SMX (Security Matters) filed a Form F-1 on July 29, 2026. The filing registers the resale of up to 25.4 million ordinary shares. These shares are issuable under a $250 million standby equity purchase agreement (SEPA). The company will receive no proceeds from the resale of these shares by the selling stockholder.
This registration signals significant potential for shareholder dilution. SMX reported just over 1 million ordinary shares outstanding as of July 24, 2026. The company has already drawn approximately $50.5 million under the equity line. Additionally, the 2025 financial statements raised substantial doubt about the company's ability to continue as a going concern.