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Evofem Biosciences (EVFM) Shares Plummet After Announcing $50 Million Pricing for Public Offering

Tuesday, May 18, 2021 08:48 AM | Carl Pettit

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Evofem Biosciences (EVFM) Shares Plummet After Announcing $50 Million Pricing for Public Offering

What’s Going on with Evofem?

Evofem Biosciences (EVFM) shares plummeted after the commercial-stage biopharmaceutical company announced its pricing of $50 million for the firm's public offering yesterday, May 17. The public offering of 50,000,000 shares of common stock (and the associated short-term warrants) will be offered at $1.00 a share. In pre-market trading today, EVFM stock dropped 33.57%, landing at $0.85 per share.

What Does This Mean for EVFM?

Yesterday’s news release tacked on a price to Evofem’s previously announced underwritten public offering of 50,000,000 shares of its common stock — along with the pairing of each common stock with one short-term warrant (the right to purchase stock at a specific price and date), combining into a public offering price of $1.00 per share.

The two-year short-term warrants come with an exercise price of $1.00 per share, which is immediately exercisable. Evofem expects gross proceeds of approximately $50 million from this public offering. The proceeds are slated to fund the commercialization of the company’s Phexxi product (an on-demand birth control method), along with other Evofem products and expenditures, including a Phase 3 clinical trial for EVO100, designed to prevent chlamydia and gonorrhea in women.

Fundamental Score - 97

EVFM has a Fundamental Rank of 97. Find out what this means to you and get the rest of the rankings on EVFM!

Evofem Biosciences Inc is a commercial-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health, including hormone-free, woman-controlled contraception and protection from certain sexually transmitted infections (STIs). The company's product, Phexxi (lactic acid, citric acid and potassium bitartrate), is a hormone-free, prescription vaginal gel approved in the United States for the prevention of pregnancy. The company is also evaluating its investigational drug candidate EVO100 vaginal gel for the prevention of urogenital transmission of Chlamydia trachomatis infection (chlamydia) and Neisseria gonorrhoeae infection (gonorrhea) in women.

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