New York investment bank Univest Securities LLC said it raised about $8 million in a follow-on offering of Elevai Labs Inc. stock.
Medical aesthetics company Elevai (Nasdaq: ELAB) is based in Newport Beach, and has its primary labs and development facilities in Folsom.
Univest priced the Elevai Labs offering Monday at 28 cents per share, which was the closing share price the previous Friday. The pricing announcement sent the existing share price down to 10.6 cents at the close of markets Monday. The shares closed at 9 cents Thursday.
Elevai makes skin care products with stem-cell growth factors, used in medical aesthetics treatments.
The company intends to use the proceeds from the offering for general corporate purposes, including working capital and investments, according to a news release.
Elevai's high-end products are distributed through physicians’ offices directly to patients for post-treatment skin support and ongoing daily aftercare following treatments.
The company works with stem cell exosome technology. Exosomes are components of cell vesicles that contain nucleic acids, proteins, fats and metabolites needed for cell function and reproduction.
The new offering was comprised of 28.6 million shares of the company’s common stock or pre-funded warrants in lieu of shares of common stock. Univest Securities acted as the sole placement agent. The $8 million is the value of the offering before fees and expenses.
Elevai was founded in 2020. It raised $3 million in the fall of 2022. It went public last November with a $6 million offering.
