Evofem Biosciences Secures Investor Support through Voting Agreements

Evofem Biosciences, Inc. has recently announced that it has entered into voting agreements with certain Series E-1 stockholders and convertible noteholders to ensure their support for the proposed merger with Aditxt, Inc. subsidiary, Adifem, Inc. The agreement is based on the Amended and Restated Merger Agreement that had been previously amended. These agreements entail voting in favor of the merger proposal at Evofem’s forthcoming Special Meeting of Stockholders.

The voting agreements involve specific holders of Evofem’s Series E-1 Convertible Preferred Stock committing to vote their shares, while holders of Evofem’s Convertible Notes have agreed to vote any EVFM common stock they possess in favor of the merger proposal. This move follows Aditxt’s recent $2.28 million investment in Evofem through the purchase of Evofem Series F-1 convertible preferred stock. Aditxt fulfilled its commitments under the Amended and Restated Merger Agreement by finalizing $5.0 million in Preferred Investments since May 2024.

Saundra Pelletier, the CEO of Evofem, expressed how the financial support from Aditxt assisted in the acquisition of SOLOSEC®, an FDA-approved single-dose oral antibiotic for bacterial vaginosis and trichomoniasis treatment. The support has also helped in advancing initiatives to increase Phexxi® uptake among GLP-1 users at risk of unplanned pregnancy. The company looks forward to continued backing from Aditxt and its ecosystem to drive growth and pursue its mission of enhancing women’s lives through diverse diagnostic, preventive, and therapeutic solutions.

The proposed merger’s closing necessitates certain conditions, including the affirmative vote of a majority of Evofem’s outstanding common stock and Series E-1 shares, and Aditxt securing adequate capital to fund its obligations at closing. Evofem intends to file an amended preliminary proxy related to the merger shortly. Participants are urged to remain updated on developments regarding the merger.

Forward-looking statements within the context of the safe harbor for such statements have been made in this press release, highlighting the risks and uncertainties involved. Details regarding these forward-looking statements are provided in Evofem’s SEC filings. Any decision made based on this information should be carefully considered in light of these risks and uncertainties.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Evofem Biosciences’s 8K filing here.

About Evofem Biosciences

(Get Free Report)

Evofem Biosciences, Inc, a biopharmaceutical company, develops and commercializes various products to address unmet needs in women's sexual and reproductive health. Its commercial product is Phexxi, a vaginal gel for the prevention of pregnancy. The company is also involved in the development of EVO100 for the prevention of chlamydia and gonorrhea in Women, and EVO200 for the prevention of recurrent bacterial vaginosis.

Further Reading