Elevai Labs Inc. Announces Anticipated Name Change to PMGC Holdings Inc.
Elevai Labs Inc. is changing its name to PMGC Holdings Inc., the company announced Friday. A press release also stated that PMGC Holdings Inc. plans to effectuate a strategic reorganization effective on Dec. 20.
Along with the name change, the reorganization includes moving from Delaware to Nevada. After the reorganization, the company will continue to trade on the Nasdaq Stock Market under the ticker symbol ELAB. The redomestication and name change will be effective on Nasdaq at the opening of business on Monday, December 23, 2024.
An expanded vision and commitment to building a portfolio of operating companies and assets with significant growth potential reflects the name change.
PMGC Holdings Inc. will concentrate on enhancing operational efficiencies across its existing entities, pursuing synergistic acquisitions, and considering strategic divestitures of assets or companies that are underperforming or do not align with its long-term strategy. These changes are to reduce costs, optimize returns, and enhance shareholder value.
PMGC Holdings Inc. listed the benefits of redomiciling to Nevada including:
- Business-Friendly Regulatory Environment: Nevada provides a modern and flexible corporate law framework that supports growth-oriented businesses like PMGC Holdings Inc., with provisions designed to reduce legal and operational complexities.
- Director and Officer Protections: Nevada statutes offer robust indemnification and liability protection for directors and officers, promoting confident leadership and decision-making.
- Cost Efficiency: Redomiciling to Nevada lowers state franchise tax obligations and other regulatory fees compared to those of Delaware, which the Company believes will result in significant long-term cost savings for the Company and its shareholders.
- Flexibility in Shareholder Governance: Nevada law provides flexibility in shareholder governance, including provisions for corporate structuring and amendments, which align well with PMGC Holdings diversified holding company strategy.
The company’s current portfolio consists of the following key subsidiaries: Elevai Skincare Inc., Elevai Biosciences Inc., Elevai Research Inc., and PMGC Capital LLC.