NY, New York, UNITED STATES
New York, Nov.  24, 2023  (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of an initial public offering (the “Offering”) of 1,500,000 shares of common stock at a public offering price of US$4.00 per share for its client ELEVAI Labs Inc. (Nasdaq: ELAB) (the “Company” or “ELEVAI”), a medical aesthetic company specializing in physician-dispensed skincare. The common stock began trading on the Nasdaq Capital Market on November 21, 2023 under the ticker symbol “ELAB.”
The Company received aggregate gross proceeds of US$6.00 million from the Offering, before deducting underwriting discounts and other related expenses. The Company intends to use the proceeds from the Offering for: (i) general and administrative expenses; (ii) marketing and market expansion; (iii) research and development; and (iv) working capital. The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as book runner for the Offering. Webull Financial LLC acted as co-manager for the Offering. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. counsel to Univest in connection with the Offering. A registration statement on FormS-1, as amended (File No. 333-274755), relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) by the Company and declared effective by the SEC on November 13, 2023. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Univest, Attn: 75 Rockefeller Plaza, Suite 18C, New York, NY 10019, by email at info@univest.us , or by calling +1 (212) 343-8888. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov . This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us . About ELEVAI Labs Inc.
ELEVAI Labs Inc. is a medical aesthetic company developing cutting-edge physician-dispensed skin care applications. The company solves unmet needs in the medical aesthetics space through a combination of cutting-edge science-driven and next-generation consumer applications. ELEVAI Labs develops topical aesthetic skin care cosmetic products for the physician-dispensed market, with a focus on leveraging a proprietary stem cell exosome technology. For more information visit www.elevaiskincare.com . Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at  www.sec.gov . Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. For more information, please contact:
Univest Securities, LLC

Univest Securities, LLC Announces Closing of $6 Million Initial Public Offering of Common Stock for its Client ELEVAI Labs Inc. (Nasdaq: ELAB)

To print this article, all you need is to be registered or login on Mondaq.com. The Financial Industry Regulatory Authority filed a proposedrule change with the Securities and Exchange Commission on November3, 2023, to amend FINRA Rule 2210. This amendment would allow abroker-dealer to project performance or provide a targeted returnwith respect to a security, asset allocation or other investmentstrategy in a communication distributed solely to qualifiedpurchasers. FINRA's current prohibition against performance projectionsis intended to protect investors who may lack the capacity tounderstand the risks of projected performance in making investmentdecisions but allows certain tools, such as hypotheticalillustrations or price targets with valuation methods. FINRA's current proposal aims to broaden the memberfirm's ability to provide projected information toinstitutional investors and qualified purchasers and comports withthe SEC's Investment Advisor Marketing rule. FINRA appreciates that "projected performance maybe useful for institutional investors and [qualified purchasers]that either have the financial expertise to evaluate investmentsand to understand the assumptions and limitations associated withsuch projections, or that have resources that provide them withaccess to financial professionals who possess thisexpertise."

United States: FINRA Acts To Update Its Advertising Rule - Katten Muchin Rosenman LLP

