Elevai Labs (ELAB) today announced the pricing of its initial public offering. The Offering consists 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 offering expenses. The shares of common stock have been approved for listing on the Nasdaq Capital Market and are expected to begin trading 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. The Offering is expected to close on or about November 24, 2023, subject to the satisfaction of customary closing conditions.
The Offering is being conducted on a firm commitment basis. Univest Securities, LLC (“Univest”) and Webull Financial, LLC (“Webull”) are acting as co-underwriters for the Offering. Ortoli Rosenstadt LLP is acting as US counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as US counsel to the underwriters in connection with the Offering.
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