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Evofem Biosciences Inc. (OTCQB: EVFM) Stock On Watchlist After Announcing A Key Update

On Tuesday, Evofem Biosciences Inc. (OTCQB: EVFM) came into focus after further information emerged with regards to the company’s potential acquisition by Aditxt Inc.

Evofem Biosciences Files Preliminary Proxy for Stockholder Approval of the Acquisition by Aditxt

Aditxt runs an innovative platform focused on speeding up high-potential healthcare innovations, and yesterday it announced that Evofem Biosciences had filed a preliminary proxy for stockholder approval pertaining to the merger.

As per the amended and restated merger agreement signed on July 12, 2024, with Aditxt and its fully owned subsidiary Adifem Inc., the latter would merge with Evofem Biosciences. Following the merger, Evofem Biosciences would function as a fully owned subsidiary unit of Aditxt.

If the proposal is approved by the stockholders of the company and other conditions for the closure of the transaction are met, the parties aim to close the merger at some point in the fourth fiscal quarter of 2024.

One of the closing conditions is for the company to generate sufficient finances so as to take care of its closing obligations. In the news release, it was noted that at the time there was no guarantee that all the closing conditions were going to be actually met. The Evofem Biosciences declined by 11% following the announcement. It remains to be seen if it can recover today.

Technicals

+/- EMA(20)0.0095 (-5.26%)
+/- SMA(50)0.0098 (-8.16%)
+/- SMA(200)0.0217 (-58.53%)
5-Day Perf.-2.17%
1-Month Perf.
3-Month Perf.-9.09%
6-Month Perf.-43.75%
YTD Perf.-85.94%
1-Year Perf.-94%
RSI(14)50.2
ATR(14)
ADX(14)42.95
Beta (5Y)0.96