To print this article, all you need is to be registered or login on Mondaq.com. The regulation of broker-dealer communications is delegated tothe Financial Industry Regulatory Authority, Inc. (FINRA), whileinvestment adviser advertisements are regulated directly by the USSecurities and Exchange Commission (SEC). FINRA and the SEC havehistorically taken very different approaches to the use ofperformance projections and performance targets. FINRA rulesspecifically prohibit the use of projections (subject to certainnarrow exceptions), while the SEC generally allowed such metrics,historically subject to general anti-fraud requirements and sincethe adoption of the recently revamped investment adviser marketingrule, Rule 206(4)-1 (SEC Marketing Rule), pursuant to specificrequirements regarding the use of "hypotheticalperformance." On 13 November 2023, FINRA proposed amendments to Rule 2210 (governingcommunications with the public) that would narrow the differencesbetween the two regulatory frameworks related to use ofprojections. Specifically, FINRA filed proposed amendments to Rule2210 (the Proposed Amendments) that borrow heavily from theapproach adopted by the SEC in the SEC Marketing Rule and whichwould permit FINRA members to include performance projections andreturn targets in their communications, subject to certainlimitations and conditions. SUMMARY
If adopted, the Proposed Amendments would allow FINRA memberfirms to project the performance or provide a targeted return withrespect to a security or asset allocation or other investmentstrategy in a communication to "institutional investors"or in a communication distributed solely to qualified purchasers(QPs) that promotes or recommends specified nonpublicofferings. This permission would be subject to three primaryconditions:
The FINRA member adopts policies and procedures reasonablydesigned to ensure that the communication is relevant to the likelyfinancial situation and investment objectives of the investorreceiving the communication;
The FINRA member has a reasonable basis for the criteria andassumptions used in calculating the projections or targets;and
The communication includes certain disclosures and informationregarding the criteria and assumptions used for—and the risksand limitations of—the performance projections andtargets. FINRA also notes that the while the Proposed Amendments haveseveral key differences from the SEC Marketing Rule, FINRA wouldexpect to interpret the Proposed Amendments consistent with theSEC's interpretations of the SEC Marketing Rule. SCOPE
As an initial matter, the Proposed Amendments would permit theuse of projections and targets only with a limited audience ofinvestors: "institutional investors" (as defined in FINRARule 2210(a)(4)) and QPs. Communications with institutionalinvestors could include performance projections and targets for anysecurities, including individual securities, private funds, mutualfunds, and exchange traded funds (ETFs). On the other hand, theProposed Amendments would only permit performance projections andtargets in communications to QPs that relate to private placementssold only to QPs (e.g., private funds). This limitation isdifferent from the SEC Marketing Rule, which requires considerationof the audience's sophistication but does not impose aspecified minimum level of sophistication. Another key distinction between the Proposed Amendments and theSEC Marketing Rule is that the Proposed Amendments would be limitedto projections and targets, while the SEC Marketing Rule covershypothetical performance more broadly, including "backtestedperformance." Backtested performance, as discussed in moredetail below, is excluded from the scope of the ProposedAmendments. POLICY AND PROCEDURES
The Proposed Amendments would require policies and procedures be"reasonably designed to ensure that the communication isrelevant to the likely financial situation and investmentobjectives of the investor receiving the communication and toensure compliance with all applicable requirements andobligations." These policies and procedures requirements inthe Proposed Amendments largely align with the SEC MarketingRule. The policies and procedures required by the Proposed Amendmentswould relate to the "investor receiving thecommunication" rather than, as in the SEC Marketing Rule, the"intended audience," although it is not immediately clearthe significance of this change. In adopting the SEC MarketingRule, the SEC included the phrase "intended audience" ina change from its original proposal to clarify that advisers cangroup investors into categories or types rather than evaluatingeach investor individually. Even though the Proposed Amendments donot include the same term (i.e., "intended audience"),FINRA explains in its proposal that FINRA members can rely on pastexperience with particular types of institutional investors or QPs.That said, the fact that the Proposed Amendments do not use thebroader language raises the question of whether FINRA members wouldneed to evaluate the financial situations and investment objectivesof the particular recipients of any communication containingprojections or performance targets. REASONABLE BASIS FOR PROJECTIONS / TARGETS
In its most significant deviation from the SEC Marketing Rule,the Proposed Amendments include a specific requirement that theFINRA member using performance projections or targetshave—and document—a reasonable basis for the criteriaand assumptions used in connection with the projections or targets.The intent of this requirement is to ensure projections are not"wildly optimistic" and are made in good faith. FINRAnotes that the reasonable basis requirement follows existingprecedent set forth in FINRA Rules 2210 and 2241 (requiring pricetargets in a research report to have a reasonable basis) and in SECRegulation S-K (requiring management projections to have areasonable basis). FINRA also proposed new Supplementary Materialto Rule 2210 that would provide a list of some, but not all, of thefactors FINRA members should consider in forming their reasonablebasis. This Supplementary Material also clarifies that backtestedperformance cannot serve as the "reasonable basis" forprojected performance or performance targets. Although the SEC Marketing Rule lacks a specifically analogousrequirement, the SEC Marketing Rule includes other requirementsthat effectively reach the same result (with the exception of theexclusion of backtested performance as a basis for performancetargets or projections). Specifically, the SEC Marketing Rulerequires advertisements to be fair and balanced and not misleadingand requires advisers to be able to substantiate any statements ofmaterial fact, including performance targets. DISCLOSURES
Finally, the Proposed Amendments would require FINRA members tomake certain disclosures when delivering performance projectionsand targets. First, the communication would be required toprominently disclose that the projections or targets arehypothetical in nature and that there is no guarantee that theprojections or targets would be met. In addition and similar to theSEC Marketing Rule, the Proposed Amendments would require FINRAmembers to disclose the criteria and assumptions and risks andlimitations associated with the projections or targets. As with theSEC Marketing Rule, FINRA members would not be required to disclosethe specific formulas used or other proprietary information andwould be permitted to provide general descriptions so long as suchdescriptions are sufficient to allow the recipient to understandthe risks and limitations and reasons why actual performance maynot match the projections or targets. IMPLICATIONS FOR FINRA MEMBERS
The Proposed Amendments are a welcome step in harmonizing theregulatory requirements applicable to broker-dealers and investmentadvisers with respect to use of performance advertising. Ifapproved by the SEC, FINRA members would be able to use performanceprojections and targets in a manner similar to investment advisers,which should allow for more consistency in the promotion of privatefunds. The proposed rule would also go a step further for FINRAmembers communicating with institutional investors, allowing theFINRA member to provide projections or targets relating to singlesecurities (including mutual funds and ETFs). Another potential implication relates to how the ProposedAmendments would relate to existing FINRA guidance. Specifically,FINRA has noted that unrealized holdings have no actual performanceexperience and therefore the presentation of related return metricswould constitute a prohibited projection under FINRA Rule 2210.Given that the Proposed Amendments would permit performanceprojections, it would seem that unrealized holding performancewould be permitted, subject to the limitations and conditions ofthe proposed rule. Similarly, this proposal could have implications for FINRAmember firms who seek to present internal rate of return (IRR)metrics for private funds. FINRA has previously expressed itsconcerns that the use of IRR for incomplete investment programs inretail communications could be a prohibited forecast or projection;however, FINRA also noted that, for firms with ongoing operations,IRR calculated in accordance with the Global Investment PerformanceStandards would be permitted. The Proposed Amendments could allowFINRA member firms additional latitude in presenting IRR metrics toinstitutional investors or QPs calculated in differentmethodologies, so long as the FINRA members comply with itsconditions. WHAT'S NEXT? The Proposed Amendments will be reviewed by the SEC. The SEC mayrequest that FINRA make amendments to its proposal or may publishthe proposed rule for public comment. The comment period would last21 days following the publication of the proposed rule in theFederal Register. After the comment period, the SEC and FINRA wouldconsider comments and, ultimately, issue a final set ofamendments. The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances. AUTHOR(S)

