# EDGAR Filing Document

**Accession Number:** 0001618835
**File Stem:** 0001618835-23-000014
**Filing Date:** 2023-3
**Character Count:** 16325
**Document Hash:** 58d4954cf79856bfc5d8dd8b11672633
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001618835-23-000014.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001618835-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Evofem Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0001618835
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 208527075
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36754
- **FILM NUMBER:** 23719652

**BUSINESS ADDRESS:**
- **STREET 1:** 12400 HIGH BLUFF DRIVE
- **STREET 2:** SUITE 600
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130
- **BUSINESS PHONE:** (858) 550-1900

**MAIL ADDRESS:**
- **STREET 1:** 12400 HIGH BLUFF DRIVE
- **STREET 2:** SUITE 600
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Neothetics, Inc.
- **DATE OF NAME CHANGE:** 20140905

?xml version="1.0" ? evfm-20230303

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 3, 2023**

**EVOFEM BIOSCIENCES, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36754** | **20-8527075** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**12400 High Bluff Drive, Suite 600, San Diego, CA 92130**

**(Address of principal executive offices and zip code)**

**(858) 550-1900**

**(Registrant's telephone number, including area code)**

**Not applicable.**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | EVFM | OTCQB |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

The information set forth in Item 5.02 of this Current Report on Form 8-K (this "Current Report") regarding the Engagement Agreement (as defined in Item 5.02, below) is incorporated by reference into this Item 1.01

---

| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

*<u>Resignation of Justin J. File</u>*

On March 3, 2023, Justin J. File provided his notice of resignation from his role as Chief Financial Officer of Evofem Biosciences, Inc., a Delaware corporation (the "Company"), to pursue other opportunities. As a result of his resignation, the employment agreement between the Company and Mr. File, dated July 2, 2018 (the "File Employment Agreement"), terminated, effective April 3, 2023 (the "Separation Date"). In accordance with the File Employment Agreement, Mr. File will be paid all accrued and unpaid wages, all accrued but unused paid time off in accordance with the Company's standard policy and practices, and all expenses properly incurred by Mr. File on behalf of the Company not yet reimbursed, through the Separation Date.

Mr. File has advised the Company that his decision to step down from the role of Chief Financial Officer was not based on any disagreement with the Company on any matter relating to its operations, policies or practices.

*<u>Interim Appointment of Albert Altro</u>*

On March 6, 2023, Albert Altro was appointed as the interim Chief Financial Officer of the Company. Mr. Altro, 59 years of age, brings over 30 years of financial and accounting experience, specializing in corporate restructuring, financial advisory, and interim management serving as a corporate advisor to organizations in all stages of their development. He has served in various financial roles on behalf of companies within the manufacturing, healthcare, and distribution sectors, amongst others, and has experience assisting companies with navigating different areas, including debtors-in-possession, secured and unsecured creditors, private equity groups and positioning a business for transactions with strategic buyers. Mr. Altro has extensive experience providing accounting and financial due diligence for both strategic and private equity buyers. Prior to joining the Company, from 1992 to 1997, Mr. Altro worked at KPMG in both the auditing group and strategic consulting practice group. Thereafter, Mr. Altro worked at PricewaterhouseCoopers in its Transaction Services Group from 1997 to 2002. From 2002 to 2005 Mr. Altro worked at Zolfo Cooper as corporate restructuring advisor. Most recently, in 2005, Mr. Altro formed Traverse LLC, a Nevada limited liability company ("Traverse"), in which Mr. Altro serves as the Managing Director and oversees the financial and accounting services offered by Traverse to various companies and clients.

Aside from his significant experience in the financial and accounting sectors, from 1982 to 1986, Mr. Altro served on active duty in the US Army's 2<sup>nd</sup> Ranger Battalion (Airborne) a component of 1<sup>st</sup> Special Operations Command. Subsequently, from 1987 to 2005, Mr. Altro served in various leadership positions in the active US Army reserve; retiring in 2005 at the rank of Command Sergeant Major. Mr. Altro received his Bachelors of Science Degree in Accounting from California State University, Long Beach, and has obtained his license as a Certified Public Accountant.

On March 6, 2023, in connection with his appointment as the interim Chief Financial Officer, the Company and Traverse entered into an engagement agreement (the "Engagement Agreement"), pursuant to which Mr. Altro will be compensated at an hourly rate ranging from $275 - $450 per hour and Traverse will be reimbursed by the Company for reasonable out-of-pocket expenses, including expenses incurred by Mr. Altro for travel, meals, lodging, delivery services, and other expenses related to the performance of his duties as the Company's interim Chief Financial Officer. Additionally, the Company paid Traverse $40,000.00 as a retainer securing final payment of any invoices owed by the Company in connection with Mr. Altro's services (the "Retainer"). The Retainer will be returned to the Company upon full payment for all invoices, pursuant to the Engagement Agreement. The Engagement Agreement and Mr. Altro's appointment as the interim Chief Financial Officer of the Company may be terminated by either the Company or Traverse, at any time and for any reason, with or without cause.

