EVFM - Evofem Biosciences plunges on announcing 1-for-15 reverse stock split

Evofem Biosciences (NASDAQ:EVFM) trades 14.3% down premarket after it announced that the board and shareholders approved a 1-for-15 reverse stock split of its stock, effective today. The stock will continue to trade under the symbol, "EVFM". The reverse stock split is intended to increase the per share trading price for enabling the company to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The split will reduce the number of shares of outstanding common stock from ~187.7M shares to ~12.5M shares.

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Evofem Biosciences plunges on announcing 1-for-15 reverse stock split