Full Press Release Details
Holdings Inc. Announces Closing of Elevai Skincare Divestiture
1: Strategic Divestment Reduces Cash Burn and Enhances Operational Efficiency
Beach, CA, January 16, 2025 - PMGC Holdings Inc. (formerly Elevai Labs Inc.) (the "Company" or "PMGC")
(Nasdaq: ELAB) a diversified holding company today announced the closing of the previously announced divestiture of its 100% wholly owned
subsidiary Elevai Skincare Inc. ("Elevai") pursuant to a definitive purchase agreement with Carmell Corporation ("Carmell")
(the "Divestiture") and reaffirms its commitment to accelerating shareholder value creation and market leadership following
the sale of its skincare subsidiary, Elevai Skincare. This strategic Divestiture marks a significant milestone in PMGC's journey
as a diversified holding company.
the closing of the Divestiture (the "Closing"), the purchase consideration paid to PMGC consisted of the following:
post-Closing earnout consideration of:
sale was executed to maximize immediate financial benefit while securing future upside through structured royalties and milestone payments.
It has notably strengthened PMGC's balance sheet, reduced operational losses, and paved the way for new opportunities that align
with the company's long-term vision.
the Closing, the total number of PMGC common stock outstanding was approximately 3.07 million.
press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor
shall there be any sale of these 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 any such state or jurisdiction.
wholly-owned subsidiary of PMGC, Elevai is developing and commercializing cutting-edge physician-dispensed skin and hair care applications
that focus on science-backed applications for the physician-dispensed market, utilizing cutting-edge technologies to redefine skincare
and hair care, including its stem cell exosome technology.
Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and
development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences
Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and
value. For more information, please visit https://www.pmgcholdings.com.
contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "believes," "expects,"
"plans," "potential," "would" and "future" or similar expressions such as "look
forward" are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press
release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy,
activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside
of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it
cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ
materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks
are described more fully in PMGC Holdings' filings with the United States Securities and Exchange Commission ("SEC"),
including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023,
filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. Investors and security
holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. All forward-looking statements
contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company
undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they