Elevai Labs to sell 28.6M shares at 28c in public offering

Elevai Labs has priced a public offering with gross proceeds to the Company expected to be approximately $8M, before deducting placement agent fees and other estimated expenses payable by the Company. The offering is a best-efforts offering, with no minimum amount of securities required to be sold. The offering is comprised of 28,571,425 shares of the Company’s common stock. Each share of common stock or pre-funded warrant will be sold with one Series A Warrant to purchase one share of common stock at an exercise price of $0.38 per share and one Series B Warrant to purchase one share of common stock at an exercise price of $0.38 per share or, pursuant to an alternative cashless exercise option, three shares of common stock. The Series A Warrants will be exercisable beginning on the date of completion of the requisite waiting period following the filing of the Information Statement related to the approval by the stockholders of the Company of the issuance of shares upon exercise of the Warrants, among other things. The Series B Warrants will be exercisable beginning on the Effective Shareholder Approval Date. The Series A Warrants will expire on the five-year anniversary of the Initial Exercise Date and the Series B Warrants will expire on the two and one-half-year anniversary of the Initial Exercise Date. The purchase price of each share of common stock and accompanying Warrants is $0.28, and the purchase price of each pre-funded warrant and accompanying Warrants will be equal to such price minus $0.0001. The Company intends to use the net proceeds from this offering for general corporate purposes, including working capital and investments. This offering is expected to close on or about September 24, 2024, subject to satisfaction of customary closing conditions. Univest Securities, LLC is acting as sole placement agent for the offering.