MALVERN, Pennsylvania, Feb. 15 10, 2022 (GLOBE NEWSWIRE) — Baudax Bio, Inc. (NASDAQ: BXRX), a pharmaceutical company focused on commercializing and developing innovative products for acute care settings, today announced that the Board of Directors of the company has approved a 1:35 stock consolidation of its common shares (the “consolidation”). The Reverse Stock Split will become effective at 12:01 a.m. Eastern Time on February 16, 2022 and the common shares of the Company will open for trading on the Nasdaq Capital Market following the split under the existing trading symbol of the company “BXRX”. At that time, the common shares of the Company will also begin trading under a new CUPSIP number, 07160F206.
Baudax Bio expects the reverse stock split, which was approved by shareholders at a special meeting of shareholders on February 9, 2022, to increase the market price per share of the Company’s common stock, putting the Company in compliance with the listing requirements of the minimum $1.00 offering price required by the Nasdaq Capital Market.
At the effective time of the Reverse Stock Split, all thirty-five (35) issued and outstanding ordinary shares of Baudax Bio will be automatically converted into one (1) issued and outstanding ordinary share without any change in the par value of 0, $01 per share. This will reduce the number of outstanding common shares of the Company from approximately 101.6 million shares to approximately 2.9 million shares. Proportional adjustments will be made to the number of common shares issuable upon the exercise of Baudax Bio’s outstanding stock options, restricted stock units and warrants, as well as to the exercise applicable.
No fractional ordinary shares will be issued following the Reverse Stock Split. Registered shareholders who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu thereof. The Reverse Stock Split has a proportional impact on all holders of ordinary shares of Baudax Bio and will not impact a shareholder’s percentage ownership of ordinary shares (except to the extent that the reverse stock split shares means that a shareholder owns only a fraction of a share).
Broadridge Corporate Issuer Solutions, Inc. is acting as the exchange agent for the reverse stock split. Registered shareholders holding ordinary shares of the Company before the split are not required to take any action to receive shares after the split. Shareholders holding shares through a broker, bank, trust or other agent will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to that broker’s particular processes. , and will not be required to take any action in connection with the Reverse Stock Split.
Additional information regarding the stock consolidation is available on Form 8-K filed today, as well as in the company’s definitive proxy statement (Form DEF 14A) filed with the US Securities and Exchange Commission. States on January 10, 2022.
About Baudax Bio
Baudax Bio is a pharmaceutical company focused on the commercialization and development of innovative products for acute care facilities. ANJESO is the first and only COX-2 preferred nonsteroidal anti-inflammatory drug (NSAID) administered intravenously (IV) over 24 hours for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical actives, including two novel neuromuscular blocking agents (BNMs) and a proprietary chemical reversal agent specific to these NMBs. For more information, visit www.baudaxbio.com.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements reflect Baudax Bio’s expectations regarding its future performance and opportunities which involve substantial risks and uncertainties. When used herein, the words “anticipate”, “believe”, “estimate”, “may”, “in the future”, “plan”, “target”, “goal”, “intend” and ” expect” and similar expressions, with respect 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 posting on this website, including Baudax Bio’s ability to realize the anticipated benefits of the reverse stock split, including maintaining its listing on Nasdaq. Capital Market and the attraction of new investors. These risks and uncertainties include, among others, risks related to the continuing economic and social consequences of the COVID-19 pandemic, Baudax Bio’s ability to advance its current pipeline of product candidates through preclinical studies and clinical trials, the ability of Baudax Bio to raise future financing for the further development of its product candidates such as BX-1000, BX-2000 and BX-3000, the ability of Baudax Bio to pay its debt and satisfy the necessary conditions to access future tranches of debt, Baudax Bio’s ability to comply with financial requirements and other covenants under its credit facility, Baudax Bio’s ability to manage costs and execute its operating and budgetary plans, Baudax Bio’s ability to achieve its financial objectives and Baudax Bio’s ability to successfully obtain, maintain and enforce patents and other proprietary protections i intellectual. These forward-looking statements should be considered in conjunction with the risks and uncertainties that could affect Baudax Bio’s future business and 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.
Contact with Investor Relations:
Sam Martin / Kaela Ilami