Evofem Biosciences (EVFM) Prices 50M Share Common Offering

Evofem Biosciences, Inc. (NASDAQ: EVFM) today announced the pricing of its previously announced underwritten public offering of 50,000,000 shares of its common stock and accompanying short-term warrants to purchase up to an aggregate of 50,000,000 shares of common stock. Each share of common stock is being sold together with one short-term warrant to purchase one share of common stock at a combined public offering price of $1.00 per share of common stock and accompanying common warrant, less underwriting discounts and commissions. The short-term warrants have an exercise price of $1.00 per share, are exercisable immediately, and will expire two years following the date of issuance.

The gross proceeds from the offering to Evofem, before deducting underwriting discounts and commissions and other offering expenses and excluding any proceeds that may be received upon exercise of the common warrants to purchase common stock, are expected to be $50 million. Full exercise of the warrants would generate additional gross proceeds of $50 million to Evofem, less underwriting discounts and commissions.

In addition, Evofem has granted the underwriter a 30-day option to purchase up to an additional 7,500,000 shares of its common stock and/or warrants to purchase up to an additional 7,500,000 shares of its common stock at the public offering price, less underwriting discounts and commissions.

All of the shares of common stock and accompanying warrants to purchase common stock being offered in the offering are being sold by Evofem. The offering is expected to close on or about May 20, 2021, subject to satisfaction of customary closing conditions.

H.C. Wainwright is acting as the sole book-running manager for the offering.

Evofem intends to use the net proceeds from the offering for the continuation of full commercialization activities related to Phexxi® (lactic acid, citric acid and potassium bitartrate) , including continued direct-to-consumer advertising activities across television, streaming and digital channels; the continuation of its ongoing EVOGUARD Phase 3 clinical trial evaluating EVO100 for the prevention of chlamydia and gonorrhea in women and related development activities; and general corporate purposes and other capital expenditures.

The securities described above are being offered by Evofem pursuant to a shelf registration statement on Form S-3 (File No. 333-253881) that was previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC) on March 11, 2021.

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