Elevai Labs Enters Asset Purchase Agreement with PMGC Holdings Inc.

Elevai Labs Inc. (NASDAQ: ELAB) reported on December 23, 2024, its entrance into an Asset Purchase Agreement with PMGC Holdings Inc. The agreement involves Cutis Cura Corporation, Carmell Corporation, and Elevai Skincare Inc., a wholly owned subsidiary of PMGC Holdings Inc. This agreement entails the sale of substantially all assets of Elevai Skincare and assets used in connection with the Business, excluding certain excluded assets.

Under the terms of the agreement, in exchange for the Purchased Assets, Cutis or Carmell will issue shares to Elevai Skincare, withhold a portion for indemnification obligations post-closing date, assume the Assumed Liabilities, pay cash concerning the sale of specific products, and make Earnout Payments as applicable. Additionally, further consideration includes payments based on yearly Net Sales and milestone payments.

The Closing date is to be mutually agreed upon by the contractual parties, occurring no later than the second Business Day after all the conditions precedent stated in Article VIII of the Asset Purchase Agreement are met.

The Asset Purchase Agreement encompasses customary representations and warranties of the involved parties regarding entity organization, compliance with laws, and litigation matters. It also outlines usual covenants, including operations before Closing and efforts to meet Closing conditions.

The agreement defines Assumed Liabilities as trade accounts payables and obligations from Assigned Contracts post-Closing, excluding Excluded Liabilities. The Business is described as the development and commercialization of skincare and haircare products catering to various markets.

The filing is a mere summary, and the details of the Asset Purchase Agreement are fully revealed in the Exhibit 10.1 attached to the Form 8-K filing.

This agreement signifies a strategic move for Elevai Labs Inc., aligning with its business goals and objectives. The company aims to strengthen its position in the skincare and haircare product sector through this transaction.

This news comes in conjunction with Personalis, Inc. (Nasdaq: PSNL) releasing unaudited preliminary revenues for the fourth quarter and full year of 2024, showcasing growth and strategic moves in the genomics field.

The official signing of this Form 8-K report was performed on behalf of PMGC Holdings Inc. by Graydon Bensler, the Chief Executive Officer, President, and Director, on January 7, 2025.

Please note that this article represents a summary of the report and is not a definitive statement of the company’s financials or activities.

Thank you.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Elevai Labs’s 8K filing here.

Elevai Labs Company Profile

Elevai Labs, Inc, a skincare development company, designs, manufactures, and markets skincare products. Its products include Empower and Enfinity post-skincare procedure care serums for the face, neck, and upper chest regions. The company was formerly known as Reactive Medical Labs Inc and changed its name to Elevai Labs, Inc in December 2021.