Evofem Biosciences Files Preliminary Proxy for Stockholder Approval of the Acquisition by Aditxt
Aditxt, Inc. (NASDAQ: ADTX) announced that its acquisition target, Evofem Biosciences, Inc. (OTCQB: EVFM), has filed a preliminary proxy to seek stockholder approval for the merger outlined in the Amended and Restated Merger Agreement dated July 12, 2024. The agreement involves Adifem, Inc., a wholly-owned subsidiary of Aditxt, merging with Evofem, resulting in Evofem becoming a wholly-owned subsidiary of Aditxt.
The companies are targeting to close the transaction in the fourth quarter of 2024, subject to Evofem stockholder approval and other closing conditions, including Aditxt raising sufficient capital to fund its obligations at closing. However, no assurance is provided that all conditions will be met or that the transaction will ultimately close.
Aditxt, Inc. (NASDAQ: ADTX) ha annunciato che il suo obiettivo di acquisizione, Evofem Biosciences, Inc. (OTCQB: EVFM), ha presentato un proxy preliminare per cercare l'approvazione degli azionisti per la fusione prevista nell'Accordo di Fusione Modificato e Ripristinato datato 12 luglio 2024. L'accordo prevede che Adifem, Inc., una sussidiaria interamente controllata da Aditxt, si unisca a Evofem, con Evofem che diventa una sussidiaria interamente posseduta da Aditxt.
Le aziende mirano a completare la transazione nel quarto trimestre del 2024, soggetta all'approvazione degli azionisti di Evofem e ad altre condizioni di chiusura, inclusi i requisiti di Aditxt per raccogliere capitali sufficienti a coprire le proprie obbligazioni alla chiusura. Tuttavia, non c'è alcuna garanzia che tutte le condizioni saranno soddisfatte o che la transazione si concluderà effettivamente.
Aditxt, Inc. (NASDAQ: ADTX) anunció que su objetivo de adquisición, Evofem Biosciences, Inc. (OTCQB: EVFM), ha presentado un poder preliminar para buscar la aprobación de los accionistas para la fusión indicada en el Acuerdo de Fusión Modificado y Restablecido fechado el 12 de julio de 2024. El acuerdo implica que Adifem, Inc., una subsidiaria de propiedad total de Aditxt, se fusione con Evofem, resultando en que Evofem se convierta en una subsidiaria de propiedad total de Aditxt.
Las empresas tienen como objetivo cerrar la transacción en el cuarto trimestre de 2024, sujeto a la aprobación de los accionistas de Evofem y a otras condiciones de cierre, incluida la obtención de capital suficiente por parte de Aditxt para financiar sus obligaciones en el cierre. Sin embargo, no se garantiza que se cumplan todas las condiciones o que la transacción finalmente se cierre.
Aditxt, Inc. (NASDAQ: ADTX)는 인수 대상인 Evofem Biosciences, Inc. (OTCQB: EVFM)가 2024년 7월 12일 수정 및 재작성된 합병 계약에 명시된 합병을 위한 주주 승인을 요청하는 예비 위임장을 제출했다고 발표했습니다. 이 계약은 Aditxt의 전액 출자 자회사인 Adifem, Inc.가 Evofem과 합병되어 Evofem이 Aditxt의 전액 출자 자회사가 되는 내용을 포함하고 있습니다.
두 회사는 2024년 4분기에 거래를 마무리할 계획이지만, 이는 Evofem의 주주 승인 및 Aditxt가 거래 마감을 위한 의무를 이행하기 위해 충분한 자본을 조달하는 것을 포함한 다른 마감 조건에 달려 있습니다. 그러나 모든 조건이 충족되거나 거래가 최종적으로 마무리될 것이라는 보장은 없습니다.
Aditxt, Inc. (NASDAQ: ADTX) a annoncé que son objectif d'acquisition, Evofem Biosciences, Inc. (OTCQB: EVFM), a déposé une procuration préliminaire pour demander l'approbation des actionnaires concernant la fusion décrite dans l'Accord de Fusion Modifié et Révisé en date du 12 juillet 2024. L'accord implique qu'Adifem, Inc., une filiale à part entière d'Aditxt, fusionne avec Evofem, ce qui entraîne la transformation d'Evofem en une filiale à part entière d'Aditxt.
Les entreprises prévoient de finaliser la transaction au quatrième trimestre de 2024, sous réserve de l'approbation des actionnaires d'Evofem et d'autres conditions de clôture, y compris la collecte par Aditxt d'un capital suffisant pour financer ses obligations lors de la clôture. Cependant, aucune garantie n'est donnée que toutes les conditions seront remplies ou que la transaction se conclura effectivement.
Aditxt, Inc. (NASDAQ: ADTX) gab bekannt, dass das Ziel seiner Übernahme, Evofem Biosciences, Inc. (OTCQB: EVFM), eine vorläufige Vollmacht eingereicht hat, um die Zustimmung der Aktionäre zur Fusion gemäß dem am 12. Juli 2024 datierten geänderten und wiederhergestellten Fusionsvertrag einzuholen. Der Vertrag sieht vor, dass Adifem, Inc., eine hundertprozentige Tochtergesellschaft von Aditxt, mit Evofem fusioniert, wobei Evofem eine hundertprozentige Tochtergesellschaft von Aditxt wird.
