Item 4 — Purpose of Transaction
HUB acquired the Evofem Notes and the Purchase Rights for strategic investment purposes, as part of a broader transformation plan intended to strengthen HUB's financial position and expand into the women's health and wellness sector while preserving cash. HUB intends to explore opportunities to collaborate with the Issuer. On July 8, 2026, the Issuer issued to HUB a subordinated promissory note in the principal amount of $706,304 (the "Promissory Note"; filed as Exhibit 99.5 hereto and incorporated herein by reference), the proceeds of which are to be used by the Issuer exclusively for payments to its suppliers in connection with the purchase, manufacture, production and distribution of the Issuer's products, PHEXX and SOLOSEC. The Promissory Note is described in Item 6 and contains, among other things, covenants restricting certain actions of the Issuer without the consent of HUB, including mergers or consolidations, sales of all or substantially all assets, dissolution or bankruptcy filings, amendments to organizational documents and material changes to the nature of the Issuer's business. Subject to the Beneficial Ownership Limitations described in Item 5, the availability of authorized but unissued Common Stock of the Issuer and market and other conditions, HUB may from time to time convert all or a portion of the Evofem Notes, exercise all or a portion of the Purchase Rights, acquire additional securities of the Issuer, or sell, transfer or otherwise dispose of some or all of the Evofem Notes, the Purchase Rights or any shares of Common Stock acquired upon conversion or exercise thereof, in each case in open market transactions, privately negotiated transactions or otherwise. HUB notes that the Issuer has disclosed that its stockholders approved a reverse stock split of the Common Stock at a ratio of between 1-for-500 and 1-for-1,500, which had not been effectuated as of the date of the Issuer's most recent Quarterly Report on Form 10-Q, and that the Evofem Notes contain anti-dilution and stock-combination adjustment provisions that would adjust their conversion terms upon certain events. HUB intends to review its investment in the Issuer on a continuing basis and, in connection therewith, may engage in discussions with management, the board of directors of the Issuer, other holders of securities of the Issuer and other relevant parties, and may make suggestions or proposals, concerning the business, operations, assets, capitalization, financial condition, strategy, governance and future plans of the Issuer, including with respect to potential commercial collaborations, financings, refinancings or restructurings of the Issuer's indebtedness (including the Evofem Notes and the Promissory Note), and other strategic transactions. Depending upon the factors described above and any other factors it deems relevant, HUB may in the future take any action with respect to its investment in the Issuer as it deems appropriate, including actions that could result in one or more of the transactions, events or actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. Except as set forth in this Schedule 13D, HUB has no present plans or proposals that relate to or would result in any of the transactions, events or actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.