PMGC Holdings Inc. (ELAB), formerly known as Elevai Labs Inc., has successfully completed its reincorporation from a Delaware corporation to a Nevada corporation, effective December 20, 2024. The change was announced in a recent SEC filing. According to InvestingPro data, the company currently maintains a market capitalization of $7.5 million.
The move to Nevada, approved by the sole shareholder prior to the reincorporation, does not affect the company's business operations, management, assets, liabilities, or net worth. The physical location of PMGC Holdings and its employees, including management, remains unchanged.
The reincorporation has not altered the percentage ownership interest or the number of shares owned by any stockholder. PMGC Holdings Inc.'s common stock continues to be listed on The Nasdaq Capital Market under the trading symbol ELAB, with a new CUSIP number of 28622K104. The stock currently trades at $2.44, with InvestingPro analysis suggesting the shares are slightly undervalued based on their Fair Value model.
As a result of the reincorporation, the rights of the company's stockholders are now governed by Nevada's corporate laws, the newly adopted Nevada Articles of Incorporation, Nevada Bylaws, and the certificates of designation of preferred stock. Copies of the relevant documents, including the Plan of Merger, Delaware Certificate of Merger, Nevada Articles of Merger, Nevada Articles of Incorporation, Nevada Bylaws, and the Series B Certificate of Designation, are filed with the SEC and incorporated by reference in the 8-K filing.
The company, which operates in the pharmaceutical preparations industry, has its principal executive office in Newport Beach, California. Financial data from InvestingPro shows impressive performance metrics, including a robust gross profit margin of 71% and strong revenue growth of 112% in the last twelve months. The recent reincorporation marks another significant step in the company's evolution, having previously been known as Reactive Medical (TASE:PMCN) Labs Inc. before its name change to Elevai Labs Inc. in December 2021. With annual revenue of $2.45 million and a healthy current ratio of 3.86, the company maintains solid financial fundamentals despite its ongoing evolution.
In other recent news, PMGC Holdings has dismissed TPS Thayer, LLC as its independent registered public accounting firm and engaged HTL International, LLC for the role. This decision came without any reported disagreements on accounting principles or practices with TPS. Subsequently, Elevai Labs Inc., formerly known as PMGC Holdings, is preparing for a pre-Investigational New Drug meeting with the FDA for its novel obesity treatment, EL-22.
Elevai Labs Inc. has also announced a significant change in its stock structure with a 1-for-200 reverse stock split. This strategic move was approved by the board and later determined by the CEO. Furthermore, the pharmaceutical company has adjusted its shareholder meeting quorum from a majority to a third of the voting power of outstanding shares.
Elevai Labs Inc. has been granted an extension by Nasdaq to regain compliance with its minimum bid price requirement. The company has also entered into new executive agreements with key figures and signed a Master Services Agreement with KCRN Research, Inc. to support the development of its obesity and muscle loss treatment, EL-22.
Lastly, Elevai Labs has acquired exclusive licensing rights for two novel drug candidates from South Korean company MOA Life Plus Co., Ltd.
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