09:10 AM EDT, 09/23/2024 (MT Newswires) -- Elevai Labs ( ELAB ) said Monday it priced a public offering of about 28.6 million common shares, or pre-funded warrants in lieu of common shares, at $0.28 apiece for gross proceeds of about $8 million.

Each common share or pre-funded warrant will be sold with one series A warrant to purchase one common share and one series B warrant for either one common share or three common shares, pursuant to an alternative cashless exercise option, Elevai ( ELAB ) said.

Net proceeds from the offering, which is set to close around Tuesday, will be used for general corporate purposes, including working capital and investments.

Shares of Elevai Lab were down more than 59% in recent premarket activity Monday.

Price: 0.1132, Change: -0.17, Percent Change: -59.57