United States: Stay On Target: FINRA Proposes Rules Permitting Presentation Of Performance Projections And Targets  - K&L Gates

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The Financial Industry Regulatory Authority filed a proposed rule change with the Securities and Exchange Commission on November 3, 2023, to amend FINRA Rule 2210. This amendment would allow a broker-dealer to project performance or provide a targeted return with respect to a security, asset allocation or other investment strategy in a communication distributed solely to qualified purchasers. FINRA's current prohibition against performance projections is intended to protect investors who may lack the capacity to understand the risks of projected performance in making investment decisions but allows certain tools, such as hypothetical illustrations or price targets with valuation methods. FINRA's current proposal aims to broaden the member firm's ability to provide projected information to institutional investors and qualified purchasers and comports with the SEC's Investment Advisor Marketing rule. FINRA appreciates that "projected performance may be useful for institutional investors and [qualified purchasers] that either have the financial expertise to evaluate investments and to understand the assumptions and limitations associated with such projections, or that have resources that provide them with access to financial professionals who possess this expertise."

FINRA Acts to Update its Advertising Rule

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NEW YORK–(BUSINESS WIRE)– $benf #Arbitration –National investment loss lawyers Iorio Altamirano LLP continue to investigate broker-dealers that sold GWG L Bonds to retail investors. If you suffered losses in the GWG L Bonds, call the firm immediately at (855) 430-4010. Iorio Altamirano LLP represents dozens of GWG L Bond investors across the country and encourages investors who are taking a “wait and see approach” to act now. In light of recent developments in the GWG bankruptcy proceeding and FINRA Arbitration wins for GWG L Bond investors, there is no reason for anyone with meritorious claims to wait to initiate a FINRA arbitration proceeding. Iorio Altamirano LLP was at the forefront of the investigation into the GWG L Bonds starting in late 2021 and has already helped investors recover $1.5 million in losses. Based on the law firm’s investigation, there appears to have been insufficient and inadequate due diligence and training performed by brokerage firms that sold the GWG L Bonds, leading to widespread negligence and misconduct. Many broker-dealers also failed to understand the risks involving GWG Holdings, Inc. and the GWG L Bonds and failed to supervise their brokers. GWG Bankruptcy – What’s true and what’s false? GWG Holdings filed for Chapter 11 bankruptcy on April 20, 2022 (4:2022-bk-90032). Over the past year, investors have received information from many broker-dealers concerning their prospects for recovery through the GWG Bankruptcy proceeding. The information given to investors depicts a false picture that they will either be made whole or receive at least half of their investment. Iorio Altamirano LLP believes this is false and that a potential recovery through the bankruptcy proceeding, if any, will be significantly lower. Any future recovery for GWG L Bondholders relies heavily on GWG’s ability to monetize its equity interest in BENF. BENF stock price hit a 52-week low of $0.47 on November 14, 2023. BENF risks being delisted from Nasdaq if it trades below $1 for 30 days. Over the past couple of weeks, it has become evident that the GWG L Bonds are likely worthless or have nominal value. The GWG Wind Down Trust has liquidated two of its four assets, the portfolio of life insurance policies and its equity interest in FOXO, for a mere $10.5 million. That’s 0.8% of the $1.3 billion owed to L Bondholders. However, most of that cash may not make it to L Bondholders. The third asset the GWG Wind Down Trust holds is its equity interest in BENF, which, as discussed above, appears to have nominal value. BENF closed at $0.525 per share on November 20, 2023, on a very thinly traded market. There is no foreseeable path to substantial monetization for the GWG Wind Down Trust. Finally, monetizing the fourth asset held by the GWG Wind Down Trust, its “retained causes of action” against entities such as BENF and other entities and individuals, is even more speculative, given BENF’s poor financial condition. Broker-Dealers That Sold GWG L Bonds
GWG sold the L Bonds through Emerson Equity LLC and a broker-dealer network, which pitched the products to individual retail investors. The broker-dealers who sold L Bonds and shared in the selling commissions included the below firms and other broker-dealers. The securities arbitration law firm Iorio Altamirano LLP is interested in speaking with customers of these firms.

