Elevai Labs Announces Name Change to PMGC Holdings: Retail’s Cautious

Shares of Elevai Labs Inc. ($ELAB) rose 8% on Friday after the operator of skin care product companies announced a ‘strategic reorganization’ including a name change to PMGC Holdings and redomiciling from Delaware to Nevada, drawing a mixed reaction from retail investors on Stocktwits.

After this reorganization, Elevai, which specializes in medical aesthetics and biopharmaceuticals, will continue to trade on The Nasdaq Stock Market under the ticker symbol “ELAB.” The redomestication and name change will go into effect on Nasdaq at the opening of business on December 23, the company said.

According to a company statement, the company will focus on enhancing operational efficiencies across its existing entities and pursue ‘synergistic acquisitions’ and also consider ‘strategic divestitures’ of assets that are underperforming or do not align with its long-term strategy.

Its decision to redomicile from Delaware to Nevada aligns with its “mission to streamline operations and create a more efficient legal and governance framework,” it added, noting legal benefits such as a business-friendly regulatory environment and potential for long-term cost savings as a result of lower state tax obligations.

Retail rection on Stocktwits was a mixed bag.

Elavai’s portfolio consists of four wholly owned subsidiaries: Elevai Skincare Inc., Elevai Biosciences Inc., Elevai Research Inc., and PMGC Capital LLC.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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