Smartkem (NASDAQ: SMTK) began Thursday trading down. The Manchester, England-based company which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), announced that it has completed the first sale of its TRUFLEX® semiconductor materials to its joint development partner, Shanghai Chip Foundation Semiconductor Technology Co., Ltd. a manufacturer of semiconductor and integrated circuit devices, for use by Chip Foundation in the co-development of a new generation of microLED-based backlight technology for Liquid Crystal Displays.
Smartkem CEO Ian Jenks commented, "The first sale of our single layer dielectric materials marks a significant development milestone in our path to establish the commercial viability of our advanced materials in both the display industry and within other applications."
Smartkem is supplying its proprietary organic dielectric single layer material, or Redistribution Layer (RDL), to Chip Foundation to combine with its own microLED devices, for the joint development of microLED based device structures. The resulting manufactured chip is expected to have the properties of high brightness coupled with high current efficiency, reducing power losses in driving backlights and improving uniformity of illumination. Additional sales of RDL materials to Chip Foundation are expected to continue throughout 2025.
SMTK shares lost five cents, or 1.2%, to $4.10.
