Business
Evofem Biosciences Successfully Amends S.P.A. with Institutional Investor
Evofem Biosciences Successfully Amends S.P.A. with Institutional Investor.
About this update from Evofem Biosciences, Inc.
[{"type":"text","content":"\n\n\n\nEvofem Biosciences Successfully Amends S.P.A. with Institutional Investor\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 Successfully Amends S.P.A. with Institutional Investor\nPR Newswire\nSAN DIEGO, Sept. 11, 2023\n\n\n\n-- Investor withdraws March 2023 Notice of Default --\n-- Notes are no longer convertible to shares of common stock, removing potential dilution from the previously-reserved over 240 million shares of common stock --\n-- Evofem may repurchase Notes within five years for as little as $14 millionand no more than $25 million, instead of the $97.5 million outstanding balance --\nSAN DIEGO, Sept. 11, 2023 /PRNewswire/ -- Evofem Biosciences, Inc. (OTCQB: EVFM) (Evofem or the \"Company\") today announced it has successfully negotiated and entered into a fourth amendment (the \"Fourth Amendment\") to its Securities Purchase and Security Agreement dated April 2020, as amended (the \"2020 S.P.A.\"), with a U.S.-based, healthcare-focused institutional investor (the \"Investor\"), under which the Investor purchased $25 million of convertible senior secured promissory notes (the \"Notes\") from Evofem.  Most notably, in the Fourth Amendment, the Investor withdraws and waives the March 2023 Event of Default and allows for the Company to repurchase the Notes for no more than $25 million.\n\n \n \n \n \n \n \n\n \n\"We deeply appreciate that the Investor has worked with us to amend the 2020 S.P.A. in a way that respects their initial investment while dramatically strengthening our financial position, facilitating execution of our growth strategy, and positioning Evofem for future success,\" said Saundra Pelletier, CEO of Evofem Biosciences.  \nUnder the Fourth Amendment, Evofem may repurchase the Notes for as little as $14 million and no more than $25 million, depending on timing of the repurchase within the stated five-year time frame.  Evofem will pay the Investor $1 million by October 1, 2023, which will be applied towards the eventual Note repurchase pric...