Evofem amends SPA: $97.5M notes repurchasable for up to $25M; default withdrawn

Evofem Biosciences, Inc.

Investor withdraws March 2023 Notice of Default; waives all existing Events of Default.
Notes no longer convertible into common stock, removing dilution from over 240M reserved shares.
Evofem can repurchase Notes over 5 years for $14M–$25M, down from $97.5M outstanding balance.
$1M upfront payment due Oct 1, 2023; quarterly cash payments up to 5% of global net product revenues.
Notes continue to accrue 10% interest; failure to repurchase by Sept 8, 2028 allows full collection.

item 1.01 item 2.03 item 9.01

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. amended Fourth Amendment with certain institutional investors (effective 2023-09-08).

Action: amendment
Agreement: equity purchase
Counterparty: certain institutional investors
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023 (“Effective Date”), Evofem Biosciences, Inc. (the “Company”), certain institutional investors (the “Purchasers”) and Baker Bros. Advisors LP as their designated agent (the “Designated Agent”) entered into a fourth amendment (the “Fourth Amendment”) to the Securities Purchase and Security Agreement by and among the Company, the Purchasers and the Designated Agent, dated as of April 23, 2020 (the “Agreement”), as amended, pursuant to which the Purchasers purchased certain convertible promissory notes (the “Notes”).

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Evofem Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-032195

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