation, in whole or in part, at any time and from time to time. It also reserves the right, subject to applicable law, in its sole discretion, (1) to terminate or withdraw the Tender Offer or the Consent Solicitation at any time; (2) to extend the Early Tender Deadline, the Withdrawal Deadline or the Expiration Date; or (3) otherwise to amend the Tender Offer or Consent Solicitation in any respect. It may extend the Early Tender Deadline without extending the Withdrawal Deadline.

Information Relating to the Tender Offer and Consent Solicitation

The complete terms and conditions of the Tender Offer and Consent Solicitation are set forth in the Offer to Purchase. BofA Securities is the Dealer Manager and Solicitation Agent for the Tender Offer and Consent Solicitation. Investors with questions regarding the Tender Offer and Consent Solicitation may contact BofA Securities, collect: (980) 388-3646, toll-free: (888) 292-0070, email: debt_advisory@bofa.com. D.F. King & Co., Inc. is the tender and information agent for the Tender Offer and Consent Solicitation. Copies of the Offer to Purchase and any related offer documents may be obtained by contacting D.F. King & Co., Inc. by phone at (646) 455-1060 (New York) or (866) 356-7814 (toll-free) or by email at sabre@dfking.com. 

None of Sabre Financial, Sabre, their affiliates, their respective boards of directors and stockholders, the Dealer Manager and Solicitation Agent, the Tender Agent or Wilmington Trust, National Association, as trustee for the Securities, are making any recommendation as to whether Holders should tender any Securities or deliver any Consent in response to the Tender Offer and Consent Solicitation. Holders must make their own decision as to whether to tender any of their Securities and deliver their Consents, and, if so, the principal amount of Securities to tender and Consents to deliver.

This press release is for informational purposes only and is not an offer to buy or a solicitation of an offer to sell any of the Securities, and the Tender Offer and Consent Solicitation do not constitute offers to buy or the solicitation of offers to sell Securities in any jurisdiction or in any circumstances in which such offers are unlawful. The full details of the Tender Offer and Consent Solicitation, including complete instructions on how to tender Securities and deliver Consents, are included in the Offer to Purchase. Holders are strongly encouraged to read carefully the Offer to Purchase because it will contain important information.

Forward-Looking Statements

Certain statements herein are forward-looking statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future. Any statements that are not historical or current facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “expect,” “guidance,” “outlook,” “trend,” “pro forma,” “on course,” “on track,” “target,” “potential,” “benefit,” “goal,” “believe,” “plan,” “confident,” “anticipate,” “indicate,” “trend,” “position,” “optimistic,” “will,” “forecast,” “continue,” “strategy,” “estimate,” “project,” “may,” “should,” “would,” “intend,” or the negative of these terms, where applicable, or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. More information about potential risks and uncertainties that could materially affect our business and results of operations is included in the “Risk Factors” and “Forward-Looking Statements” sections in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 6, 2026, our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2026 and in our other filings with the SEC, as well as other risks and uncertainties specified in the “Certain Significant Considerations” section of the Offer to Purchase. We cannot guarantee future events, including financing of the Tender Offer and Consent Solicitation and successful completion of the Tender Offer and Consent Solicitation, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

About Sabre

Powering the agentic revolution in travel. Sabre is an AI-native technology leader, backed by one of the world’s largest travel data clouds. With AI at its core and operating at unparalleled scale, Sabre transforms insights into innovation, empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Sabre is built on an open, modular, cloud-native architecture and serves as the backbone for both established leaders and bold, new disruptors, guiding them to the next age of travel retailing through intelligent, connected, and personalized experiences.  

SABR-F

Contacts:

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/sabre-corporation-announces-early-tender-results-of-previously-announced-cash-tender-offer-and-consent-solicitation-by-sabre-financial-borrower-llc-302890677.html

SOURCE Sabre Corporation

Continue Reading

Technology

ATB Investment Management announces U.S. equity sub-advisor transition for Compass Portfolios and ATBIS U.S. Equity Pool

Published

on

By

EDMONTON, AB, Sept. 25, 2026 /CNW/ — ATB Investment Management Inc. today announced a sub-advisor transition to Boston Partners Global Investors, Inc.’s U.S. Large Cap Value Equity Strategy for the following funds (the “Funds”) from the Funds’ existing U.S. equities sub-advisor effective on or about October 15, 2026:

Compass Conservative PortfolioCompass Conservative Balanced PortfolioCompass Balanced PortfolioCompass Balanced Growth PortfolioCompass Growth PortfolioCompass Maximum Growth PortfolioATBIS U.S. Equity Pool

There are no changes to the investment objectives or investment strategies of the Funds.

