Evofem Biosciences (NASDAQ:EVFM) Stock Continues to Fall: Down 18% In A Week

Evofem Biosciences (NASDAQ:EVFM) has dropped 18% in a week. Recently the company priced the previously publicized underwritten public offering of 50 million common shares plus warrants to acquire up to 50 million common shares. The company sells each share accompanied by a short-term warrant to buy one Evofem common share at $1 per common share plus the common warrant. The company expects gross proceeds of $50 million from the offering before deducting offering expenses and underwriting discounts. Once all warrants have been exercised, the company will receive an additional $50 million.

In the first quarter, the company reported net revenue growth to $1.1 million thanks to growth in Phexxi prescription by 83% in March compared to February. Equally, the company expanded the number of Phexxi prescription providers by 78% from February to March.

The company received 4.2 million in net proceeds after underwriters exercised the full over-allotment option, but this will be reported inQ2 2021. Therefore, in the coming weeks, EVFM is a stock to watch.

Market Reaction:

On Wednesday, EVFM stock slid 5.66% at $0.9623 with more than 7.65 million shares, compared to its average volume of 12.45 million shares. The stock had moved within a range of $0.9310 – 1.0200 after opening the trade at $1.04. Over the past 52-week, the stock has been trading within a range of $0.7510 – 5.5300.