** Shares of drug developer Elevai Labs decline 14% to 2 cents before the bell
** Late on Friday, ELAB said it will implement a 1-for-200 reverse stock split
** ELAB says stock split will be effective at midnight on Nov. 27 and is intended to bring the company into compliance with Nasdaq's minimum bid price listing rule
** Separately, co also withdraws offer to exchange 15 mln common shares with Series B preferred stock due to logistical issues
** Says will assess whether to commence a new exchange offer
** As of last close, ELAB stock had nearly halved in value so far this year
(Reporting by Bhanvi Satija in Bengaluru)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))
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