PDL BioPharma, Inc. announced that the Company's Board of Directors has approved a distribution of all of the Company's 13,333,334 shares of common stock of Evofem Biosciences, Inc. via a special one-time dividend to PDL stockholders. the Evofem shares will be distributed on May 21, 2020 to PDL shareholders of record as of the close of business on May 15, 2020. The distribution will take place in the form of a pro rata common stock dividend of shares of Evofem to each PDL stockholder of record on the record date. As of May 5, 2020, PDL had 116,346,762 shares of common stock, par value $0.01 per share, outstanding. Based on this number, PDL estimates that PDL stockholders will receive approximately 0.115 shares of Evofem common stock for each share of PDL common stock held as of the close of business on the record date.