Evofem signs non-binding LOI related to possible merger

Evofem Biosciences announced it has signed a confidential non-binding letter of intent, or LOI, relating to a possible merger with a publicly-traded entity which, if consummated, could result in Evofem being listed on a national stock exchange. The Company is still in negotiations, has not executed a definitive agreement, and neither party is under any obligation to enter into or continue negotiations regarding a definitive agreement relating to the Transaction. “We believe re-establishing a national listing for our stock could be in the best interest of our shareholders and essential to the long-term success of the Company. This could remove certain barriers for institutional investors and analysts who are prohibited from investing in and covering over-the counter stocks and is a significant step toward overcoming some of the challenges Evofem has faced over the past year,” said Saundra Pelletier, CEO of Evofem Biosciences. “Beyond the national exchange listing, this possible merger could offer funding, strategic support and operational expertise that we believe could accelerate Evofem’s mission and could generate additional revenue opportunities for the combined company.”