After reading thousands of messages on that site, I realize that these individuals truly do not know how to take positions in a stock like this. Most of them thought that the company had 10 days from August 8th to get their share price up over a dollar. But that's not the verbiage in nasdaq's mandate for continued listing. The verbiage essentially stated that the company needed to obtain a closing bid price of $1 per share beginning August 8th and closing at a bid price of at least $1 per share from August 8th and every single day through the close of business on August 22nd. I have been sitting here for days warning about this and that they were already in violation when they did not close above $1 per share on August 8th. That is the reason why the listing notice came out as soon as it did because they were in immediate violation on August 8th. Tomorrow there will be an investor conference call and perhaps the company will attempt to clear these matters up. Keep in mind that back in May, the company DID IN FACT trade 10 consecutive sessions over $1 per share. Unfortunately on day number 10, instead of waiting for the NASDAQ to issue a compliance notice, they announced some type of a capital raise if I'm not mistaken. That caused the share price to collapse and negated all of the effort to keep the shares over $1. Basically management fucked up by a matter of hours. Then they have the audacity to blame it on the nasdaq? Hopefully tomorrow during the conference call, some matters will be cleared up. Trading on the OTC could be extremely volatile as the market makers have been known to naked short sell all stocks that trade on their Exchange at least for the first several days. I took a starter position only because I wanted in, as we have taken a 75% haircut in a matter of days and should be ripe for some type of a bounce. Amy's email (below), sent over the weekend, pretty much explained what was going to happen with the company and its stock. A reverse stock split is something they really can't do so soon, definitely not without shareholder approval. So they opted to just get de listed. It would be the lesser of two evils, as we all know that post-reverse split, stocks typically continue to sell off due to short selling within the first few days post split, typically share price will decline by 50% minimum. Good thing that didn't happen...yet.
From: Amy Raskopf <araskopf@evofem.com>
Thank you for your email. We aim to regain compliance organically - not through a second reverse split. We believe our strong growth in the $7.9 billion US contraceptive market, coupled with the near term opportunity in STI prevention (with top-line data from our registrational Phase 3 clinical trial expected in October) should enable us to succeed. I hope we can count on your support.
Also, it is unlikely set another extension will be granted by the NASDAQ listing panel. They were unwilling to acknowledge the 10 days we traded above a dollar back in May as meeting their requirement. I would be shocked if they were to extend any extraordinary measures to us now.
Sincerely,
Amy
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