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Elate Group Announces 1.44M Share and Warrant IPO at $4/sh

AuthorVlad Schepkov
Published 09/05/2023, 02:18 PM
© Reuters. Elate Group (ELGP) Announces 1.44M Share and Warrant IPO at $4/sh

Elate Group (ELGP) has filed for 1,437,500 share IPO at $4 per share. The company is also "offering to those purchasers, if any, whose purchase of Class A Shares in this offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares of Class A common stock immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, pre-funded warrants (the “Pre-funded Warrants”) in lieu of Class A Shares that would otherwise result in the purchaser’s beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares of Class A common stock. The Pre-funded Warrants will be immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. The Pre-funded Warrants will have an exercise price of $0.001. The offering also includes the shares of Class A common stock issuable from time to time upon exercise of the Pre-funded Warrants. For each Pre-funded Warrant we sell, the number of Class A Shares we are offering will be decreased on a one-for-one basis. "

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