Boston Partners Global Investors, Inc. (“Boston Partners”) is an institutional investment manager specializing in global value-equity strategies. Their clients include corporate and public pension plans, endowments, foundations, and high-net-worth individuals across major global markets. Boston Partners offers investment capabilities across U.S. and global and Non-US equities, long/short equities, and private wealth solutions. Boston Partners consists of 190 employees headquartered in Boston, with four other offices around the world. The firm manages nearly $150 billion USD as of June 30, 2026.

On September 28, 2026 a special distribution will be paid to unitholders with a record date of September 25, 2026, in relation to the appointment of Boston Partners. Information about the special distribution will be available on the ATB Investment Management website, at atbim.atb.com, on September 29, 2026.

About ATB Investment Management Inc.
ATB Investment Management Inc. (ATBIM), the asset management subsidiary of ATB Financial, provides a range of high-quality comprehensive investment management services and solutions. ATBIM’s offerings include: a range of mutual funds, including the Compass Portfolios, and tailored discretionary investment management for high-net-worth individuals and institutions. Established over 20 years ago and with over $25.2 billion in assets under management, ATBIM provides trusted expertise and a commitment to client success.

ATBIM is registered as a Portfolio Manager across various Canadian securities commissions with the Alberta Securities Commission (ASC) being its principal regulator. ATBIM is also registered as an Investment Fund Manager who manages the ATB Funds. ATBIM is a wholly owned subsidiary of ATB Financial and is a licensed user of the registered trademark ATB Wealth.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

About ATB Financial
Powering possibilities for our clients, communities, and beyond is what drives us at ATB Financial. As a leading Alberta-based financial institution with over $115 billion in total assets and assets under management, our success comes from more than 5,400 team members who deliver exceptional experiences to over 855,000 clients across our Personal and Business Banking, ATB Wealth Management, and ATB Cormark Capital Markets businesses. ATB Financial provides expert advice and services through our extensive branch network and agencies, our dedicated Client Care Centre and our digital banking options. ATB Financial is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. More information about ATB can be found at atb.com.

For more information or interview requests, please contact:
ATB Financial, Media Relations Team media@atb.com

SOURCE ATB Financial

Continue Reading

Technology

CGTN AMERICA & CCTV UN: Peng Liyuan, Melania Trump Visit National Museum of Asian Art

Published

on

By

Peng Liyuan, wife of Chinese President Xi Jinping, and Melania Trump, wife of US President Donald Trump, visited the National Museum of Asian Art in Washington, D.C., on Thursday, September 24.

WASHINGTON, Sept. 25, 2026 /PRNewswire-PRWeb/ — (This material is distributed by MediaLinks TV, LLC on behalf of CCTV. Additional information is available at the Department of Justice, Washington, D.C.)

CGTN America & CCTV UN releases “Peng Liyuan, Melania Trump Visit National Museum of Asian Art”

Peng Liyuan, wife of Chinese President Xi Jinping, and Melania Trump, wife of US President Donald Trump, visited the National Museum of Asian Art in Washington, D.C., on Thursday, September 24.

Peng and Melania visited exhibition halls including the Peacock Room. Peng expressed appreciation for the US side’s return of Chinese cultural relics to China on multiple occasions in recent years, expressing hope that China and the United States would continue to strengthen cooperation on cultural exchanges and cultural heritage protection and deepen the friendship between the two peoples.

After the tour, Peng and Melania watched American teenagers sing Chinese songs together and had cordial exchanges with them. Peng encouraged them to continue studying the Chinese language and culture and to become envoys of friendship between China and the United States.

The National Museum of Asian Art is a renowned US institution dedicated to the collection, research and exhibition of Asian art.

Media Contact

Sun, CGTN America, 1 2023931850, distribution@cgtnamerica.com

View original content:https://www.prweb.com/releases/cgtn-america–cctv-un-peng-liyuan-melania-trump-visit-national-museum-of-asian-art-302890609.html

SOURCE CGTN America

Continue Reading

Trending