Carmell announces closing of elevai skincare acquisition

Pittsburgh, jan. 16, 2025 (globe newswire) -- carmell corporation (nasdaq: ctcx), a bio-aesthetics company focused on skin and hair health (“carmell”, the “company”, “we”, “our”, or “us”), today announced the closing of the previously announced acquisition of the skin and hair care business of elevai skincare, inc. (“elevai”), a leader in physician dispensed exosome skin and hair care products, pursuant to a definitive purchase agreement with pmgc holdings inc. (formerly elevai labs inc.) (“pmgc”) and elevai, its wholly owned subsidiary (the “acquisition”). at the closing of the acquisition (the “closing”), the purchase consideration consisted of the following: approximately $1.1 million of carmell common stock at a price of $0.8488 per share as follows: 1,149,226 shares of carmell common stock at closing, plus; 117,814 shares of carmell common stock held back by carmell to secure indemnification obligations of pmgc and elevai for 12 months after closing; approximately $57,000 in cash to be paid by carmell upon the sale of specified inventory existing as of the closing; and carmell's assumption of contractual liabilities and trade payables of elevai at the closing.
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