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Aditxt Completes Final Equity Investment and Key Milestone Under the Amended and Restated Merger Agreement with Evofem
Aditxt Completes Final Equity Investment and Key Milestone Under the Amended and Restated Merger Agreement with Evofem.
About this update from Evofem Biosciences, Inc.
[{"type":"text","content":"\nAditxt, Inc. (NASDAQ: ADTX) (“Aditxt” or the “Company”), a social innovation platform dedicated to accelerating promising health innovations, today announced the achievement of a key milestone under the Amended and Restated Merger Agreement, as amended (the “A&R Merger Agreement”) toward completion of its intended acquisition of women’s health innovator Evofem Biosciences, Inc. (“Evofem”) (OTCQB: EVFM).\n\nToday, Aditxt purchased $2.28 million of Evofem Series F-1 convertible preferred stock. This is the final investment in Evofem stipulated under the A&R Merger Agreement.\n\nAmro Albanna, Co-Founder, Chairman, and CEO of Aditxt, said, “We believe that this is a critical milestone towards the completion of the proposed acquisition and positioning Evofem as a global women’s health enterprise focusing on advancing treatment, prevention, and diagnostic innovations.”\n\nUnder the A&R Merger Agreement, assuming the related proposal is approved by Evofem stockholders and other closing conditions are met, Aditxt’s subsidiary Adifem, Inc. will merge with and into Evofem. Evofem will be the surviving company and a wholly-owned subsidiary of Aditxt.\n\nThe closing of the transactions with Evofem is subject to several conditions, including but not limited to approval of the transaction by shareholders of Evofem and Aditxt raising sufficient capital to fund its obligations prior to and at closing. The Company estimates it will require approximately $17 million in additional cash to fund its proposed acquisition of Evofem, inclusive of the repayment needed to satisfy Evofem’s Senior Secured Note in conjunction with the closing. Evofem recently received a notice of default with respect to such Senior Secured Note, which it disputes. No assurance can be provided that all of the conditions to closing will be obtained or satisfied and that the transactions will ultimately close.\n\nAlbanna and Evofem CEO Saundra Pelletier will discuss the proposed transaction and post-acquisition plans, among other topics, on a Virtual Fireside Chat as follows:\n\nDate: Monday, October 28, 2024\n\nTime: 11:30 AM Eastern Time\n\nAccess: https://us06web.zoom.us/webinar/register/WN_wMfjOmRqTc-e6jy4b9MRjw#/registration\n\nThe Virtual Fireside Chat will be moderated by D...