PMGC Holdings Inc. (Nasdaq: ELAB) has terminated a non-binding letter of intent to acquire a 76% controlling interest in a privately held Arizona-based precision machining and contract manufacturing company. The decision followed financial due diligence and a GAAP audit process that found the target’s historical financial profile was less favorable than expected. PMGC said the transaction’s total cost, including the proposed price, working capital needs and post-closing capital requirements, no longer met its risk-adjusted return criteria. The company incurred no breakup fee or termination penalty. PMGC continues to assess multiple M&A opportunities while investing in its aerospace and defense manufacturing portfolio, including advanced machining equipment, robotics and automation. It also merged two precision manufacturing businesses during 2026 to consolidate resources and improve operating efficiency. The company cautioned that its forward-looking statements are subject to risks and that actual results may differ materially from anticipated results.