Elevai Labs Inc. Announces Withdrawal of Offer to Exchange and Plans to Reassess
November 22 2024 - 5:00PM
Elevai Labs, Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”),
a leader in medical aesthetics, announced today that it is has
withdrawn the previously announced offer (the “Offer”) to holders
of the Company’s outstanding Common Stock (the “Common Stock”), to
exchange up to 15,000,000 shares of Common Stock for up to
15,000,000 shares of the Company’s newly issued Series B
Preferred Stock (“Series B Preferred Stock”), as a result of
notice from the Depositary Trust Company (“DTC”) that due to
logistical issues, DTC would not be able to accept the tenders of
Common Stock. As a result of this withdrawal, no shares will be
exchanged in the Offer and all shares previously tendered and not
withdrawn will be promptly returned to tendering holders. The
Company had intended to complete the Offer prior to a planned
reverse stock split; however, unforeseen circumstances, including
amending the offering materials in response to Securities and
Exchange Commission ("SEC") comments, caused delays. As a result,
the Company has withdrawn the Offer to prioritize regaining
compliance with Nasdaq's listing requirements.
The Company’s obligation to exchange shares pursuant to the
Offer was subject to a condition that specified the Series B
Preferred Stock shall be eligible for deposit with the DTC. As
shares of Common Stock tendered could not be accepted by the DTC
and exchanged for Series B Preferred Stock, the Offer could not be
settled.
The Company will assess whether to commence a new exchange
offer, though there can be no assurance that the Company will
proceed with a new exchange offer or as to the terms thereof.
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
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov.
IR Contact:
IR@ElevaiLabs.com
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