Aditxt Shares Tumbled 10% in Premarket Trading after Surging 60% on Tuesday

Tiger Newspress2023-12-14

Aditxt shares tumbled 10% in premarket trading after surging 60% on Tuesday .

Shares of Aditxt and Evofem Biosciences soared after the companies signed a $100 million acquisition deal. Aditxt's stock was up 60.26% at $6.09. Evofem's stock was up 35% at 9.5 cents.

Tuesday, Evofem agreed to sell itself to Richmond-based biotech Aditxt for around $100 million, the companies said in a joint release.

Under the deal structure, Aditxt has assumed Evofem's senior secured debt and will pay $5 million to Evofem's senior debtholder by the end of the year. Aditxt will also pay $8 million more to Evofem's senior debtholder by next September and up to another $5 million after that payment.

Further, Evofem's shareholders will exchange their 10.7 million-plus shares for a total of 610,000 shares of Aditxt's stock. Aditxt has also agreed to issue up to 89,126 new shares to investors and debtholders with certain interests in Evofem.

The boards of both companies have approved the deal proposal, and the agreement is expected to close in the first half of 2024, the companies said.

San Diego-based Evofem markets Phexxi, a contraceptive gel that made its market debut in 2020. In the first nine months of the year, the company generated $13.4 million.

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