Gold prices remain near record highs; Fed cut bets prompt weekly gains
SAN DIEGO - Evofem Biosciences, Inc. (OTCID:EVFM) expects stockholders to approve its proposed merger with Aditxt, Inc. (NASDAQ:ADTX) at a Special Meeting scheduled for September 26, according to a company statement released Tuesday. According to InvestingPro data, Aditxt enters this merger with a market capitalization of $4.58 million and analysts project 43.78% revenue growth for fiscal year 2025.
The women’s health products company has secured support agreements with holders of its Series E-1 and G-1 preferred stock, which collectively represent 53.71% of the combined voting power needed to approve the transaction. The merger comes at a challenging time for Aditxt, which InvestingPro data shows has experienced a 99.98% decline in stock value over the past year, with current financial health metrics indicating significant challenges, including a concerning current ratio of 0.02.
"We have support agreements in place with the holders of Series E-1 and G-1 sufficient to approve the Merger. In addition, we also have strong support from other key investors," said CEO Saundra Pelletier in the press release.
Under the terms of the Amended and Restated Merger Agreement dated July 12, 2024, Aditxt’s wholly-owned subsidiary Adifem will merge with Evofem, with Evofem surviving as a wholly-owned subsidiary of Aditxt. The transaction would position Evofem as part of Aditxt’s social innovation platform.
Evofem currently generates revenue from two FDA-approved products: PHEXXI, a hormone-free prescription contraceptive vaginal gel, and SOLOSEC, an oral antibiotic for treating bacterial vaginosis and trichomoniasis.
The merger’s completion remains subject to several conditions, including approval by a majority of the combined voting power of Evofem’s stockholders, Aditxt raising sufficient capital to fund its closing obligations, and other customary requirements.
Evofem filed its definitive proxy materials with the SEC on September 8, providing stockholders with detailed information about the proposed transaction ahead of the September 26 vote. For investors seeking deeper insights into this merger, InvestingPro offers additional analysis with 13 more exclusive ProTips and comprehensive financial metrics to evaluate the deal’s potential impact.
In other recent news, Aditxt, Inc. has been actively pursuing various strategic initiatives. The company announced that its subsidiary, Adimune, is preparing for an FDA submission for first-in-human trials targeting type 1 diabetes and stiff person syndrome by early 2026. This marks a significant step in their development of a DNA-based therapeutic platform. Additionally, Aditxt has signed a custody agreement with Crypto.com to establish a custodial crypto account, facilitating the rollout of their bitXbio platform, which bridges financial technology and biotechnology.
Aditxt’s subsidiary, Pearsanta, is also making strides with plans for an initial public offering (IPO) with Spartan Capital Securities as the lead underwriter. This IPO aims to support the clinical validation and commercial rollout of Pearsanta’s diagnostic tests. Furthermore, Pearsanta has been invited to submit a full proposal for a Department of Defense grant for its Mitomic Ovarian Test, following favorable reviews of its pre-proposal.
In another development, Aditxt has unveiled a new strategy that combines Bitcoin reserves with an equity line facility to support its biotech ventures, with monetization events anticipated to begin in 2026. This Bitcoin-backed initiative has been approved by the company’s board, aiming to bolster Aditxt’s financial standing and align its enterprise value with future opportunities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.