On May 21, 2020 PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) reported that it has completed its previously announced distribution of all of the Company’s 13,333,334 shares of common stock of Evofem Biosciences, Inc. ("Evofem") (Nasdaq: EVFM), which represented approximately 26.7% of the outstanding shares of Evofem common stock as of the close of business on May 15, 2020 (the "record date") (Press release, PDL BioPharma, MAY 21, 2020, View Source [SID1234558392]).

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The distribution was made today in the form of a pro rata common stock dividend to PDL stockholders of record as of the close of business on the record date. Based on the shares of PDL common stock outstanding as of the close of business on the record date, PDL stockholders of record as of the record date are entitled to receive 0.11591985 shares of Evofem common stock for every share of PDL common stock held as of the close of business on the record date.

No fractional shares of Evofem common stock were 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.

An information statement describing the distribution is included as an exhibit to the Current Report on Form 8-K filed by PDL with the U.S. Securities and Exchange Commission (the "SEC") on May 18, 2020. Additional information on the distribution, including a copy of the information statement, will be posted to PDL’s website at View Source