Summary by Moomoo AI
Aditxt, Inc., a biotech company, has responded to the U.S. Securities and Exchange Commission (SEC) regarding its investment in Evofem Biosciences, Inc. and the associated accounting treatment. In a letter dated June 6, 2024, Aditxt addressed the SEC's inquiry about the $22.7 million investment in Evofem, clarifying that it is accounted for under the cost method as per ASC 321, due to the lack of a readily determinable fair value for Evofem's Series F-1 Preferred Stock. Aditxt also confirmed that it does not exercise significant influence over Evofem, negating the need for financial statements under Rule 3-09 of Regulation S-X. Additionally, Aditxt does not consider the acquisition of Evofem probable at this stage, given the significant conditions yet to be satisfied...Show More
