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Evofem Biosciences Inc (NASDAQ: EVFM) has priced its previously announced underwritten public offering of 50 million shares and accompanying short-term warrants to purchase up to an aggregate of 50 million shares.
The offer price of $1.00 per share represents a discount of 22% from the last close price of $1.28 on Monday.
The short-term warrants have an exercise price of $1.00 per share, are exercisable immediately, and expire two years following the date of issuance.
The gross proceeds are expected to be $50 million. Full exercise of the warrants would generate additional proceeds of $50 million.
An underwriter has an option to purchase up to an additional 7.5 million shares or warrants to purchase up to an additional 7.5 million shares.
The offering is expected to close by May 20.
Evofem intends to use the proceeds for commercialization activities related to Phexxi, its ongoing EVOGUARD Phase 3 clinical trial evaluating EVO100 to prevent chlamydia and gonorrhea in women.
Price Action: EVFM shares are down 37.5% at $0.80 during the premarket session on the last check Tuesday.
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