PMGC Holdings Inc. (NASDAQ:ELAB), a company in the pharmaceutical preparations industry with a market capitalization of $7.31 million, announced the resignation of Mr. Jordan R. Plews from his position as a director. The resignation took effect on December 23, 2024, and was not due to any disagreements with the company regarding its operations, policies, or practices.
The company, formerly known as Elevai Labs Inc. and Reactive Medical (TASE:PMCN) Labs Inc., is incorporated in Nevada and has its principal executive offices in Newport Beach, California. PMGC Holdings stated that Mr. Plews' departure was amicable, and his resignation letter was attached as an exhibit to the SEC filing. According to InvestingPro data, the company maintains impressive gross profit margins of 71% despite challenging market conditions, with 13 additional key insights available to subscribers.
PMGC Holdings Inc. trades under the ticker ELAB on The Nasdaq Stock Market LLC, currently priced at $2.38 per share. As an emerging growth company, PMGC Holdings has the option not to adhere to certain financial reporting requirements that are mandatory for larger public companies. The stock has experienced significant volatility, with a 99.35% decline year-to-date, though InvestingPro analysis suggests the stock may be undervalued at current levels.
The announcement did not include information about a successor or any changes to the company's board composition following Mr. Plews' resignation. The company's CEO, President, and Director, Graydon Bensler, signed off on the SEC filing dated December 31, 2024.
In other recent news, PMGC Holdings Inc., previously known as Elevai Labs Inc., has completed its reincorporation from Delaware to Nevada and appointed HTL International, LLC as its new independent registered public accounting firm, replacing TPS Thayer, LLC. The company also announced a significant change to its stock structure with a 1-for-200 reverse stock split.
Elevai Biosciences, a subsidiary of the company, is preparing for a pre-Investigational New Drug meeting with the U.S. Food and Drug Administration for its novel obesity treatment, EL-22. In addition, Elevai Labs has adjusted its shareholder meeting quorum from a majority to a third of the voting power of outstanding shares.
The company has also signed a Master Services Agreement with KCRN Research, Inc. to support the development of its obesity and muscle loss treatment, EL-22, and acquired exclusive licensing rights for two novel drug candidates from South Korean company MOA Life Plus Co., Ltd.
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