PDL BioPharma Declares Dividend of Evofem Biosciences Common Stock to PDL Stockholders
"In consultation with our financial advisors, we have concluded that a stock distribution is the most effective way to maximize the transfer of value to our shareholders from our ownership in Evofem," said
Subject to certain conditions, the Evofem shares will be distributed on
Evofem's lead product candidate, Phexxi™ (L-lactic acid, citric acid, potassium bitartrate) Vaginal Gel 1.8%/1%/0.4%, is currently under review by the
No fractional shares of Evofem common stock will be distributed. Instead, PDL stockholders will receive cash in lieu of any fraction of a share of Evofem common stock that they otherwise would have received. PDL stockholders should consult their tax advisors with respect to
Further Information Regarding the Distribution
No vote or action is required by PDL stockholders in order to receive the distribution of shares of Evofem common stock. The distribution is subject to certain customary conditions, which conditions PDL expects to be satisfied on or prior to the distribution date. The Evofem common stock provided in the distribution will be in book-entry form. PDL stockholders who hold their shares through brokers or other nominees will have their shares of Evofem common stock credited to their accounts by their nominees or brokers. PDL stockholders will not be required to pay cash or other consideration for the shares of Evofem common stock to be distributed to them, or surrender or exchange their shares of PDL common stock to receive the distribution. PDL plans to send an information statement regarding this distribution to its stockholders of record following the record date.
Conference Call and Webcast
PDL will hold a conference call to discuss financial results and provide a business update during the upcoming quarterly earnings update on
To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of https://www.pdl.com/ and select "Events & Presentations."
Throughout its history, PDL's mission has been to improve the lives of patients by aiding in the successful development of innovative therapeutics and healthcare technologies.
For more information please visit https://www.pdl.com/
Phexxi™ and Multipurpose Vaginal pH Regulator (MVP-R™) are trademarks of
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including as it relates to the Company's proposed Evofem stock distribution and plan of liquidation. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's assets and business, including the implementation or success of the Company's monetization strategy/plan of complete liquidation, are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K, filed with the
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Jody Cain, LHA Investor Relations, 310-691-7100, firstname.lastname@example.org