Die Unternehmen streben an, die Transaktion im vierten Quartal 2024 abzuschließen, vorbehaltlich der Genehmigung der Aktionäre von Evofem und anderer Abschlussbedingungen, einschließlich der Bedingung, dass Aditxt ausreichend Kapital beschafft, um seinen Verpflichtungen bei Abschluss nachzukommen. Es gibt jedoch keine Garantie, dass alle Bedingungen erfüllt werden oder dass die Transaktion letztendlich abgeschlossen wird.
- Potential expansion of Aditxt's business through acquisition of Evofem Biosciences
- Progress in merger process with filing of preliminary proxy for stockholder approval
- Closing of the merger is subject to multiple conditions, including stockholder approval and sufficient capital raising
- Uncertainty regarding the successful completion of the merger
Insights
The filing of a preliminary proxy by Evofem Biosciences for stockholder approval of its acquisition by Aditxt is a significant step in the merger process. However, several key factors make this news less impactful for investors at this stage:
- The transaction is not expected to close until Q4 2024, which is a considerable time away.
- There are multiple closing conditions, including Aditxt raising sufficient capital, which introduces uncertainty.
- No financial details of the deal have been disclosed in this announcement.
- Evofem is currently traded over-the-counter, limiting its accessibility to many retail investors.
For Aditxt, with its small market cap of about
Companies Targeting Closing in Fourth Quarter of 2024
Assuming the proposal is approved by Evofem stockholders and other closing conditions are met, including but not limited to the Company raising sufficient capital to fund its obligations at closing, the companies are targeting closing the transaction in the fourth quarter of 2024. No assurance can be provided that all of the conditions to closing will be obtained or satisfied or that either of the transactions will ultimately close.
About Evofem Biosciences, Inc.
Evofem is commercializing innovative products to address unmet needs in women's sexual and reproductive health. The Company's first FDA-approved product, Phexxi ® (lactic acid, citric acid and potassium bitartrate) , is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex. In July 2024, Evofem broadened its commercial offering with the acquisition of SOLOSEC® (secnidazole) 2g oral granules , an FDA-approved oral antibiotic for the treatment of two sexual health diseases: bacterial vaginosis (BV), a common vaginal infection in females 12 years of age and older, and trichomoniasis, a common sexually transmitted infection (STI), in people 12 years of age and older. SOLOSEC provides a complete course of therapy in just one dose.
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Phexxi ® and SOLOSEC ® are registered trademarks of Evofem Biosciences, Inc.
About Aditxt, Inc.
Aditxt, Inc.® is an innovation platform dedicated to accelerating promising health innovations. Aditxt’s ecosystem of research institutions, industry partners, and shareholders collaboratively drives their mission to "Make Promising Innovations Possible Together." The innovation platform is the cornerstone of Aditxt’s strategy, where multiple disciplines drive disruptive growth and address significant societal challenges. Aditxt operates a unique model that democratizes innovation, ensures every stakeholder’s voice is heard and valued, and empowers collective progress.
Aditxt currently operates two programs focused on immune health and precision health. The Company plans to introduce two additional programs dedicated to public health and women’s health. For these, Aditxt has entered into an Arrangement Agreement with Appili Therapeutics, Inc. (“Appili”) (TSX: APLI; OTCPink: APLIF), which focuses on infectious diseases, and a Merger Agreement with Evofem. Each program will be designed to function autonomously while collectively advancing Aditxt’s mission of discovering, developing, and deploying innovative health solutions to tackle some of the most urgent health challenges. The closing of each of the transactions with Appili and Evofem is subject to several conditions, including but not limited to approval of the transactions by the respective target shareholders and Aditxt raising sufficient capital to fund its obligations at closing. No assurance can be provided that all of the conditions to closing will be obtained or satisfied or that either of the transactions will ultimately close.
For more information, www.aditxt.com.
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Facebook: https://www.facebook.com/aditxtplatform/
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements include statements regarding the Company’s intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ongoing and planned product and business development; the Company’s ability to finance and execute its strategic M&A initiatives; the Company’s ability to obtain the necessary funding and partner to commence clinical trials; the Company’s intellectual property position; the Company’s ability to develop commercial functions; expectations regarding product launch and revenue; the Company’s results of operations, cash needs, spending, financial condition, liquidity, prospects, growth, and strategies; the Company’s ability to raise additional capital; the industry in which the Company operates; and the trends that may affect the industry or the Company. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, as well as market and other conditions and those risks more fully discussed in the section titled “Risk Factors” in Aditxt’s most recent Annual Report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s other filings with the Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed transactions. In connection with the proposed transactions, a proxy statement of Evofem Biosciences, Inc. and other materials will be filed with the SEC. WE URGE INVESTORS TO READ THE PROXY STATEMENT AND THESE OTHER MATERIALS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EVOFEM BIOSCIENCES, INC. AND THE PROPOSED TRANSACTIONS. Investors will be able to obtain free copies of the proxy statement (when available) as well as other filed documents containing information about Evofem Biosciences, Inc. on the SEC’s website at http://www.sec.gov. Free copies of Evofem Biosciences’ SEC filings are also available from Evofem Biosciences, Inc., 7770 Regents Road, Suite 113-618,
Participants in the Solicitation
Evofem Biosciences and its executive officers, directors, other members of management, employees and Evofem Biosciences may be deemed, under SEC rules, to be participants in the solicitation of proxies from Evofem Biosciences’ stockholders with respect to the proposed transactions. Information regarding the executive officers and directors of Evofem Biosciences is set forth in its definitive proxy statement for its special meeting. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transactions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240924145198/en/
Aditxt, Inc.
Mary O’Brien
Mobrien@aditxt.com
(516) 753-9933
Source: Aditxt, Inc.
FAQ
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