Elevai Labs Inc. Announces Anticipated Name Change to PMGC Holdings Inc. and Redomicile to Nevada
NEWPORT BEACH, Calif., Dec. 20, 2024 (GLOBE NEWSWIRE) -- PMGC Holdings Inc. (formerly known as Elevai Labs Inc.) (NASDAQ:ELAB) (before and after the redomestication, the "Company" or "we") announced today that it plans to effectuate a strategic reorganization effective on December 20, 2024. This reorganization will include changing the Company's name from Elevai Labs Inc. to PMGC Holdings Inc. and redomiciling from Delaware to Nevada. After this reorganization, the Company will continue to trade on The Nasdaq Stock Market ("Nasdaq") under the ticker symbol "ELAB." The redomestication and name change will be effective on Nasdaq at the opening of business on December 23, 2024.
The Company's name change reflects its expanded vision and commitment to building a portfolio of operating companies and assets with significant growth potential. As PMGC Holdings Inc. ("PMGC Holdings"), the Company will concentrate on enhancing operational efficiencies across its existing entities, pursuing synergistic acquisitions, and considering strategic divestitures of assets or companies that are underperforming or do not align with its long-term strategy. In doing so, the Company aims to reduce costs, optimize returns, and enhance shareholder value.
Benefits of Redomiciling to Nevada
The Company's decision to redomicile from Delaware to Nevada aligns with its mission to streamline operations and create a more efficient legal and governance framework. Nevada offers several legal benefits, including:
- Business-Friendly Regulatory Environment: Nevada provides a modern and flexible corporate law framework that supports growth-oriented businesses like PMGC Holdings Inc., with provisions designed to reduce legal and operational complexities.
- Director and Officer Protections: Nevada statutes offer robust indemnification and liability protection for directors and officers, promoting confident leadership and decision-making.
- Cost Efficiency: Redomiciling to Nevada lowers state franchise tax obligations and other regulatory fees compared to those of Delaware, which the Company believes will result in significant long-term cost savings for the Company and its shareholders.
- Flexibility in Shareholder Governance: Nevada law provides flexibility in shareholder governance, including provisions for corporate structuring and amendments, which align well with PMGC Holdings' diversified holding company strategy.
Current Portfolio
The portfolio consists of the following key subsidiaries, representing the Company's commitment to innovation and shareholder value creation:
- Elevai Skincare Inc. Specializing in physician-dispensed skincare solutions powered by its proprietary Precision Regenerative Exosome Technology™ (PREx™).
- Elevai Biosciences Inc. Focused on biopharmaceutical advancements, including developing IND-ready treatments for obesity and muscle preservation, EL-22 and EL-32.
- Elevai Research Inc. Used to conduct research in life sciences, focusing on research and development in Canada, supported by grants and strategic partnerships.
- PMGC Capital LLC. A multi-strategy investment vehicle engaging in investing, lending, and seeking diversified opportunities across various markets. PMGC Capital LLC invests in a wide range of assets, from equities to real assets and alternatives, provides loans to promising businesses, and capitalizes on opportunistic strategies, which include distressed assets, special situations, and emerging market opportunities. PMGC Capital LLC's goal is to achieve superior risk-adjusted returns by balancing traditional investments with innovative, opportunistic ventures, thereby offering both growth potential and stability through a diversified portfolio.
The Company's streamlined reorganization positions PMGC Holdings Inc. for sustainable growth and operational excellence as a diversified holding company committed to maximizing shareholder value.
Effective as of the redomestication, the Company's new parent company website will be: www.pmgcholdings.com.
About Elevai Labs Inc. (name change to be made to PMGC Holdings Inc. following Redomestication)
Elevai Labs Inc. (name change to be made to PMGC Holdings Inc. following redomestication) PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of four wholly owned subsidiaries: Elevai Skincare Inc., Elevai Biosciences Inc., Elevai Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.elevailabs.com
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "believes," "expects," "plans," "potential," "would" and "future" or similar expressions such as "look forward" are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC Holdings' filings with the United States Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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