This past Friday, Evofem Biosciences Inc (NASDAQ:EVFM) announced that it closed the underwritten public offering of 50 million shares of the company’s common stock and warrants.
The announcement did not prove to be a positive for the Evofem stock, which declined by 2%. In the announcement, Evofem stated that it offered accompanying warrants to the investors by way of which they will be able to pick up 50 million shares within the next two years.
However, that is not all. The underwriter for the offering was also awarded an option to pick up 7.5 million shares of the common stock. Additionally, the underwriter is also going to have the option to take up 7.5 million warrants of the Evofem common stock. The offering brought in around $46.5 million in the form of net proceeds for the company. It is now going to be interesting to see if the Evofem stock can rebound on Monday.