Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Katherine Atkinson was terminated as Chief Commercial Officer at Evofem Biosciences, Inc..
- Action
- terminated
- Role
- Chief Commercial Officer
Exact text from the filing
In connection with the RIF, the Company terminated the employment of Katherine Atkinson as the Company’s Chief Commercial Officer, effective March 17, 2023.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Evofem Biosciences, Inc. announced a restructuring with charges of aggregate pre-tax charges of approximately $0.1 million in connection with the reduction in force, primarily consisting of notice period and severance payments, affecting Company-wide (office and management positions) (39% reduction of payroll expenses; elimination of eight office and management positions including Chief Commercial Offic).
- Type
- restructuring
- Charge
- aggregate pre-tax charges of approximately $0.1 million in connection with the reduction in force, primarily consisting of notice period and severance payments,
- Affected area
- Company-wide (office and management positions)
- Headcount
- 39% reduction of payroll expenses; elimination of eight office and management positions including Chief Commercial Offic
Exact text from the filing
On March 20, 2023 the Board of Directors of Evofem Biosciences, Inc. (the “Company”) approved a reduction in force (“RIF”) intended to conserve the Company’s current cash resources and manage operating expenses. The Company will reduce its current workforce resulting in an overall 39% reduction of payroll expenses including (i) salary cuts for certain employees, (ii) elimination of eight office and management positions including the elimination of the Chief Commercial Officer role effective March 17, 2023; and (iii) reduction of the Chief Executive Officer’s salary by 40%. The Company expects annualized future cost savings from the reduction in force to be approximately $4.3 million, which the Company intends to use to support its operations. The Company estimates that it will incur aggregate pre-tax charges of approximately $0.1 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs. The Comp
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