Elevai Labs Announces 1-for-200 Reverse Stock Split to Comply with Nasdaq Requirements

Elevai Labs Inc. has taken a significant step to ensure compliance with Nasdaq’s minimum bid price requirement by implementing a 1-for-200 reverse stock split. The decision, outlined in a recent filing with the Securities and Exchange Commission, is aimed at aligning with Nasdaq Listing Rule 5550(a)(2) and will become effective on November 27, 2024.

The process involves the automatic consolidation of every 200 shares of the company’s common stock into one share, without requiring any action from shareholders. Shareholders holding fractional shares will receive one full share for each fractional portion. Though the trading symbol will remain “ELAB,” the common stock will be identified by a new CUSIP number (28622K 203).

In addition to share consolidation, Elevai Labs will adjust outstanding stock awards, options, and its equity incentive plan to reflect the new share structure and ensure a smooth transition. Notably, the reverse stock split is crucial for Elevai to maintain its presence on the Nasdaq Capital Market and continue meeting listing requirements.

Following the reverse stock split, approximately 3.07 million shares of common stock will be issued and outstanding. The company emphasized that the split will not affect the overall value of shareholder equity; instead, it aims to reduce the number of shares outstanding while proportionally adjusting the share price.

Elevai Labs’ Chief Executive Officer, Graydon Bensler, highlighted the reverse stock split as a necessary measure to preserve the company’s Nasdaq listing, positioning Elevai for future growth and shareholder value creation. Shareholders holding shares through brokerage accounts or with physical certificates will witness automatic updates or can exchange physical certificates through VStock Transfer, LLC, if desired.

For further details regarding the Reverse Stock Split, investors can refer to Elevai’s full Form 8-K filing on the SEC’s website or contact the company directly at IR@elevailabs.com.

Elevai Labs Inc., listed on the Nasdaq under the symbol ELAB, is focused on medical aesthetics and biopharmaceutical drug development, with a commitment to innovations in skin aesthetics and treatments for obesity and metabolic health. Operating under a portfolio of three wholly owned subsidiaries, Elevai continues to advance its growth strategy and innovate for the future.

Please note that the information contained in this release regarding Elevai Labs Inc.’s future plans, strategies, and projections constitutes forward-looking statements and is subject to inherent uncertainties and risks. The company advises investors to review its filings with the SEC for a comprehensive understanding of potential risks and uncertainties.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Elevai Labs’s 8K filing here.

About Elevai Labs

Elevai Labs, Inc, a skincare development company, designs, manufactures, and markets skincare products. Its products include Empower and Enfinity post-skincare procedure care serums for the face, neck, and upper chest regions. The company was formerly known as Reactive Medical Labs Inc and changed its name to Elevai Labs, Inc in December 2021.