---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-027642"
form_type: "8-K"
ticker: "EVFM"
cik: "0001618835"
company_name: "Evofem Biosciences, Inc."
filed_at: "2023-08-10T23:59:59+00:00"
generated_at: "2026-06-11T17:43:46.474203+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Evofem raises $650K net via $1M convertible note offering and debt-for-preferred exchange

## Summary
- Issued $1M in senior subordinated convertible notes at 8% interest, convertible at $1.25/share; net proceeds ~$650K.
- Warrants to purchase 799,999 shares at $1.25/share, with price adjustment clauses; expire in 5 years.
- Exchanged $1.8M in existing senior secured notes for 1,800 shares of Series E-1 preferred stock, convertible at $0.40/share.
- Annual meeting scheduled for Sept 14, 2023; proposals include director election, exec comp vote, and share increase to 1.2B.

## SEC filing metadata
- accession: 0001493152-23-027642
- form_type: 8-K
- ticker: EVFM
- cik: 0001618835
- company_name: Evofem Biosciences, Inc.
- filed_at: 2023-08-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 5.03, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618835/000149315223027642/0001493152-23-027642-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618835/000149315223027642/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-027642
- JSON: https://secwatch.observer/filing/0001493152-23-027642.json
- Plain text: https://secwatch.observer/filing/0001493152-23-027642.txt

## Key facts
- Governance Changes
  Evofem Biosciences, Inc.: Filed Certificate of Designations creating Series E-1 Preferred Stock, part of Amended and Restated Articles of Incorporation (effective 2023-08-07).
  - Change: charter amendment
  - Effective: 2023-08-07
  source text: On August 7, 2023 the Company filed the Certificate of Designations creating the Series E-1 Preferred Stock. The Certificate of Designations, which forms a part of the Company’s Amended and Restated Articles of Incorporation, specifies the terms of the Series E-1 Preferred Stock.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618835/000149315223027642/0001493152-23-027642-index.htm
- Material Agreements
  Evofem Biosciences, Inc. entered into Securities Purchase Agreement with certain investors valued at Notes in aggregate original principal amount of $1,000,000 and Warrants to purchase 799,999 shares o (effective 2023-08-04).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: certain investors
  - Value: Notes in aggregate original principal amount of $1,000,000 and Warrants to purchase 799,999 shares o
  - Effective: 2023-08-04
  source text: On August 4, 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 $1,000,000 (the “ Notes ”) and warrants (“ Warrants ”) to purchase an aggregate 799,999 shares of Common Stock, par value $0.0001 per share (the “ Common Stock ”) (collectively, the “ Offering ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618835/000149315223027642/0001493152-23-027642-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.