Elevai Labs Inc. Announces Pricing of $8.0 Million Public Offering
September 23 2024 - 7:45AM
Elevai Labs, Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”),
a pioneering force in medical aesthetics, today announced that it
has priced a public offering with gross proceeds to the Company
expected to be approximately $8.0 million, before deducting
placement agent fees and other estimated expenses payable by the
Company. The offering is a best-efforts offering, with no minimum
amount of securities required to be sold.
The offering is comprised of 28,571,425 shares
of the Company’s common stock (or pre-funded warrants in lieu of
shares of common stock). Each share of common stock or pre-funded
warrant will be sold with one Series A Warrant to purchase one
share of common stock at an exercise price of $0.38 per share (the
“Series A Warrants”) and one Series B Warrant to purchase one share
of common stock at an exercise price of $0.38 per share or,
pursuant to an alternative cashless exercise option, three shares
of common stock (the “Series B Warrants” and, together with the
Series A Warrants, the “Warrants”). The Series A Warrants will
be exercisable beginning on the date of completion of the requisite
waiting period following the filing of the Information Statement
related to the approval by the stockholders of the Company (the
“Initial Exercise Date” or “Effective Shareholder Approval Date”)
of the issuance of shares upon exercise of the Warrants, among
other things (the “Shareholder Approval”). The Series B Warrants
will be exercisable beginning on the Effective Shareholder Approval
Date. The Series A Warrants will expire on the five-year
anniversary of the Initial Exercise Date and the Series B Warrants
will expire on the two and one-half-year anniversary of the Initial
Exercise Date.
The purchase price of each share of common stock
and accompanying Warrants is $0.28, and the purchase price of each
pre-funded warrant and accompanying Warrants will be equal to such
price minus $0.0001.
The Company intends to use the net proceeds from
this offering for general corporate purposes, including working
capital and investments. This offering is expected to close on or
about September 24, 2024, subject to satisfaction of customary
closing conditions.
Univest Securities, LLC is acting as sole
placement agent for the offering.
The securities described above are being offered
by the Company pursuant to a registration statement on Form S-1
(File No. 333-281987) previously filed and declared effective by
the Securities and Exchange Commission (the
“SEC”). This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or jurisdiction. The offering is being
made only by means of a written preliminary prospectus and final
prospectus that will form a part of the registration statement. A
final prospectus relating to the offering will be filed with the
SEC and will be available on the SEC’s website at www.sec.gov.
Electronic copies of the final prospectus relating to this offering
may be obtained, when available, by contacting Univest Securities,
LLC at info@univest.us, or by calling +1 (212) 343-8888.
About Elevai Labs Inc.
Elevai Labs Inc. (NASDAQ: ELAB) specializes in
medical aesthetics and biopharmaceutical drug development, focusing
on innovations for skin aesthetics and treatments tied to obesity
and metabolic health. The Company operates a diverse portfolio of
three wholly owned subsidiaries across the medical aesthetics and
biopharmaceutical sectors, Elevai Skincare Inc., Elevai Biosciences
Inc., and Elevai Research Inc. For more information please
visit www.elevailabs.com.
Forward-Looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. Words such as
“believes,” “expects,” “plans,” “potential,” “would” and “future”
or similar expressions such as “look forward” are intended to
identify forward-looking statements. Although the Company believes
that the expectations expressed in these forward-looking statements
are reasonable, it cannot assure you that such expectations will
turn out to be correct, and the Company cautions investors that
actual results may differ materially from the anticipated results.
These forward-looking statements are based only on our current
beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy, activities of
regulators and future regulations and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Therefore, you should not rely on any of
these forward-looking statements. These risks and uncertainties
include, among others: Elevai’s limited operating history and
historical losses; Elevai’s ability to raise additional funding to
complete the development and any commercialization of its product
candidates; Elevai’s dependence on the success of its product
candidates EL-22 and EL-32; that Elevai may be delayed in
initiating, enrolling or completing any clinical trials;
competition from third parties that are developing products for
similar uses; Elevai’s ability to obtain, maintain and protect its
intellectual property; Elevai’s dependence on third parties in
connection with manufacturing, clinical trials and preclinical
studies; and Elevai’s expectations regarding its growth, strategy,
progress and the design, objectives and timing of its studies.
These and other risks are described more fully
in Elevai’s filings with the Securities and Exchange Commission
(“SEC”), including the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023,
filed with the SEC on March 29, 2024, the “Risk Factors” section of
the preliminary prospectus contained in the registration statement
referred to above, and its other documents subsequently filed with
or furnished to the SEC. All forward-looking statements contained
in this press release speak only as of the date on which they were
made. Except to the extent required by law, the Company undertakes
no obligation to update such statements to reflect events that
occur or circumstances that exist after the date on which they were
made.
IR
Contact:ir@elevailabs.com
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