<SEC-DOCUMENT>0001104659-25-040132.txt : 20250805
<SEC-HEADER>0001104659-25-040132.hdr.sgml : 20250805
<ACCEPTANCE-DATETIME>20250428145424
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-040132
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SmartKem, Inc.
		CENTRAL INDEX KEY:			0001817760
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				851083654
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		MANCHESTER TECHNOLOGY CENTER
		STREET 2:		HEXAGON TOWER, DELAUNAYS ROAD, BLACKLEY
		CITY:			MANCHESTER
		STATE:			X0
		ZIP:			M9 8GQ
		BUSINESS PHONE:		011-44-161-721-1514

	MAIL ADDRESS:	
		STREET 1:		MANCHESTER TECHNOLOGY CENTER
		STREET 2:		HEXAGON TOWER, DELAUNAYS ROAD, BLACKLEY
		CITY:			MANCHESTER
		STATE:			X0
		ZIP:			M9 8GQ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Parasol Investments Corp
		DATE OF NAME CHANGE:	20200710
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 31%; background-color: white; font-size: 10pt"><IMG SRC="image_001.jpg"></TD>
    <TD STYLE="width: 31%; border-left: red 2.25pt solid; padding-right: 5.75pt; padding-bottom: 0.05in; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John D. (&quot;Jack&quot;) Hogoboom</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Partner<BR>
    <BR>
    <BR>
    </P></TD>
    <TD ROWSPAN="2" STYLE="width: 38%; padding-right: 5.75pt; padding-bottom: 0; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1251 Avenue of the Americas</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10020</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T:&#9;(973) 597-2382</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T:&#9;(646) 414-6846</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">M:&#9;(973) 960-8926</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E:&#9;jhogoboom@lowenstein.com</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; padding-bottom: 0; font-size: 10pt"><BR>
<BR>
April
28, 2025&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Via EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding: 0; width: 0.5in; text-align: justify; text-indent: 0">Attn:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Thomas Jones</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Jay Ingram</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">Re:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">SmartKem, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">Registration Statement on Form S-1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">Filed April 8, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; font-weight: bold">File No. 333-286437</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-weight: normal">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of SmartKem, Inc. (the &ldquo;<U>Company</U>&rdquo;),
we are submitting this letter to the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) via EDGAR in response to
the comment letter from the staff of the Commission (the &ldquo;<U>Staff</U>&rdquo;), dated April 24, 2025 (the &ldquo;<U>Comment Letter</U>&rdquo;),
pertaining to the Company&rsquo;s above-referenced Registration Statement on Form S-1 filed on April 8, 2025 (the &ldquo;<U>Registration
Statement</U>&rdquo;). In connection with such response, the Company is concurrently filing  Amendment No. 1 to the Registration Statement
(the &ldquo;<U>Amended Registration Statement</U>&rdquo;). Capitalized terms used but not defined in this letter have the meaning given
in the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To assist your review, we have reproduced the
text of the Staff&rsquo;s comments in italics below, followed by our responses on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Registration Statement on Form S-1 filed April
8, 2025</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><I>We note that you are registering the resale of &ldquo;1,875,324 shares of our common stock issuable
upon the conversion of our Series A-1 Convertible Preferred Stock . . . including shares of our common stock issuable upon the exercise
of Class C Warrants into which shares of the Series A-1 Preferred Stock are convertible in certain circumstances.&rdquo; Please clarify
if this means that you are registering the resale of shares issuable upon exercise of Class C Warrants that are not yet outstanding and
will not be outstanding until the selling stockholders convert outstanding Series A-1 Preferred Stock. If this is so, it does not appear
appropriate at this time to register the resale of the associated common stock. Please revise your registration statement accordingly
or provide us with an analysis addressing why you are able to register these shares at this time. Refer generally to Securities Act Compliance
