Evofem raises $1.5M via $2.88M convertible notes with warrants at $0.13 strike

Evofem Biosciences, Inc.

Issued $2,884,615 principal of 8% senior subordinate convertible notes due Sept 2026, convertible at $0.13/share.
Sold at 65% of face value; net proceeds approximately $1.5 million after offering costs.
Warrants: Series A (22.2M shares at $0.13) and prepaid Series B (4.8M shares at $0.001 after $0.129 prepayment).
Beneficial ownership blocker set at 4.99%; company must file registration statement within 90 days.
Covenants restrict additional debt, liens, dividends, and require auditor registered with PCAOB.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Evofem Biosciences, Inc. entered into Securities Purchase Agreement with certain investors valued at Aggregate principal amount of $2,884,615 of senior subordinate convertible notes, Series A Warrants (effective 2023-09-27).

Action: entry
Agreement: notes offering
Counterparty: certain investors
Value: Aggregate principal amount of $2,884,615 of senior subordinate convertible notes, Series A Warrants
Effective: 2023-09-27

Exact text from the filing

On September 27, 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 $2,884,615 (the “ Notes ”), warrants to purchase an aggregate of 22,189,349 shares (the “ Series A Warrants ”) of common stock the Company, par value $0.0001 (the “Common Stock”), and prepaid warrants to purchase an aggregate of 4,807,692 shares of Common Stock (the “ Series B Warrants ,” and, together with the Series A Warrants, the “ Warrants ”) (collectively, the “ Offering ”).

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Evofem Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-035239

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