Elevai Labs, Inc. announced on November 4, 2024, an amendment and restatement of its offer to exchange common stock for Series B Preferred Stock, including an extension of the expiration date. The offer, previously set to expire on November 4, 2024, was extended to November 27, 2024.
The Series B Preferred Stock remains restricted and non-tradable, meaning shareholders who exchange their common stock will not have an active market to sell these shares. The company's Board of Directors continues to provide no recommendation regarding participation in the offer.
The company noted that the offer could be extended further or terminated, and shareholders who exchange common stock will forego potential capital appreciation. The company also has the authority to issue additional preferred stock with potentially preferential rights, which could dilute shareholder value.
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