RTTNews | Dec 28, 2021 10:03AM EST

10:03 Tuesday, December 28, 2021 (RTTNews.com) - Baudax Bio, Inc. (BXRX) shares are sliding more than 24 percent on Tuesday morning trade after the company said 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.

The preferred stock has voting rights, with the common stock as a single class, equal to 125,000 votes per share of preferred stock on the proposal.

The Company will seek stockholder approval to effect a reverse split of the common stock.

The pharma company expects gross proceeds of $4.2 million and intends to use it for the commercialization of ANJESO, pipeline development activities, and general corporate purposes.

Currently, shares are at $0.24, down 24.34 percent from the previous close of $0.32 on a volume of 4,720,770. For the 52-week period, the shares have traded in a range of $0.23-$2.12 on average volume of 1,162,427.

Read the original article on RTTNews ( https://www.rttnews.com/3251761/baudax-bio-falls-on-offering-of-4-2-mln-stock-warrants.aspx)

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