There is no arrangement or understanding between Mr. Altro and any other person pursuant to which Mr. Altro was appointed as the interim Chief Financial Officer. There are no family relationships between Mr. Altro and any of the Company's directors,

------

executive officers or persons nominated or chosen by the Company to become a director or executive officer. Mr. Altro has not engaged in any related-person transactions required to be disclosed by Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

---

On March 9, 2023, the Company issued a press announcing the resignation of Justin J. File and the appointment of Albert Altro as the Company's interim Chief Financial Officer. A copy of that press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information set forth under Item 7.01 of this Current Report on Form 8-K ("Current Report"), including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

***Forward-Looking Statements***

This Current Report, including Exhibit 99.1 attached hereto, contains certain forward-looking statements that involve substantial risks and uncertainties. When used herein, the terms "anticipates," "expects," "estimates," "believes," "will" and similar expressions, as they relate to us or our management, are intended to identify such forward-looking statements.

Forward-looking statements in this Current Report, including Exhibit 99.1 attached hereto, or hereafter, including in other publicly available documents filed with the Commission, reports to the stockholders of the Company and other publicly available statements issued or released by us involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. Such future results are based upon management's best estimates based upon current conditions and the most recent results of operations. These risks include, but are not limited to, the risks set forth herein and in such other documents filed with the Securities and Exchange Commission, each of which could adversely affect our business and the accuracy of the forward-looking statements contained herein. Our actual results, performance or achievements may differ materially from those expressed or implied by such forward-looking statements.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Pres](a20230309_evfmcfoxfinal.htm)[s Release -](a20230309_evfmcfoxfinal.htm)[D](a20230309_evfmcfoxfinal.htm)[ated March 9,](a20230309_evfmcfoxfinal.htm)[2023](a20230309_evfmcfoxfinal.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as XRBL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **EVOFEM BIOSCIENCES, INC.** | **EVOFEM BIOSCIENCES, INC.** |
| Date: March 9, 2023 | | /s/ Saundra Pelletier |
| | | Saundra Pelletier<br>Chief Executive Officer |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**Evofem Biosciences Appoints Interim Chief Financial Officer**

SAN DIEGO, CA, March 9, 2023 — Evofem Biosciences, Inc. (OTCQB: EVFM) is pleased to announce the appointment of Albert Altro as Interim Chief Financial Officer of the Company. He replaces Jay File, who is leaving the Company to explore other opportunities.

Mr. Altro brings over 30 years of financial and operational experience including corporate restructuring, public accounting and executive management, and consulting, primarily in a leadership role. His experience spans a variety of industries and organizations, servicing primarily middle market privately held corporations, as well as debtors-in-possession, secured and unsecured creditors, private equity groups and strategic buyers. Prior to forming Traverse LLC in 2005, Mr. Altro worked at KPMG in both the auditing group and the strategic consulting practice; he also worked at PricewaterhouseCoopers in the Transaction Services Group and worked as a corporate restructuring advisor at Zolfo Cooper (acquired by Alix Partners).

"We will look to Albert's extensive experience to inform and direct our fiscal strategy as we explore options to build shareholder value," said Saundra Pelletier, Chief Executive Officer of Evofem.

Mr. Altro has served on the boards of directors of The Corporate Presence, Pekay Boutiques, Bumblebee Foods and Paramount Business Solutions. He holds a BA in accounting from Long Beach State, and is a member of the Association of Insolvency and Restructuring Advisors (AIRA) and the Turnaround Management Association (TMA).

Pelletier added, "On behalf of the Board I want to thank Jay for his services and wish him success in his future endeavors."

**About Evofem** 

Evofem Biosciences, Inc., is developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health. The Company's first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex. Learn more at <u>phexxi.com</u> and <u>evofem.com</u>.

------

*Phexxi*<sup>®</sup> *is a registered trademark of Evofem Biosciences, Inc.*

**Forward-Looking Statements**

This press release includes "forward-looking statements," within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 including, without limitation, statements related to Mr. Altro's expected contributions to Evofem. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements are disclosed in the Company's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the SEC on January 6, 2023 and any subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. The Company does not undertake any duty to update any forward-looking statement except as required by law.

**Contacts**

**Evofem Biosciences, Inc.**

Amy Raskopf

SVP, Investor Relations

araskopf@evofem.com / media@evofem.com<br>(917) 673-5775

###

<br>