Jericho Energy and Smartkem Extend Merger LOI for AI Infrastructure Company

Jericho Energy Ventures Inc., an energy innovation firm, has extended its non-binding Letter of Intent (LOI) with Smartkem, Inc. for a proposed all-stock business combination. This extension maintains the deadline for Smartkem's investment necessary to prevent Jericho from terminating the LOI until December 31, 2025.

The planned merger aims to create a Nasdaq-listed, U.S.-owned AI infrastructure company, integrating Jericho's scalable energy platform with Smartkem's semiconductor technology. Both companies view this combination as a strategic path in meeting AI data demands.

Despite the extension, the LOI remains non-binding. There is no assurance of a definitive agreement. The completion of the transaction depends on further negotiations, due diligence, significant additional capital, and requisite approvals. Jericho continues its energy operations in Oklahoma and complies with TSX Venture Exchange requirements.