Disclosure and Disclosure Interpretation 139.11.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 2</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In response to this Comment, clarifying disclosure
has been added to the Amended Registration Statement on the cover page of the Prospectus and page 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of the Company, we hereby respectfully
advise the Staff that the Company believes it is appropriate to register the resale of the shares of common stock issuable upon the exercise
of the Class C Warrants which may be issued upon the automatic conversion of the Company&rsquo;s Series A-1 Preferred Stock for the reasons
set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in the Company&rsquo;s Current Report
on Form 8-K, filed on June 15, 2023, the Company entered into a Securities Purchase Agreement on June 14, 2023 (the &ldquo;<U>Securities
Purchase Agreement</U>&rdquo;) pursuant to which it sold to certain accredited investors an aggregate of 9,229 shares of Series A-1 Preferred
Stock convertible into an aggregate of 36,916,000 shares of the Company&rsquo;s common stock at a conversion price of $0.25 per share
in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the Series A-1 Preferred Stock contain
customary &ldquo;blocker&rdquo; language that prohibits a holder from converting its shares of Series A-1 Preferred Stock if as a result
the holder would become the beneficial owner of more than 4.99% of the Company&rsquo;s common stock (subject to increase to up to 9.99%
upon not less than 61 days prior notice) (the &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo;). As the Staff is aware, such blocker
provisions are commonplace and effectively prevent a holder from being required to file reports under Section 13(d) of the Securities
Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), at the 5.00% beneficial ownership level and from becoming subject
to reporting and potential short-swing profits liability under Section 16 of the Exchange Act at the 10.00% beneficial ownership level.
The legality and effectiveness of such blocker provisions are well established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in the Company&rsquo;s Current
Report on Form 8-K, filed on June 23, 2023, the Company sold to certain accredited investors pursuant to the Securities Purchase
Agreement an additional 1,870.36596 shares of Series A-1 Preferred Stock convertible into an aggregate of 7,481,464 shares of the
Company&rsquo;s common stock at a conversion price of $0.25 per share in a transaction exempt from registration under Section
4(a)(2) of the Securities Act. The 44,397,464 shares of common stock issuable upon the conversion of the Series A-1 Preferred Stock
outstanding as a result of these transactions are hereinafter referred to as the &ldquo;<U>Conversion Shares</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchasers paid the entire purchase price
for the Series A-1 Preferred Stock on the date of issuance. In addition, the $0.25 conversion price was fixed and did not adjust based
on the Company&rsquo;s common stock trading price at the time of conversion or any other fluctuating ratio. Accordingly, at all times subsequent
to the respective closings, the purchasers were at market risk with respect to the Conversion Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_002.jpg">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 3</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 24, 2023, the Company filed with the Commission
a Registration Statement on Form S-1 (file no. 333-273392) (the &ldquo;<U>July 2023 Registration Statement</U>&rdquo;) which registered,
among other things, the Conversion Shares. The July 2023 Registration Statement was declared effective by the Commission on July 28, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 20, 2023, the Company filed a Current
Report on Form 8-K reporting that pursuant to authority granted to the Company&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;)
by the stockholders at the Company&rsquo;s annual meeting of stockholders held on August 25, 2023, on September 19, 2023, the Board had
approved a reverse stock split of the Company&rsquo;s issued and outstanding common stock at a ratio of 1-for-35 (the &ldquo;<U>Reverse
Stock Split</U>&rdquo;) which became effective at 12:01 AM Eastern Time on September 21, 2023. The purpose of the Reverse Stock Split
was to assist the Company in its efforts to satisfy the $4.00 minimum bid requirement for listing of the common stock on the Nasdaq Capital
Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the Reverse Stock Split, the conversion
price of the Series A-1 Preferred Stock increased to $8.75 and the number of Conversion Shares was reduced to approximately 1,268,499
shares<SUP>1</SUP>. In accordance with Rule 416, all of these shares remained registered pursuant to the July 2023 Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 29, 2024, the Company filed a Current
Report on Form 8-K reporting that on January 26, 2024, the Company had entered into a Consent, Conversion and Amendment Agreement (the
&ldquo;<U>Consent Agreement</U>&rdquo;) with each holder of the Series A-1 Preferred Stock (each a &ldquo;Holder&rdquo; and together,
the &ldquo;<U>Holders</U>&rdquo;). Pursuant to the Consent Agreement, among other things, each Holder converted, subject to the terms
and conditions of the Consent Agreement, 90% of its Series A-1 Preferred Stock (the &ldquo;<U>Conversion Commitment</U>&rdquo;) into shares
of common stock at the then-effective conversion price, except as provided below for the Exchanging Holders (as defined below). Pursuant
to the Consent Agreement, in the event the conversion of all of the Series A-1 Preferred Stock held by a Holder would have resulted in
such Holder acquiring shares of common stock in excess of its Beneficial Ownership Limitation (an &ldquo;<U>Exchanging Holder</U>&rdquo;),
such Exchanging Holder agreed to (i) convert its shares of Series A-1 Preferred Stock subject to its Conversion Commitment into shares
of common stock up to its Beneficial Ownership Limitation, and (ii) exchange all of its remaining shares of Series A-1 Preferred Stock
subject to its Conversion Commitment for Class C warrants (each a &ldquo;<U>Class C Warrant</U>&rdquo;) covering the shares of common
stock that would have been issued to such Holder but for the Beneficial Ownership Limitation (the &ldquo;<U>Exchange</U>&rdquo;). The
conversion and the Exchange of the Series A-1 Preferred Stock were exempt from registration pursuant to Section 3(a)(9) of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Number is approximate due to the rounding up of fractional shares and the existence of multiple positions held by related parties.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_002.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 4</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class C Warrants have an exercise price of $0.0001, are exercisable
upon issuance and expire when exercised in full. The exercise price of the Class C Warrants is fixed is not based on the market price
of the Company&rsquo;s common stock or a fluctuating ratio. Accordingly, the Exchanging Holders who received Class C Warrants have been
at market risk with respect to the underlying common stock since the date of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series C Warrants are exercisable at the election
of the holder either for cash or on a cashless basis. The Class C Warrants contain a blocker provision similar to the one contained in
the terms of the Series A-1 Preferred Stock. In connection with Conversion Commitment and the Exchange the Company issued (i) 412,293
shares of common stock and (ii) Class C Warrants to purchase up to 726,344 shares of common stock upon the conversion or Exchange of an
aggregate of 9,963 shares of Series&nbsp;A-1 Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Consent Agreement, the Company
and the Holders also agreed to amend and restate the Certificate of Designation of Preferences, Rights and Limitations for the Series
A-1 Preferred Stock (the &ldquo;<U>Amended and Restated Series A-1 Certificate of Designation</U>&rdquo;) effective immediately following
the closing of the transactions described above to (i) make certain adjustments to reflect the Reverse Split, (ii) remove all voting rights,
except as required by applicable law, (iii) increase the stated value of the Series A-1 Preferred Stock to $10,000 from $1,000, and (iv)
adjust the conversion price of the Series A-1 Preferred Stock to $87.50 as a result of the increase in stated value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After giving effect to prior conversions of
the Series A-1 Preferred Stock and the transactions contemplated by the Consent Agreement, 1,106 shares of Series A-1 Preferred
Stock remained outstanding which were convertible into an aggregate of 126,449 shares of common stock. All of such shares continued
to be registered under the July 2023 Registration Statement in accordance with Rule 416. The shares of common stock underlying the
Class C Warrants issued in the Exchange were registered for resale pursuant to a Registration Statement on Form S-1 (file no.
