Univest Securities, LLC Announces Closing of $6 Million Initial Public Offering of Common Stock for its Client ELEVAI Labs Inc. (Nasdaq: ELAB)

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New York, Nov. 24, 2023 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of an initial public offering (the “Offering”) of 1,500,000 shares of common stock at a public offering price of US$4.00 per share for its client ELEVAI Labs Inc. (Nasdaq: ELAB) (the “Company” or “ELEVAI”), a medical aesthetic company specializing in physician-dispensed skincare. The common stock began trading on the Nasdaq Capital Market on November 21, 2023 under the ticker symbol “ELAB.”

The Company received aggregate gross proceeds of US$6.00 million from the Offering, before deducting underwriting discounts and other related expenses.

The Company intends to use the proceeds from the Offering for: (i) general and administrative expenses; (ii) marketing and market expansion; (iii) research and development; and (iv) working capital.

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The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as book runner for the Offering. Webull Financial LLC acted as co-manager for the Offering. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. counsel to Univest in connection with the Offering.

A registration statement on FormS-1, as amended (File No. 333-274755), relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) by the Company and declared effective by the SEC on November 13, 2023. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Univest, Attn: 75 Rockefeller Plaza, Suite 18C, New York, NY 10019, by email at [email protected], or by calling +1 (212) 343-8888. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About ELEVAI Labs Inc.

ELEVAI Labs Inc. is a medical aesthetic company developing cutting-edge physician-dispensed skin care applications. The company solves unmet needs in the medical aesthetics space through a combination of cutting-edge science-driven and next-generation consumer applications. ELEVAI Labs develops topical aesthetic skin care cosmetic products for the physician-dispensed market, with a focus on leveraging a proprietary stem cell exosome technology. For more information visit www.elevaiskincare.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: [email protected]

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