Loan & DebtJul 14, 2026, 04:37 PM
Evofem Biosciences Secures $706,304 Subordinated Promissory Note
AI Summary
Evofem Biosciences, Inc. secured a subordinated promissory note for $706,304 from HUB Cyber Security, Ltd. The note, issued on July 8, 2026, accrues interest at 12% per annum and matures in 11 months. It also includes a $2,000 weekly monitoring fee and a $14,126 administration fee. The agreement contains restrictive covenants, prohibiting the company from significant corporate actions like mergers or asset sales without the lender's prior written consent, and is explicitly subordinated to other existing debt.
Key Highlights
- Evofem Biosciences entered into a promissory note agreement with HUB Cyber Security, Ltd. for $706,304.
- The note carries an interest rate of 12% per annum, compounded monthly.
- It matures in 11 months from July 8, 2026.
- A weekly monitoring fee of $2,000 and a one-time administration fee of $14,126 (2% of loan) are applicable.
- The note is subordinated to existing obligations, including those to Future Pak, LLC.
- Covenants restrict the company from mergers, asset sales, dissolution, or material changes to business operations without lender consent.
- Proceeds will be used for payments to suppliers for products Phexx and Solosec.
Price Impact
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