333-278630) filed on April 11, 2024 and declared effective by the Commission on April 17, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 18, 2024, the Company filed a Current
Report on Form 8-K reporting that on December 17, 2024, it had entered into a Consent and Amendment Agreement with certain holders of
the Series A-1 Preferred Stock (the &ldquo;<U>Consent and Amendment Agreement</U>) pursuant to which, among other things, the parties
agreed to amend and restate the terms of the Series A-1 Preferred Stock, effective on the closing of a &ldquo;Qualified Offering&rdquo;
(the &ldquo;<U>Effective Time</U>&rdquo;), to, among other things: (i) remove the obligation of the Company to pay dividends on shares
of the Series A-1 Preferred Stock in certain circumstances; (ii) remove the provisions that required the Company to obtain the consent
of the holders of a majority of the outstanding shares of Series A-1 Preferred Stock to take certain actions, such as the incurrence of
certain indebtedness, the granting of liens and the purchase or redemption of outstanding equity securities; (iii) remove the liquidation
preference applicable to the Series A-1 Preferred Stock; (iv) reduce the conversion price of the Series A-1 Preferred Stock to $4.34;
(v) prevent the conversion of the Series A-1 Preferred Stock for a period ending on the earlier of (A) the effective date of a resale
registration statement covering the additional shares of common stock issuable upon the conversion of the Series A-1 Preferred Stock as
a result of the reduction in the conversion price (the &ldquo;Effective Date&rdquo;) and (B) the six-month anniversary of the Effective
Time; (vi) provide for the automatic conversion of the Series A-1 Preferred Stock into either shares of common stock or the Company&rsquo;s
Class C Warrants at the conversion price upon the earlier of (A) the Effective Date or (B) as determined by the written consent of the
holders of at least a majority of the outstanding shares of Series A-1 Preferred Stock which must include AIGH Investment Partners LP
and its Affiliates (&ldquo;<U>AIGH</U>&rdquo;) for so long as AIGH holds at least $1,500,000 in aggregate Stated Value of Series A-1 Preferred
Stock acquired pursuant to the Purchase Agreement; and (vii) remove certain price protection provisions which had expired pursuant to
their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_002.jpg">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 5</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Current Report on Form 8-K filed on December
20, 2024, the Company reported that it had consummated a &ldquo;Qualified Offering&rdquo; on December 20, 2024 and that, as a result,
the terms of the Series A-1 Preferred Stock had been amended as summarized above. As a result of the reduction in the conversion price
of the Series A-1 Preferred Stock, an additional 1,875,324 shares became issuable upon the conversion of the remaining shares of Series
A-1 Preferred Stock outstanding (the &ldquo;<U>Additional Conversion Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the majority holders of the Series
A-1 Preferred Stock believed that converting the Series A-1 Preferred Stock into common stock was in the best interests of the Company
and the holders. Among other things, removing the restrictions contained in the Series A-1 Preferred Stock would simplify the Company&rsquo;s
capital structure and improve the Company&rsquo;s ability to raise additional capital through the public or private sale of its equity
securities. However, the blocker provision in the Series A-1 Preferred Stock would have prevented the automatic conversion of all of the
outstanding shares of Series A-1 Preferred Stock because the blocker provision in the Series A-1 Preferred Stock would have prevented
the conversion of any shares that would have resulted in a holder receiving Additional Conversion Shares in an amount that caused it to
exceed its Beneficial Ownership Limitation. Accordingly, the parties agreed to amend the terms of the Series A-1 Preferred Stock as described
above so that such a holder could receive Class C Warrants (which contain their own blocker provision) upon conversion of the holder&rsquo;s
Series A-1 Preferred Stock covering a number of shares of common stock equal to the amount of Additional Conversion Shares that, if issued,
would have caused such holder to exceed its Beneficial Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the description above shows, the amendment
of the Series A-1 Preferred Stock terms to allow the issuance of Class C Warrants was solely for the purpose of permitting the Company
to force the conversion of all of the outstanding shares of Series A-1 Preferred notwithstanding the blocker provision in the Series A-1
Preferred Stock, and not for the purpose of raising additional capital. It that regard, it is important for the Staff to note that the
Class C Warrants are &ldquo;pre-funded warrants&rdquo; exercisable for a nominal exercise price of $0.0001 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the current number of shares of common stock outstanding and
the beneficial ownership of the holders of the Series A-1 Preferred Stock set forth in the Registration Statement, the Company believes
that it will issue Class C Warrants to purchase approximately 932,881 shares of common stock to former holders of the Series A-1 Preferred
