October 7, 2025 — Leads & Copy — Smartkem, Inc. (Nasdaq: SMTK) and Jericho Energy Ventures Inc. (TSX-V: JEV, OTC: JROOF) have signed a non-binding Letter of Intent for a proposed all-stock business combination.
The deal aims to integrate low-cost domestic energy with advanced semiconductor packaging to meet the growing demand for AI compute capacity, establishing a U.S.-owned and controlled AI infrastructure company.
According to Ian Jenks, Chairman and CEO of Smartkem, the transaction positions Smartkem’s technology at the center of the largest technology build-out of our era, allowing their patented materials to reach their full commercial potential inside next-generation AI infrastructure.
Brian Williamson, CEO of Jericho Energy Ventures, stated that combining JEV’s scalable energy platform with Smartkem’s semiconductor breakthroughs will deliver a new generation of faster, cleaner, and more resilient AI data centers.
The proposed transaction highlights include vertical integration, high-growth market exposure, complementary innovation, enhanced data center efficiency, U.S. ownership and control, and leadership synergies.
Under the LOI, Jericho stockholders would own 65% and Smartkem stockholders would own 35% of the fully diluted issued and outstanding equity securities of the Combined Company, subject to adjustment. Brian Williamson would become the CEO of the Combined Company.
The LOI is non-binding, and the closing of the Proposed Transaction is subject to significant closing conditions, including the negotiation of a definitive agreement, due diligence, board and stockholder approvals, and Nasdaq approval.
Anthony Amato, Strategic Advisor to Smartkem.
Source: Smartkem
