Elevai Labs Inc. Executes 1-for-200 Reverse Stock Split

Elevai Labs Inc. (NASDAQ: ELAB) recently announced the completion of a 1-for-200 reverse stock split of its common stock. The split, which came into effect on November 27, 2024, was conducted in accordance with the Certificate of Amendment to the Company’s Third and Amended Certificate of Incorporation, as amended.

The Board of Directors of Elevai Labs initially approved the split at a ratio ranging between 1:2 and 1:10 on July 23, 2024, which was subsequently adjusted to a range of 1:2 to 1:200. Following approval by the company’s stockholders on August 12, 2024, the exact ratio of the split was determined by the Chief Executive Officer on November 20, 2024, fixing it at 1:200.

Notably, the reverse stock split did not impact the par value of the common stock, and fractional shares resulting from the split were converted into whole shares. Trading of the common stock on The Nasdaq Stock Market LLC started on a split-adjusted basis on November 27, 2024, retaining the trading symbol “ELAB.” Additionally, a new CUSIP number (28622K 203) was assigned to the common stock post-split.

In response to the split, Elevai Labs made necessary adjustments to the number of shares available for future grants under its equity incentive plan, as well as to outstanding awards and the exercise price per share of outstanding stock options. These modifications aimed to reflect the impact of the reverse stock split on the company’s equity structure.

A copy of the Certificate of Amendment associated with the reverse stock split has been filed as Exhibit 3.1 and is incorporated by reference for the transparency of shareholders. Elevai Labs’ Chief Executive Officer, Graydon Bensler, signed the report on November 27, 2024, in accordance with the Securities Exchange Act of 1934.

This concludes the overview of Elevai Labs Inc.’s recent 1-for-200 reverse stock split, highlighting key information and implications for the company and its shareholders.

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.

Elevai Labs Company Profile

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.