Benzinga | Dec 28, 2021 08:01AM EST

Baudax Bio Announces $4.2M Registered Direct Offering

MALVERN, Pa., Dec. 28, 2021 (GLOBE NEWSWIRE) -- Baudax Bio, Inc. (NASDAQ:BXRX) (the "Company"), a pharmaceutical company focused on commercializing and developing innovative products for acute care settings, today announced that it has entered into a definitive agreement with certain institutional investors for the issuance and sale of 42,289.3 shares of convertible preferred stock and warrants to purchase up to an aggregate of 12,686,790 shares of common stock for gross proceeds of $4.2 million in a registered direct offering. The shares of preferred stock will have a stated value of $100 per share and are convertible after the closing date into an aggregate of 16,915,720 shares of common stock at a conversion price of $0.25 per share. The warrants have an exercise price of $0.32 per share, will become exercisable six months following the date of issuance, and will expire 5 years following the initial exercise date. The closing of the offering is expected to occur on or about December 28, 2021, subject to the satisfaction of customary closing conditions.