Evofem Biosciences (EVFM) Prices Approximately $26.6 Million Public Offering of Common Stock, Warrants

Evofem Biosciences, Inc. (Nasdaq: EVFM) (Evofem) today announced the pricing of its previously announced underwritten public offering of 22,665,000 shares of its common stock, 12,835,000 pre-funded warrants to purchase common stock in lieu of common stock to certain investors and warrants to purchase up to 71,000,000 shares of its common stock. Each share of common stock and accompanying common warrant are being offered at a combined public offering price of $0.75, less underwriting discounts and commissions, and each pre-funded warrant and accompanying common warrant are being offered at a combined public offering price of $0.749, less underwriting discounts and commissions. The pre-funded warrants have an exercise price of $0.001 per share. The common warrants have an exercise price of $0.75 per share, are exercisable immediately, and will expire five years following the date of issuance. All of the shares of common stock, pre-funded warrants and accompanying warrants being offered in the offering are being sold by Evofem. 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, are expected to be approximately $26.6 million. The offering is expected to close on or about May 24, 2022, subject to satisfaction of customary closing conditions.

Evofem intends to use the net proceeds from the offering for the continuation of commercialization activities related to its commercial product, Phexxi® (lactic acid, citric acid, and potassium bitartrate) vaginal gel, the continuation of its registrational Phase 3 clinical trial "EVOGUARD", which is evaluating Phexxi for two potential new indications, the prevention of chlamydia and gonorrhea in women, and related development activities, and other general corporate purposes and other capital expenditures.

Piper Sandler & Co. is acting as sole book-running manager for the offering.

You May Also Be Interested In

• AZZ, Inc. (AZZ) Announces Proposed 4M Share Offering
• Whirlpool (WHR) to cut 1,000 jobs - CFO Jim Peters
• ADT Corp. (ADT) Appoints Jeffrey A. Likosar as Permanent CFO