Elevai (NASDAQ:ELAB) stock was trading 5% lower Tuesday afternoon following the company’s $6M IPO that priced at the lower end of its previously stated range.
Shares of Elevai opened at $4 after being priced at $4, later dipping to a low of $3.10. The stock recently sold for $3.80 at around 12:12 p.m. ET
Elevai offered 1.5M shares at $4 per share. Underwriters were granted a 45-day option to buy up to 225K additional shares to cover any over-allotments. Univest Securities and Webull Financial are serving as co-underwriters for the deal.
Elevai filed for the IPO in late September, stating that it was looking to price 1.5M shares at between $4 and $6.
Based in Newport Beach, California, Elevai Labs is a maker of skincare products for the medical aesthetics market. The company distributes its products through physicians.