Elevai Labs falls after announcing 1-for-200 stock split

PMGC Holdings

25/11/2024 10:43

** Shares of drug developer Elevai Labs  ELAB.O  decline 14%
to 2 cents before the bell 
    ** Late on Friday, ELAB said it will implement a 1-for-200
reverse stock split 
    ** ELAB says stock split will be effective at midnight on
Nov. 27 and is intended to bring the company into compliance
with Nasdaq's minimum bid price listing rule 
    ** Separately, co also withdraws offer to exchange 15 mln
common shares with Series B preferred stock due to logistical
issues
    ** Says will assess whether to commence a new exchange offer
    ** As of last close, ELAB stock had nearly halved in value
so far this year 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))