Evofem Biosciences (NASDAQ:EVFM) Enters into Support Agreements with Institutional Investors

Evofem Biosciences, Inc. recently disclosed in an 8-K filing to the Securities and Exchange Commission that it has entered into support agreements with some of its institutional investors. The support agreements, inked between October 28 and October 30, 2024, involve commitments from the investors to vote their shares as required in relation to a prior merger agreement.

As outlined in the filing, the support agreements specify that the investors will vote their shares, defined as “Subject Shares,” in favor of the Amended and Restated Merger Agreement (referred to as the “A&R Merger Agreement”) and the ensuing merger. Additionally, the investors agreed not to vote in favor of any potential Company Acquisition Proposals. They have also refrained from selling or transferring their Subject Shares until certain conditions outlined in the agreements are met.

The filing further discloses that as of the date of the Support Agreement, the investors collectively hold an aggregate of 1,468 shares of Evofem Biosciences preferred stock, as well as significant amounts of common stock issuable through convertible notes, warrants, and convertible instruments.

Furthermore, the document highlights that detailed terms and conditions of the support agreements are available in the complete text of the agreement, attached to the filing as Exhibit 10.1.

In another part of the filing, Evofem Biosciences reported the termination of a forbearance agreement with the Designated Agent, a move triggered by new claims of default based on the company’s repayment agreements with various parties. The Designated Agent and holders of senior secured promissory notes have stated that the previously established forbearance period is terminated as of October 27, 2024.

The filing incorporates these recent developments and their financial implications on the company. Details regarding these matters and associated agreements have been furnished in Evofem Biosciences’ official filing with the Securities and Exchange Commission.

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

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.