Smartkem (NASDAQ: SMTK) agreed to acquire Ferrox Critical Minerals in an all-stock transaction valued at $125 million. Smartkem is a portfolio company of SRX Global (NYSE American: SRXH).
The deal secures a direct supply of iron, titanium, and vanadium from Ferrox’s Tivani mining project in South Africa. This vertical integration aims to provide essential materials for Smartkem’s advanced electronics production.
Ferrox shareholders will receive newly issued Smartkem common stock. The share count will be determined by Smartkem’s volume-weighted average price over the 30 trading days prior to closing.
Ferrox CEO Terrence Duffy will lead the combined entity as Chief Executive Officer. Both boards have approved the merger, which remains subject to shareholder and regulatory approvals.
The companies expect the transaction to close by March 31, 2027.