Elevai Labs sinks after announcement of reverse stock split

** Shares of drug developer Elevai Labs ELAB fall 26.8% to 90 cents premarket

** ELAB says it will implement a 1-for-7 reverse stock split, effective March 10

** Split will reduce the total number of shares from ~4 mln to around 577,000

** ELAB stock crashed by 99.4% in 2024