Item 1.01. Entry into Material Definitive Agreement.
On October 12, 2021, the Evofem Biosciences, Inc. (the "Company") completed the
initial closing (the "Initial Closing") of its previously announced registered
direct offering (the "Offering") of 5,000 shares of Series B-1 Convertible
Preferred Stock, par value $0.0001 per share ( the "Series B-1 Preferred Stock")
at a purchase price of $1,000.00 per share for aggregate gross proceeds to the
Company from this Initial Closing of approximately $5.0 million and aggregate
net proceeds to the Company of approximately $4.7 million, after deducting
estimated offering expenses payable by the Company. The additional closing of
the Offering and issuance of 5,000 shares of Series B-2 Convertible Preferred
Stock, par value $0.0001 per share (the "Series B-2 Preferred Stock";
collectively with the Series B-1 Preferred Stock, the "Series B Preferred
Stock") is expected to occur on or about October 26, 2021. The net proceeds from
the Offering will be used for (i) the continuation of commercialization
activities related to the Company's commercial product, Phexxi® (lactic acid,
citric acid, and potassium bitartrate) vaginal gel, (ii) the continuation of its
pivotal Phase 3 clinical trial 'EVOGUARD', evaluating EVO100 (L-lactic acid,
citric acid, and potassium bitartrate) vaginal gel for the prevention of
chlamydia and gonorrhea in women and related development activities, and (iii)
general corporate purposes and other capital expenditures.
Item 8.01. Other Events.
The Company is filing the opinion of its counsel, Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C., relating to the legality of the issuance and sale of
the shares of Series B Preferred Stock and the underlying common stock as
Exhibit 5.1 of this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
5.1 Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
23.1 Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included in
Exhibit 5.1)
--------------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EVOFEM BIOSCIENCES, INC.
Date: October 12, 2021 By: /s/ Justin J. File
Justin J. File
Chief Financial Officer© Edgar Online, source Glimpses
EVOFEM BIOSCIENCES, INC. 
