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SAN DIEGO - Evofem Biosciences, Inc. (OTCID:EVFM) announced Monday that its shareholders did not approve the proposed merger with Aditxt, Inc. (NASDAQ:ADTX) during a Special Meeting of Stockholders, leading the company to terminate the merger agreement. According to InvestingPro data, Aditxt currently trades at $0.34 with a market capitalization of just $1.7 million, having lost over 99% of its value year-to-date.
The rejected deal involved an amended and restated merger agreement dated July 12, 2024, under which Aditxt intended to acquire Evofem through its wholly owned subsidiary, Adifem, Inc.
Following the vote, Evofem CEO Saundra Pelletier stated the company would shift focus toward regaining a national stock listing and securing growth capital, with aims to achieve "sustainable positive EBITDA in 2027."
Despite the merger termination, Evofem indicated it would maintain its September 2024 agreement with Aditxt to commercialize Mitomic diagnostic tests for women’s health conditions, including endometriosis and ovarian cancer.
Evofem currently commercializes two FDA-approved sexual health products: PHEXXI, a hormone-free contraceptive vaginal gel used on demand, and SOLOSEC, a single-dose oral treatment for bacterial vaginosis and trichomoniasis. The company reported 2024 as its fourth consecutive year of net sales growth.
The women’s health company now faces challenges including debt repayment to senior debt holders and covering costs associated with the terminated merger process, according to the press release statement. InvestingPro analysis reveals Aditxt’s concerning financial position, with a weak Financial Health Score and current ratio of 0.02, indicating significant liquidity challenges. Despite these headwinds, analysts project 43.78% revenue growth for fiscal year 2025.
Evofem trades on the over-the-counter market after previously losing its national exchange listing. The company did not specify which national exchange it would target for relisting or provide details on its capital-raising strategy. For deeper insights into companies’ financial health and growth prospects, InvestingPro subscribers have access to over 15 additional key metrics and expert analysis.
In other recent news, Aditxt, Inc. reported that its shareholders have approved all proposals at its reconvened annual meeting. This includes the re-election of directors, the ratification of its auditor, and granting authority for a potential reverse stock split. Evofem Biosciences, Inc. anticipates the approval of its proposed merger with Aditxt at an upcoming Special Meeting, with significant support from preferred stockholders. Additionally, Aditxt’s subsidiary, Adimune, is preparing for an early 2026 FDA submission for immune therapy trials targeting type 1 diabetes and stiff person syndrome. In a move to integrate digital assets, Aditxt has signed a custody agreement with Crypto.com, marking an initial step in launching its crypto-native platform, bitXbio. Furthermore, Aditxt has appointed Christopher J. Porcelli as general counsel and chief people officer, effective September 30, 2025. These developments reflect Aditxt’s ongoing strategic initiatives and corporate activities.
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