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Wednesday, May 25, 2022

Is There Any Reason Why Evofem (EVFM) Stock Is Declining Today?

Evofem Biosciences Inc. (EVFM) has declined by 5.61% to $0.267 in early trading on the last check Thursday. The stock of Evofem (EVFM) lost -1.84% to complete the last trading session at $0.28. The price range of the company’s shares was between $0.2727 and $0.2986. It traded 2.69 million shares, which was below its daily average of 3.72 million shares over 100 days. EVFM’s shares have dropped by -21.99% in the last five days, while they have lost -27.80% in the last month. EVFM stock is losing momentum even after it has been allowed to remain listed on NASDAQ.

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How EVFM will keep on being listed?

Evofem (EVFM) is creating and commercializing inventive items to address neglected needs in ladies’ sexual and conceptive wellbeing, including chemical-free, lady-controlled contraception and assurance from specific physically communicated diseases (chlamydia and gonorrhea). The Company’s first FDA-endorsed item, Phexxi (lactic corrosive, citrus extract, and potassium bitartrate), is a chemical-free, on-request remedy preventative vaginal gel.

Evofem (EVFM) today declared the Nasdaq Hearings Panel (the “Board”) has conceded Evofem’s solicitation to proceed with its posting on The Nasdaq Stock Market (“Nasdaq”).

  • EVFM’s listing will stay forthcoming till the result of the investor vote on the Company’s reverse stock split proposition planned to occur at its yearly comprehensive gathering on May 4, 2022.
  • EVFM valued the Panel’s choice to keep posting of its generally expected stock on Nasdaq and resolved to keep attempting to assemble support for the reverse stock split among investors of record.
  • Reverse split as EVFM accepts will empower the organization to recover and keep up with consistency with the Nasdaq Bid Price Requirement.
  • Evofem is as of now looking for investor endorsement to carry out a reverse stock split of its not common stock at a proportion of something like 1-for-5 shares, and up to 1-for-15 shares, as expressed in Evofem’s conclusive intermediary proclamation documented on March 30, 2022, with the U.S. Protections and Exchange Commission.
  • The intermediary proclamation will be sent to investors of record as of March 28, 2022, and is accessible through the Company’s site.
  • As recently revealed, on August 23, 2021, Evofem got a lacking letter from the Listing Qualifications Department of Nasdaq expressing that the Company was not in consistence with the Nasdaq Listing Rule of the “Bid Price Requirement.

Why does EVFM prevail in to list?

As per Nasdaq Listing Rules, Evofem (EVFM) was given an underlying time of 180 schedule days to recapture consistency with the Bid Price Requirement. On February 22, 2022, EVFM was advised that still up in the air to delist the Company as it didn’t conform to the posting prerequisites. On March 1, 2022, Evofem mentioned a conference, which was hung on March 31, 2022.

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