Evofem Biosciences, Inc. [NASDAQ: EVFM] has declared the pricing of underwritten public offering of 50,000,000 shares of its common stock and supplementary short-term warrants to buy up to a total of 50,000,000 shares of common stock. The firm disclosed that each share of common stock is being dumped collectively with one short-term warrant to buy one share of common stock at a total public offering price of $1.00 per share of common stock and supplementary common warrant, subtracting underwriting markdowns and directives.
Furthermore, the short-term warrants have an exercise price of $1.00 per share, are usable instantly, and will terminate two years after the date of issuance. The firm is anticipated to raise the profit of $50 million. The firm will receive the profit before subtracting underwriting markdowns and directives and other offering expenditures and discounting any profit that may be obtained upon application of the common warrants to buy common stock.
Shares of Evofem soared 2.40% as it gained +0.03 during the trading session of Monday. The firm has recorded the profit of $1.28 on Monday’s session. In the last 52-weeks of trading session, share of firm wavered between $1.12 and $6.87 from its 52-week low and high range, respectively. Evofem has total market capitalization of $128.51 million at the time of writing.
Additionally, EVFM has also declared the opportunity of 30-day to buy up to an extra 7,500,000 shares of its common stock and/or warrants to buy up to an extra 7,500,000 shares of its common stock at the public offering price, subtracting underwriting markdowns and directives. All these common stocks will be sold by Evofem. Evofem Biosciences Inc. is planning to use the net profit from the offering for the extension of full marketing activities related to Phexxi.