PMGC Holdings Inc. (NASDAQ: ELAB) entered into a $40 million equity purchase facility with an institutional investor, the company announced. The initial tranche of approximately $10 million was expected to be funded at closing.

The facility allows PMGC to draw additional amounts at its discretion over a 24-month commitment period. Under the agreement, the investor must purchase shares of common stock from the company equal to funded amounts, subject to certain terms and conditions.

The Newport Beach, California-based company operates as a diversified holding company focused on precision manufacturing acquisitions. PMGC has completed four acquisitions over the past twelve months, building a portfolio of ITAR-registered, AS9100D-certified precision CNC machining businesses and a specialty IT hardware packaging company.

The company's portfolio includes businesses serving aerospace, defense and data center markets. PMGC stated it plans to use the facility proceeds to continue acquiring U.S. precision manufacturing companies and make organic investments across aerospace, defense and industrial end markets.

PMGC's strategy involves building a scaled, vertically integrated precision manufacturing platform through acquisitions, operational integration and investments in automation and workforce development. The company also indicated it may pursue acquisitions outside aerospace and defense where returns are available.

The company will file complete transaction details with the Securities and Exchange Commission on Form 8-K, according to the announcement.