ELEVAI Labs Closes $6 Million NASDAQ IPO
Shares of ELEVAI Labs Commenced Trading on the NASDAQ on November 21, 2023, Under the Ticker Symbol "ELAB"
Elevai Labs (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 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 and Webull Financial, LLC were acting as co-underwriters 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 the underwriters in connection with the offering.
The company intends to use the proceeds from the offering for business expansion and to broaden its sales reach, strengthen its market position, and expand the scope of its product offerings and working capital.
Also Read: ELEVAI Labs Announces Pricing of $6 Million IPO
A registration statement on Form S-1 relating to the offering was filed with the U.S. Securities and Exchange Commission (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.
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.
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