Univest Securities, LLC Announces Closing of $6 Million Initial Public Offering of Common Stock for its Client ELEVAI Labs Inc. (Nasdaq: ELAB)
November 24 2023 - 12:00PM
Univest Securities, LLC (“Univest”), a member of FINRA and SIPC,
and a full-service investment bank and securities broker-dealer
firm based in New York, today announced the closing of an initial
public offering (the “Offering”) of 1,500,000 shares of common
stock at a public offering price of US$4.00 per share for its
client ELEVAI Labs Inc. (Nasdaq: ELAB) (the “Company” or “ELEVAI”),
a medical aesthetic company specializing in physician-dispensed
skincare. The common stock began trading on the Nasdaq Capital
Market on November 21, 2023 under the ticker symbol “ELAB.”
The Company received aggregate gross proceeds of
US$6.00 million from the Offering, before deducting underwriting
discounts and other related expenses.
The Company intends to use the proceeds from the
Offering for: (i) general and administrative expenses; (ii)
marketing and market expansion; (iii) research and development; and
(iv) working capital.
The Offering was conducted on a firm commitment
basis. Univest Securities, LLC acted as book runner for the
Offering. Webull Financial LLC acted as co-manager for the
Offering. Ortoli Rosenstadt LLP acted as U.S. counsel to the
Company, and Hunter Taubman Fischer & Li LLC acted as U.S.
counsel to Univest in connection with the Offering.
A registration statement on FormS-1, as amended
(File No. 333-274755), relating to the Offering was filed with the
Securities and Exchange Commission (“SEC”) by the Company and
declared effective by the SEC on November 13, 2023. The Offering
was made only by means of a prospectus, forming a part of the
registration statement. Copies of the prospectus relating to the
Offering may be obtained from Univest, Attn: 75 Rockefeller Plaza,
Suite 18C, New York, NY 10019, by email at info@univest.us, or by
calling +1 (212) 343-8888. In addition, copies of the prospectus
relating to the Offering may be obtained via the SEC's website at
www.sec.gov.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy any of the
Company’s securities, nor shall there be any offer, solicitation or
sale of any of the Company’s securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Univest Securities,
LLC
Registered with FINRA since 1994, Univest
Securities, LLC provides a wide variety of financial services to
its institutional and retail clients globally including brokerage
and execution services, sales and trading, market making,
investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building
long-term relationship with its clients. For more information,
please visit: www.univest.us.
About ELEVAI Labs Inc.
ELEVAI Labs Inc. is a medical aesthetic company
developing cutting-edge physician-dispensed skin care applications.
The company solves unmet needs in the medical aesthetics space
through a combination of cutting-edge science-driven and
next-generation consumer applications. ELEVAI Labs develops topical
aesthetic skin care cosmetic products for the physician-dispensed
market, with a focus on leveraging a proprietary stem cell exosome
technology. For more information visit www.elevaiskincare.com.
Forward-Looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as “may, “will, “intend,” “should,” “believe,”
“expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company’s filings with the SEC, which
are available for review at www.sec.gov. Univest Securities
LLC and the Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof.
For more information, please contact:
Univest Securities, LLCEdric
GuoChief Executive Officer75 Rockefeller
Plaza, Suite 18CNew York, NY 10019Phone: (212) 343-8888Email:
info@univest.us
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