Business
Evofem Biosciences Announces 1-for-125 Reverse Stock Split
Evofem Biosciences Announces 1-for-125 Reverse Stock Split.
About this update from Evofem Biosciences, Inc.
[{"type":"text","content":"\n\n\n\nEvofem Biosciences Announces 1-for-125 Reverse Stock Split\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nEvofem Biosciences Announces 1-for-125 Reverse Stock Split\nPR Newswire\nSAN DIEGO, May 17, 2023\n\n\n\n-- CUSIP number for Evofem will change to 30048L302 on May 18, 2023 --\n-- Ticker symbol will change to \"EVFMD\" for 20 business days, then revert to \"EVFM\" --\nSAN DIEGO, May 17, 2023 /PRNewswire/ -- Evofem Biosciences, Inc., (OTCQB: EVFM) (the \"Company\") today announced a 1-for-125 reverse stock split of the Company's common stock, which was approved by the stockholders of the Company at the special meeting of stockholders held on March 15, 2023.\n\n \n \n \n \n \n \n\n \nOn Thursday May 18, 2023, the Company's common stock will open for trading under a new CUSIP (30048L302) on the OTC Venture Market, on a split-adjusted basis, under the ticker symbol \"EVFMD.\"After 20 business days, the ticker symbol will change back to \"EVFM.\"The reverse stock split is intended to ensure the Company has a sufficient number of authorized shares of common stock to cover the number of common shares underlying the Company's financial instruments on a fully-diluted basis.\nThe 1-for-125 reverse stock split will automatically convert 125 current shares of the Company's common stock into one share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the Company's common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the stockholder would otherwise be entitled multiplied by the closing trading price of the common stock on the OTC Venture Market on Wednesday, May 17, 2023, and rounded down to the nearest whole cent. \nThe reverse split will reduce the number of shares of outstanding common stock from approximately 249,004,008 shares, the number of shares outstanding as of May 17, 2023, which was the Record Date for this transaction, to approximately 1,992,032 shares...