Evofem Biosciences will consolidate its shares today at a ratio of 1 to 15. Trading of the securities, taking into account the reverse split, will begin on May 6 of this year. The consolidation will reduce the number of shares of common stock outstanding from 187,699,564 to 12,513,304.

Evofem plans to carry out a reverse stock split at a ratio of not less than 5 to 1 and not more than 15 to 1. The decision is related to the threat of delisting the company's securities from the Nasdaq exchange. Evofem's August 2021 share price has fallen below $1, which does not meet the trading floor's requirements.

Evofem Biosciences' GAAP loss for 2021 was $205.192 million, up 44.2% from $142.309 million in the previous year. Revenue increased 18.5 times to $8.244 million from $0.446 million a year earlier.

Evofem Biosciences' GAAP loss for 9M 2021 was $153.638 million, up 51.1% from $101.711 million in the previous year. Revenue increased 16.8 times to $4.674 million from $0.278 million a year earlier.