Evofem Biosciences Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Evofem Biosciences (NASDAQ: EVFM) announced on August 18, 2020, that its Compensation Committee approved stock option awards for 60 new employees, totaling 319,200 shares of common stock. The options have an exercise price of $3.35 and a 10-year term, vesting over four years. This grant aligns with the company's 2018 Inducement Equity Incentive Plan intended to attract new talent. Evofem focuses on developing products for women's sexual and reproductive health, with its leading product, Phexxi™, being the first hormone-free contraceptive gel approved in the U.S.

Positive

• Grant of stock options to 60 new employees, totaling 319,200 shares, enhances employee retention and motivation.
• Stock options exercise price set at $3.35, equal to the closing price, aligning employees' interests with shareholders.

Negative

• None.

SAN DIEGO, Aug. 21, 2020 /PRNewswire/ -- Evofem Biosciences, Inc. (NASDAQ: EVFM), a commercial-stage biopharmaceutical company, today announced that on August 18, the Compensation Committee of the Company's Board of Directors approved the grant to 60 new employees of non-qualified stock option awards to purchase an aggregate of 319,200 shares of common stock.

The stock option awards have an exercise price of  $3.35, equal to the closing price of the Company's common stock on the date of grant. Each option has a 10-year term and vests over 4 years, with 25% of the shares vesting one year after the relevant employee's date of hire, and the balance of the shares vesting thereafter in a series of 36 successive equal monthly installments, subject to the relevant employee's continued service with the Company through the applicable vesting dates.

These awards are subject to the terms and conditions of Evofem Biosciences' 2018 Inducement Equity Incentive Plan (as amended), and the terms and conditions of non-qualifed stock option awards. The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employed by Evofem (or following a bona fide period of non-employment), as an inducement material to the employees' acceptance of employment with the Company, pursuant to NASDAQ Listing Rule 5635(c)(4).

About Evofem Biosciences, Inc. 
Evofem Biosciences, Inc., (NASDAQ: EVFM) is a commercial-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health, including hormone-free, woman-controlled contraception and protection from certain sexually transmitted infections (STIs). The Company's first commercial product, Phexxi™ (lactic acid, citric acid and potassium bitartrate), is the first and only hormone-free, prescription gel approved in the United States for the prevention of pregnancy. The Company is also advancing EVO100 into Phase 3 clinical trials for the prevention of urogenital transmission of both Chlamydia trachomatis infection (chlamydia) and Neisseria gonorrhoeae infection (gonorrhea) in women. For more information, please visit www.evofem.com.

Phexxi™ is a trademark of Evofem Biosciences, Inc.

Contact
Investor Contact
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
M: (917) 673-5775

Media Contact
Cara Miller
Evofem Biosciences, Inc.
cmiller@evofem.com
O: (858) 550-1900 x272

 

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SOURCE Evofem Biosciences, Inc.

FAQ

What stock option awards did Evofem Biosciences announce on August 18, 2020?

Evofem reported the grant of non-qualified stock option awards for 60 new employees to purchase a total of 319,200 shares of common stock.

What is the exercise price for Evofem's stock options announced in August 2020?

The exercise price for the stock options is set at $3.35, equal to the closing stock price on the date of grant.

What is the vesting schedule for the stock options granted by Evofem?

The stock options vest over four years, with 25% vesting one year after the employee's hire date and the remainder vesting in 36 monthly installments.

How does Evofem Biosciences plan to attract new employees?

Evofem utilizes its 2018 Inducement Equity Incentive Plan to offer stock options as an inducement for new employees to accept job offers.

What is Phexxi™, Evofem's commercial product?

Phexxi™ is a hormone-free prescription gel approved for pregnancy prevention, marking a significant innovation in women's reproductive health.