Iorio Altamirano LLP Encourages Investors to File FINRA Arbitration Claims Over GWG L Bonds Losses

National Futures Association (NFA) is a self-regulatory organization for the derivatives industry. NFA strives to safeguard the integrity of the derivatives markets, protect investors, and ensure members meet their regulatory responsibilities.

National Futures Association

`` NFA looks forward to collaborating with FINRA as the crypto market continues to evolve , '' said Regina Thoele , Senior Vice President , Compliance at NFA .

FINRA and NFA Discuss Crypto Assets at Special Summit.
FINRA, NFA Expand MOU to Include Information Sharing, Collaboration.

Society for Financial Education and Professional Development (SFEPD) operates as a financial literacy field. It offers customized financial literacy programs and professional development opportunities for people in communities nationwide. The company was founded in 1998 and is based in Alexandria, Virginia.

Society for Financial Education and Professional Development (SFEPD)

As part of the partnership with the FINRA , Professional Development Student Ambassadors at two HBCU 's - Florida Agricultural and Mechanical University and Alabama State University - are being trained on how the capital markets ecosystem works and the financial industry regulatory requirements needed to take FINRA 's Securities Industry Essentials ® Exam .

SFEPD Launches Program with FINRA Investor Education Foundation to  Advance HBCU Students’ Financial Education

North American Securities Administrators Association (NASAA) represents state and provincial securities regulators protecting investors from fraud and abuse. It is based in Washington, DC.

NASAA

`` FINRA is pleased to collaborate with NASAA and the U.S. Securities and Exchange Commission to provide this free resource to firms as we collectively work to support implementation of the Senior Safe Act and better protect senior and vulnerable adult investors . ''

SEC, NASAA, and FINRA Offer Free Resource to Securities Firms to Assist in Detection, Prevention and Reporting of Financial Exploitation of Seniors

Venn offers Mobile Device Management is frequently used by companies to protect sensitive company data on employees' personal phones. The company develops BYO-PC to protect workers from any personal use on the same computer. It was formerly known as OS33. Venn was founded in 2019 and is based in New York, New York.

Venn

Exegy is a company that focuses on providing intelligent market data, advanced trading and execution systems, and future-proof technology and infrastructure in the financial market sector. The company offers services such as real-time market data solutions, trading platforms, and trading signals, all designed to enhance the performance and growth of financial firms. Exegy primarily serves sectors such as market makers, proprietary traders, asset managers, and agency brokers. It was founded in 2003 and is based in St. Louis, Missouri.

Exegy

U.S. Securities and Exchange Commission

FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. It is a not-for-profit organization that works under the supervision of the SEC. It actively engages with and provides essential tools for investors, member firms and policymakers. It is based in Atlanta, Georgia.

Name	Work History	Title	Status
Carlo di Florio	U.S. Securities and Exchange Commission, and PwC	Executive Vice President	Current
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Name	Carlo di Florio	Subscribe to see more	Subscribe to see more	Subscribe to see more	Subscribe to see more
Work History	U.S. Securities and Exchange Commission, and PwC	Subscribe to see more		Subscribe to see more	Subscribe to see more
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