Stock upon the effective date of the Registration Statement.<SUP>2</SUP> Although the Company expects that the issuance of the shares
of common stock upon the exercise of such Class C Warrants will take the form of a cashless exercise as provided in the Class C Warrants,
if the holders of such Class C Warrants exercised their Class C Warrants for cash, the Company expects that it would receive an aggregate
of $93.29 from such exercises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
Although the Company believes it will issue fewer shares upon the exercise of the Class C Warrants than it seeks to register on the
Registration Statement, pursuant to the Commission&rsquo;s rules and the practice followed for offerings that involve the issuance
of pre-funded warrants, the Company has registered a number of shares of common stock issuable upon the exercise of the Class C
Warrants equal to the Additional Conversion Shares. Any Additional Conversion Shares issuable upon the automatic conversion of the
Series A-1 Preferred Stock will reduce the number of shares of common stock covered by the Class C Warrants on a one-for-one basis
and vice versa. If the Class C Warrants covering all of the shares of Common Stock being registered for potential resale pursuant to
Registration Statement were exercised for cash, the Company would receive an aggregate of $187.53.</P>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_002.jpg">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 6</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In its Comment, the Staff refers to Securities
Act Compliance and Disclosure Interpretation 139.11 (the &ldquo;<U>C&amp;DI</U>&rdquo;). The C&amp;DI provides as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Question 139.11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Question:</B> A company privately placed convertible
securities in reliance on the exemption provided by Section 4(2), <B><U>but has not yet issued some or all of the convertible securities</U></B>.
The company agreed to file a registration statement within two months after the private placement closing to register the resale of the
common stock issuable on conversion of the convertible securities. <B><U>The securities were convertible into common stock using a conversion
ratio based on the company&rsquo;s common stock trading price at the time of conversion.</U></B> Can the company use Form S-3 to register
the resale of the common stock prior to conversion?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Answer:</B> Unless the transaction involving
the issuance of the convertible security meets the conditions under which a company may file a registration statement for resale of privately
placed securities before their actual issuance (commonly known as a &ldquo;PIPE,&rdquo; or private-investment, public-equity transaction,
as discussed below), the registration for resale of the common stock underlying the unissued convertible security would not be viewed
as a valid secondary offering. Instead, the transaction would be treated as an indirect offering by the issuer, and thus a primary offering,
with the investor being identified in the registration statement as an &ldquo;underwriter.&rdquo; In such circumstances, the registration
statement may not use the phrase &ldquo;may be an underwriter.&rdquo; Instead, the disclosure in the registration statement must state
that the investor &ldquo;is an underwriter.&rdquo; As a result, the company may register on Form S-3 the resale of the underlying common
stock, or the convertible security itself, only if the company is eligible to use that Form for a primary offering. In addition, if the
company continues to sell privately additional convertible securities after it has filed the registration statement for the securities
underlying the previously sold convertible securities, the continuation of the same offering may call into question the Section 4(2) exemption
generally claimed for the entire convertible securities offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>In a PIPE transaction, a company will be
permitted to register the resale of securities prior to their issuance if the company has completed a Section 4(2)-exempt sale of the
securities (or in the case of convertible securities, of the convertible security itself) to the investor, and the investor is at market
risk at the time of filing of the resale registration statement. The investor must be irrevocably bound to purchase a set number of securities
for a set purchase price that is not based on market price or a fluctuating ratio, either at the time of effectiveness of the resale registration
statement or at any subsequent date. When a company attempts to register for resale shares of common stock underlying unissued, convertible
securities, the PIPE analysis applies to the convertible security, not to the underlying common stock.</U></B> There can be no conditions
to closing that are within an investor&rsquo;s control or that an investor can cause not to be satisfied. For example, closing conditions
in capital formation transactions relating to the market price of the company&rsquo;s securities or the investor&rsquo;s satisfactory
completion of its due diligence on the company are unacceptable conditions. The closing of the private placement of the unissued securities
