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    Elevai Labs Inc. Announces Update and Extension of Pending Offer to Exchange

    NEWPORT BEACH, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Elevai Labs, Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a leader in medical aesthetics, announced today that it is has amended and restated the Offer to Exchange, including extending the expiration date, of its previously announced offer (the “Offer”) to holders of the Company’s outstanding Common Stock (the “Common Stock”), to exchange up to 15,000,000 shares of Common Stock for up to 15,000,000 shares of the Company’s newly issued Series B Preferred Stock (“Series B Preferred Stock”), with each share of Common Stock being exchangeable in for one share of Series B Preferred Stock. The terms and conditions of the Offer are described in the Amended and Restated Offer to Exchange dated November 4, 2024 (“Amended and Restated Offer to Exchange”) and the related Letter of Transmittal, as they may be amended or supplemented from time to time (the Amended and Restated Offer to Exchange, together with the Letter of Transmittal, the “Offer Documents”).

    The change to the Offer is that the expiration date of the Offer has been extended to one minute after 11:59 p.m. (12:00 midnight) New York City time on Wednesday November 27, 2024 unless further extended. The Offer was previously scheduled to expire at one minute after 11:59 p.m. (12:00 midnight) New York City time on November 4, 2024.

    Important Overview of the Exchange Offer and Terms

    The Series B Preferred Stock are Restricted and Non-Tradeable: Any Series B Preferred Stock issued in this Offer will be restricted, meaning there will be no active market for shareholders to sell the Series B Preferred Stock. The Company may extend this lock-up period as needed.

    Potential Extension of the Offering: The Company may need to extend the Offer beyond the current deadline.

    Adjustment of Common Stock on a Pro Rata Basis: If the total amount of Series B Preferred Stock issued exceeds the available allocation, the shares of Common Stock may be adjusted proportionally. For example, if a shareholder of Common Stock holds 100 shares, and the Series B Preferred Stock allocation is oversubscribed, such shareholder may receive fewer than 100 shares of Series B Preferred Stock as part of the Offer. Such shareholder will not receive these lost shares back if such shareholder converts the Series B Preferred Stock back into Common Stock in the future.

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    Elevai Labs Inc. Announces Update and Extension of Pending Offer to Exchange NEWPORT BEACH, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) - Elevai Labs, Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a leader in medical aesthetics, announced today that it is has amended and restated the Offer to Exchange, including extending …