EVFM - Evofem Biosciences stock plunges on raising $26.6M capital

Evofem Biosciences (NASDAQ:EVFM) has priced public offering of 22.665M shares of its common stock, 12.835M pre-funded warrants to purchase common stock in lieu of common stock to certain investors and warrants to purchase up to 71M shares of its common stock for gross proceeds of approximately $26.6M. Each share of common stock and accompanying common warrant are priced $0.75 and each pre-funded warrant and accompanying common warrant are priced at $0.749. The pre-funded warrants have an exercise price of $0.001 per share and the common warrants have an exercise price of $0.75 per share, exercisable immediately and will expire five years following the date of issuance. The offering is expected to close on or about May 24. Net proceeds will be used for the continuation of commercialization activities related to its commercial product, Phexxi (lactic acid, citric acid, and potassium bitartrate) vaginal gel, the continuation of its registrational Phase 3 clinical

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Evofem Biosciences stock plunges on raising $26.6M capital