must occur within a short time after the effectiveness of the resale registration statement. [Nov. 26, 2008]&rdquo; (emphasis added).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_002.jpg">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 7</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of the Company, we respectfully submit
to the Staff that the terms of the Series A-1 Preferred Stock and the potential issuance of Class C Warrants upon the automatic conversion
of the Series A-1 Preferred Stock differ significantly from the situation described in the C&amp;DI and that registration of the shares
of common stock issuable upon the Class C Warrants that may become issuable upon the automatic conversion of the Series A-1 Preferred
Stock complies with the last paragraph of the C&amp;DI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>First</I>, unlike the situation in the C&amp;DI,
the Series A-1 Preferred Stock has been issued and outstanding since June 23, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Second</I>, the conversion price of the Series
A-1 Preferred Stock is fixed and does not fluctuate based on the trading price of the common stock or any other fluctuating ratio. We
believe that the conversion price of the unissued convertible preferred stock in the situation described in the C&amp;DI was based on
a formula tied to the market price of the underlying common stock at the time of conversion was the most significant factor leading to
the Staff&rsquo;s interpretive position. As described above, the offering of the Series A-1 Preferred Stock ended on June 23, 2023. Since
that time, the investors have been at market risk with respect to the underlying common stock. The potential issuance of Class C Warrants
upon the automatic conversion of the Series A-1 Preferred Stock does not change that fact. As described above, any holder of the Series
A-1 Preferred Stock that receives Class C Warrants upon the automatic conversion will continue to be subject to market risk with respect
to the underlying shares of common stock. The exercise price of the Class C Warrants and the maximum number of shares of common stock
issuable upon the exercise thereof are both fixed and neither are subject to change based on either the market price of the common stock
or a fluctuating ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike the situation described in the C&amp;DI,
there is no potential distribution that will occur upon the automatic conversion of the Series A-1 Preferred Stock. The Company received
the full proceeds from the issuance the Series A-1 Preferred Stock in June of 2023. The total number of shares of common stock that may
be issued upon the conversion of the Series A-1 Preferred Stock (including shares that may become issuable upon the exercise of any Class
C Warrants issuable in lieu of shares upon conversion) is fixed and determinable. As described above, the additional cash proceeds, if
any, that the Company might receive upon the cash exercise of the Class C Warrants are nominal. Because the Company expects that the Class
C Warrants will be exercised on a cashless basis, the Company believes it will not receive any proceeds therefrom. Accordingly, concluding
that the secondary offering covered by the Registration Statement is actually a veiled primary offering on behalf of the Company is inconsistent
with the Staff&rsquo;s own interpretive positions on that topic. <U>See</U> Compliance and Disclosure Interpretation 214.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_002.jpg">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 8</TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Third</I>, the Company believes that registration
of the shares of common stock underlying the Class C Warrants that may be issued upon the automatic conversion of the Series A-1 Preferred
Stock squarely meets the PIPE transaction requirements set forth in the C&amp;DI. The sale of the Series A-1 Preferred Stock was completed
well before the filing of the Registration Statement. The holders were irrevocably bound to purchase the Series A-1 Preferred Stock and
indeed purchased their shares more than a year prior to the filing of the Registration Statement. The issuance of the shares of common
stock upon the automatic conversion of the Series A-1 Preferred Stock will occur at a set conversion price that is not based on market
price or a fluctuating ratio, as required by the C&amp;DI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described above, the Class C Warrants are exercisable
for a nominal price and will only be issued to holders who need the blocker provision contained therein to prevent them from exceeding
their Beneficial Ownership Limitation. The Class C Warrants have a fixed exercise price and are exercisable for a fixed and determinable
number of shares. The Class C Warrants have no economic value to either the Company or the holders and are intended, as is the case in
all pre-funded warrants, to be the equivalent of common stock, subject only to the blocker provision. Because neither the Series A-1 Preferred
Stock nor the Class C Warrants have a conversion or exercise price that is based on market price or a fluctuating ratio, the registration
of the underlying shares fits squarely within the requirements of the last paragraph of the C&amp;DI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Staff has allowed a registrant to proceed
with registration in circumstances that are more similar to the situation described in the C&amp;DI than the circumstances presented here.
