Evofem announces pricing of approximately $100 million public offering of common stock

Evofem Biosciences, Inc. (NASDAQ: EVFM), a commercial-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health, today announced the pricing of an underwritten public offering of 28,500,000 shares of its common stock at a price to the public of $3.50 per share. The gross proceeds from the offering to Evofem, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $100 million. The offering is expected to close on or about June 5, 2020, subject to satisfaction of customary closing conditions. In addition, Evofem has granted the underwriters a 30-day option to purchase up to an additional 4,275,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions. All of the shares of common stock in the offering are to be sold by Evofem.

Morgan Stanley and Piper Sandler are acting as joint book-running managers, Oppenheimer & Co. Inc. is acting as lead manager and H.C. Wainwright & Co. is acting as lead co-manager for the offering.

The shares described above are being offered by Evofem pursuant to a shelf registration statement on Form S-3 that was previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC) on December 2, 2019. The shares may be offered only by means of a prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may also be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, or by telephone at (800) 747-3924, or by email at prospectus@psc.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. – BioSpace

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