Baudax Bio Announces 1-for-40 Reverse Stock Split
01 December 2022 - 8:50AM
Baudax Bio, Inc. (NASDAQ:BXRX) a pharmaceutical company focused on
innovative products for hospital and related settings, today
announced that the Company’s Board of Directors has approved a
1-for-40 reverse stock split of its common shares (the “Reverse
Stock Split”). The Reverse Stock Split will become effective at
12:01 a.m. Eastern Time on December 1, 2022 and the Company’s
common stock will open for trading on The Nasdaq Capital Market on
a post-split basis under the Company’s existing trading symbol
“BXRX”. At such time, the Company’s common stock will also commence
trading under a new CUSIP number, 07160F404.
Baudax Bio expects that the Reverse Stock Split, which was
approved by shareholders at a special shareholder meeting on
November 3, 2022, will increase the market price per share of the
Company’s common stock, bringing the Company into compliance with
listing requirements of the $1.00 minimum bid price requirement by
The Nasdaq Capital Market.
At the effective time of the Reverse Stock Split, every forty
(40) shares of Baudax Bio’s issued and outstanding common stock
will be automatically converted into one (1) issued and outstanding
share of common stock without any change in the par value of $0.01
per share. This will reduce the Company’s number of shares of
outstanding common stock from approximately 20.0 million shares to
approximately 0.5 million shares. Proportional adjustments will be
made to the number of shares of common stock issuable upon exercise
of Baudax Bio’s outstanding stock options, restricted stock units,
and warrants, as well as the applicable exercise price.
No fractional shares of common stock will be issued as a result
of the Reverse Stock Split. Shareholders of record who would
otherwise be entitled to receive a fractional share will receive a
cash payment in lieu thereof. The Reverse Stock Split impacts all
holders of Baudax Bio’s common stock proportionally and will not
impact any shareholders’ percentage ownership of common stock
(except to the extent the reverse stock split results in any
shareholder owning only a fractional share).
Broadridge Corporate Issuer Solutions, Inc. is acting as
exchange agent for the Reverse Stock Split. Registered shareholders
holding pre-split shares of the Company's common stock are not
required to take any action to receive post-split shares.
Shareholders owning shares via a broker, bank, trust or other
nominee will have their positions automatically adjusted to reflect
the Reverse Stock Split, subject to such broker's particular
processes, and will not be required to take any action in
connection with the Reverse Stock Split.
Additional information regarding the Reverse Stock Split is
available on the Form 8-K filed today, as well as in the Company's
definitive proxy statement (Form DEF 14A) filed with
the United States Securities and Exchange
Commission on October 13, 2022.
About Baudax Bio
Baudax Bio is a pharmaceutical company focused on innovative
products for hospital and related settings. The Company has a
pipeline of innovative pharmaceutical assets including two
clinical-stage, novel neuromuscular blocking (NMBs) agents, one in
a Phase II study and an additional unique NMB in a dose escalation
Phase I study, as well as a proprietary chemical reversal agent
specific to these NMBs. Baudax Bio has received approval for and
marketed ANJESO®, the first and only 24-hour, intravenous (IV)
COX-2 preferential non-opioid, non-steroidal anti-inflammatory
(NSAID) for the management of moderate to severe pain. For more
information, please visit www.baudaxbio.com.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Such forward-looking statements
reflect Baudax Bio’s expectations about its future performance and
opportunities that involve substantial risks and uncertainties.
When used herein, the words “anticipate,” “believe,” “estimate,”
“may,” “upcoming,” “plan,” “target,” “goal,” “intend” and “expect”
and similar expressions, as they relate to Baudax Bio or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information available to Baudax Bio as of the date of publication
on this internet site, including Baudax Bio’s ability to realize
any anticipated benefits from the reverse stock split, including
maintaining its listing on the Nasdaq Capital Market and attracting
new investors. These risks and uncertainties include, among other
things, risks related to market, economic and other conditions, the
ongoing economic and social consequences of the COVID-19 pandemic,
Baudax Bio’s ability to advance its current product candidate
pipeline through pre-clinical studies and clinical trials, Baudax
Bio’s ability to raise future financing for continued development
of its product candidates such as BX1000, BX2000 and BX3000, Baudax
Bio’s ability to pay its debt and satisfy conditions necessary to
access future tranches of debt, Baudax Bio’s ability to comply with
the financial and other covenants under its credit facility, Baudax
Bio’s ability to manage costs and execute on its operational and
budget plans, Baudax Bio’s ability to achieve its financial goals;
Baudax Bio’s ability to comply with all listing requirements of the
Nasdaq Capital Market; and Baudax Bio’s ability to obtain, maintain
and successfully enforce adequate patent and other intellectual
property protection. These forward-looking statements should be
considered together with the risks and uncertainties that may
affect Baudax Bio’s business and future results included in Baudax
Bio’s filings with the Securities and Exchange Commission at
www.sec.gov. These forward-looking statements are based on
information currently available to Baudax Bio, and Baudax Bio
assumes no obligation to update any forward-looking statements
except as required by applicable law.
CONTACTS:
Investor Relations Contact:
Argot PartnersSam Martin / Kaela Ilami(212)
600-1902baudaxbio@argotpartners.com
Media Contact:
Argot PartnersDavid Rosen(212)
600-1902david.rosen@argotpartners.com
Baudax Bio (NASDAQ:BXRX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Baudax Bio (NASDAQ:BXRX)
Historical Stock Chart
From Jul 2023 to Jul 2024