NEWPORT
BEACH, Calif., Nov. 24,
2023 /PRNewswire/ -- ELEVAI LABS,
INC. (Nasdaq: ELAB), a medical aesthetic company specializing
in physician-dispensed skincare, today announced the closing of its
previously announced initial public offering of 1,500,000 shares of
common stock at a public offering price of $4.00 per share for total gross proceeds of
$6,000,000, before deducting
underwriting discounts and other offering expenses (the
"Offering"). The shares of common stock began trading on the Nasdaq
Capital Market on November 21, 2023,
under the ticker symbol "ELAB." The Company has granted the
underwriters an option, within 45 days from the closing date of the
Offering, to purchase up to an additional 225,000 shares of common
stock at the public offering price, less underwriting discounts, to
cover over-allotment, if any.
Univest Securities, LLC ("Univest") and Webull Financial,
LLC ("Webull") were acting as co-underwriters for the
Offering. Ortoli Rosenstadt LLP was acting as U.S. counsel to
the Company, and Hunter Taubman Fischer & Li LLC was
acting as U.S. counsel to the underwriters in connection with the
Offering.
The Company intends to use the proceeds from the Offering for
business expansion and to broaden the sales reach, strengthen the
market position, and expand both the scope of product offerings and
working capital.
A registration statement on Form S-1 relating to the Offering
was filed with the U.S. Securities and Exchange Commission (the
"SEC") (File Number: 333-274755) and was declared effective by the
SEC on November 13, 2023. The
Offering is being 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 by email
at info@univest.us, or by calling +1 (212) 343-8888 and from
Webull at customerservices@webull.us or by calling 1-888-828-0618.
In addition, copies of the final 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 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.
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, and wealth management. It strives to provide clients with
value-add service and focuses on building long-term relationships
with its clients. For more information, please
visit www.univest.us.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy, and financial needs. Investors can
find many (but not all) of these statements by the use of words
such as "approximates," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may" or other similar expressions in
this prospectus. The Company undertakes no obligation to update or
revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. 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 and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and other filings with the SEC.
For investor and media inquiries, please contact:
Media Contact
Brenda
Buechler
Chief Marketing Officer
contact@elevailabs.com
SOURCE ELEVAI Labs, Inc.