Evofem raises ~$295K via $538K convertible notes & warrants at $0.02/unit

Evofem Biosciences, Inc.

Issued $538,461.54 senior subordinate convertible notes (8% interest) and warrants for 26,923,077 common shares at $0.02 exercise price.
Net proceeds to company approx $295,000 after expenses; investors paid ~$650 per $1,000 principal.
Notes convertible at $0.02 per share, mature 3 years from March 20, 2023; warrants expire 5 years from issuance.
Company's stockholders approved reverse stock split on March 15, 2023; shares trade on OTCQB under EVFM.
Registration rights agreement requires filing Form S-1 within set deadlines; potential 2% monthly penalties for registration failures.

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 $538,461.54 (effective 2023-03-20).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: $538,461.54
Effective: 2023-03-20

Exact text from the filing

On March 20, 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 $538,461.54 (the “ Notes ”) and warrants (“ Warrants ”) to purchase an aggregate 26,923,077 shares of common stock

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Evofem Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001618835-23-000019

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