On November 13, 2024, Jet.AI Inc. (&ldquo;<U>Jet</U>&rdquo;) filed a registration statement on Form S-3 (file no. 333-283207) (&ldquo;<U>Jet
Registration Statement</U>&rdquo;) registering shares of its common stock that would be issuable on conversion of shares of preferred
stock pursuant to conversion price tied to the market price of the underlying common stock and that were not then outstanding but which
would be issuable upon the exercise of a warrant. On December 2, 2024, the Staff issued a common letter on the Jet Registration Statement
in which the Staff referenced the C&amp;DI and questioned the appropriateness of Jet registering the shares of common stock and noted
that the preferred stock would convert based on a fluctuating exercise price tied to the market price of the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1861622/000000000024013265/filename1.pdf" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1861622/000000000024013265/filename1.pdf</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the facts presented, the Jet Registration Statement
was declared effective by the Commission on December 27, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1861622/999999999524003931/xslEFFECTX01/primary_doc.xml" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1861622/999999999524003931/xslEFFECTX01/primary_doc.xml</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2<I>.</I></B></TD><TD STYLE="text-align: justify"><B><I>Regarding the Series A-1 Preferred Stock, please tell us how you determined the number of shares
registered for resale.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See the response to Comment 1
above. As described therein, pursuant to the Consent Agreement entered into on January 26, 2024, (i) 90% of the outstanding Series
A-1 Preferred Stock was converted into shares of Common Stock or exchanged for Class C Warrants, (ii) the stated value of the
remaining Series A-1 Preferred Stock was increased to $10,000, and (iii) and the conversion price was increased to $87.50 to reflect
the effect of the Reverse Stock Split. After giving effect to prior conversions and those transactions,  the
number of outstanding shares of Series A-1 Preferred Stock was reduced to 1,106 shares which were convertible into an aggregate of
126,498 shares of Common Stock, all of which were registered for resale by the holders. Subsequently, 250 shares of Series A-1
Preferred Stock were converted into 28,572 shares of Common Stock. The remaining 856 shares of Series A-1 Preferred Stock were
convertible into an aggregate of 97,876 shares of Common Stock. All of those shares were previously registered for resale by the
Company on the July 2023 Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><IMG SRC="image_002.jpg">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 9</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Pursuant to the Consent and Amendment
Agreement entered into on December 17, 2024, the conversion price of the Series A-1 Preferred Stock was reduced from $87.50 to $4.34.
As a result, an additional 1,875,324 shares of Common Stock became issuable upon the conversion of the remaining shares of Series A-1
Preferred Stock outstanding. We have included a table below showing this calculation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.5pt; width: 25%; border: Black 1pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Series A-1 Preferred Stock Outstanding</B></FONT></TD>
    <TD STYLE="padding: 2.5pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Aggregate Stated Value</B></FONT></TD>
    <TD STYLE="padding: 2.5pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Conversion Price</B></FONT></TD>
    <TD STYLE="padding: 2.5pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Number of Conversion Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; text-indent: 0">856</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">$8,560,000</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">$87.50</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">97,876</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; text-indent: 0">856</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">$8,560,000</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">$4.34</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0">1,973,200</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0"><B>Difference:</B></TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0"><B>1,875,324</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><I>Regarding the Series A-1 Preferred stock, please disclose the price that the selling securityholders
paid to acquire the Series A-1 Preferred Stock.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The disclosure on page 7 of the Amended
Registration Statement has been updated to disclose the price that the selling securityholders paid to acquire the Series A-1 Preferred
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>4.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please expand the information on page II-2 about the conversion price of $8.75 to also discuss:
(1) the adjustment to the conversion price of the Series A-1 Preferred Stock to $87.50 in January 2024; and (2) the adjustment to the
conversion price of the Series A-1 Preferred Stock to $4.34 in December 2024.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The disclosure starting on page II-3
of the Amended Registration Statement  has been updated to provide the additional information requested in this comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions regarding this letter
or need additional, please call the undersigned at (973) 597-2382.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_002.jpg">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Securities and Exchange Commission</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: right; text-indent: 0">April 28, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Division of Corporation Finance</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Page 10</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ John D. Hogoboom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John D. Hogoboom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.5in; text-indent: 0">cc:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Barbra C. Keck, Chief Financial Officer, SmartKem, Inc.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>







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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
