Continued Listing Subject to Receipt of
Shareholder Approval for the Reverse Stock Split of Evofem Common
Stock before May 4, 2022, with
Compliance by May 20, 2022
SAN
DIEGO, April 7, 2022 /PRNewswire/ -- Evofem
Biosciences, Inc. (Nasdaq: EVFM) ("Evofem" and the
"Company"), a commercial-stage biopharmaceutical company, today
announced the Nasdaq Hearings Panel (the "Panel") has granted
Evofem's request to continue its listing on The Nasdaq Stock Market
("Nasdaq"), pending the outcome of the stockholder vote on the
Company's reverse stock split proposal scheduled to take place at
its annual general meeting on May 4,
2022.
"We appreciate the Panel's decision to continue listing Evofem's
common stock on Nasdaq," said Saundra
Pelletier, Chief Executive Officer of Evofem. "We continue
working to build support for the reverse stock split among
stockholders of record, which we expect will enable us to regain
and maintain compliance with the Nasdaq Bid Price Requirement."
The Company is currently seeking shareholder approval to
implement a reverse stock split of its common stock at a ratio of
no less than 1-for-5 shares, and up to 1-for-15 shares, as stated
in Evofem's definitive proxy statement filed on March 30, 2022, with the U.S. Securities and
Exchange Commission. The proxy statement will be mailed to
stockholders of record as of March 28,
2022 and is available through the Company's website at
https://evofem.investorroom.com/SEC-filings.
As previously disclosed, on August 23,
2021, Evofem received a deficiency letter from the Listing
Qualifications Department of Nasdaq stating that the Company was
not in compliance with Nasdaq Listing Rule 5550(a)(2) (the "Bid
Price Requirement") because the closing bid price for the Company's
common stock was below the minimum $1.00 per share requirement for continued
inclusion on The Nasdaq Capital Market for the preceding 30
consecutive trading days.
In accordance with Nasdaq Listing Rules, the Company was
provided an initial period of 180 calendar days to regain
compliance with the Bid Price Requirement. On February 22, 2022, the Company was notified that
Nasdaq had determined to delist the Company as it did not comply
with the listing requirements. On March 1, 2022, the Company requested a hearing,
which was held on March 31, 2022.
About Evofem Biosciences
Evofem Biosciences, Inc.
(NASDAQ: EVFM) is developing and commercializing innovative
products to address unmet needs in women's sexual and reproductive
health, including hormone-free, woman-controlled contraception and
protection from certain sexually transmitted infections (chlamydia
and gonorrhea). The Company's first FDA-approved
product, Phexxi® (lactic acid, citric acid and potassium
bitartrate), is a hormone-free, on-demand prescription
contraceptive vaginal gel. It comes in a box of 12 pre-filled
applicators and is applied 0-60 minutes before each act of sex.
Learn more at phexxi.com and evofem.com.
Phexxi® is a registered trademark of Evofem Biosciences,
Inc.
Additional Information
INVESTORS AND SHAREHOLDERS
ARE URGED TO READ THE PROXY STATEMENT AND ANY SUPPLEMENT TO THE
PROXY STATEMENT AS THESE MATERIALS CONTAIN IMPORTANT INFORMATION
ABOUT THE REVERSE STOCK SPLIT AND RELATED MATTERS. INVESTORS
AND SECURITY HOLDERS HAVE ACCESS TO FREE COPIES OF THE PROXY
STATEMENT AND ANY SUPPLEMENTS TO THE PROXY STATEMENT AND OTHER
DOCUMENTS FILED WITH THE SEC BY EVOFEM THROUGH THE SEC WEBSITE
AT WWW.SEC.GOV AND ON THE COMPANY'S WEBSITE
AT
https://evofem.investorroom.com/SEC-filings.
Forward-Looking Statements
This press release includes
"forward-looking statements," within the meaning of the safe harbor
for forward-looking statements provided by Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995 including, without
limitation, statements related to the outcome of the stockholder
vote and the Company's ability to regain compliance with the Bid
Price Rule by May 20, 2022. Various
factors could cause actual results to differ materially from those
discussed or implied in the forward-looking statements, including
market and other conditions, and you are cautioned not to place
undue reliance on these forward-looking statements, which are
current only as of the date of this press release. Each of these
forward-looking statements involves risks and uncertainties.
Important factors that could cause actual results to differ
materially from those discussed or implied in the forward-looking
statements, or that could impair the value of Evofem Biosciences'
assets and business, are disclosed in the Company's SEC filings,
including its Annual Report on Form 10-K for the year
ended December 31, 2021, filed with the SEC on March 10,
2022. All forward-looking statements are expressly qualified in
their entirety by such factors. The Company does not undertake any
duty to update any forward-looking statement except as required by
law.
Investor Relations Contact:
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
Mobile: (917) 673-5775
Media Contact:
Jack
Hirschfield
Evofem Biosciences, Inc.
jhirschfield@evofem.com
Mobile: 512-674-5163
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SOURCE Evofem Biosciences, Inc.