Evofem raises $965k net via $1.5M convertible note and warrant offering

Evofem Biosciences, Inc.

Issued $1.5M principal of senior subordinated convertible notes with 8% interest (12% default); convertible at $1.25/share.
Investors paid ~$650 per $1,000 principal (65% of face); net proceeds ~$965k after expenses.
Warrants to purchase 1.2M shares at $1.25/share, exercisable for 5 years with cashless exercise and price adjustment.
Notes mature March 6, 2026; change of control redemption at 125% premium; beneficial ownership capped at 4.99%.
Registration rights agreement requires S-1 filing within 90 days; 2% monthly penalty for filing/effectiveness failure.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Evofem Biosciences, Inc. entered into Securities Purchase Agreement with certain investors valued at $1,500,000 (effective 2023-07-03).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: $1,500,000
Effective: 2023-07-03

Exact text from the filing

On July 3, 2023, Evofem Biosciences, Inc., a Delaware corporation (the “ Company ”), entered into a securities purchase agreement (“ SPA ”) with certain investors (the “ Investors ”) providing for the sale and issuance of senior subordinate convertible notes due in the aggregate original principal amount of $1,500,000

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Evofem Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-024134

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