Summary by Moomoo AI
Elevai Labs Inc. announced a 1-for-200 reverse stock split effective November 27, 2024, aimed at maintaining compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The split was approved by stockholders on August 12, 2024, and the board of directors on August 22, 2024.Under the split terms, every 200 shares of common stock will automatically consolidate into one share, with stockholders receiving one whole share in lieu of fractional shares. The company's trading symbol remains "ELAB" but with a new CUSIP number (28622K 203). Post-split, approximately 3.07 million shares of common stock will be outstanding.The company has adjusted its equity incentive plan, including the number of shares available for future grants and the exercise prices of outstanding stock options. VStock Transfer, LLC will serve as the exchange agent, though stockholders holding shares in brokerage accounts require no action. The move is part of Elevai's strategy to maintain Nasdaq listing compliance and enhance market visibility.
