BUZZ-Elevai Labs falls after announcing 1-for-200 stock split
Shares of Elevai Labsfell 14% to 2 cents following the announcement of a 1-for-200 reverse stock split, effective at midnight on Nov. 27, aimed at complying with Nasdaq’s minimum bid price rule. Additionally, the company withdrew its offer to exchange 15 million common shares for Series B preferred stock due to logistical issues and will consider a new exchange offer. ELAB stock has nearly halved in value this year.
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
