Evofem Biosciences, Inc.

Stock Symbol: 
Case Status: 

Ademi LLP is investigating Evofem (OTCQB: EVFM) for possible breaches of fiduciary duty and other violations of law in its transaction with Aditxt.

In the transaction, the holders of Evofem’s common stock will exchange their shares for an aggregate of 610,000 shares of Aditxt common stock. In addition, Aditxt has agreed to issue up to an aggregate of 89,126 shares of preferred stock to the holders of Evofem’s currently outstanding unsecured notes, purchase rights, certain warrants, and preferred stock. The transaction agreement unreasonably limits competing transactions for Evofem by imposing a significant penalty if Evofem accepts a competing bid. Evofem insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Evofem’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.