Baudax Bio (BXRX) Stock: 1-For-35 Reverse Stock Split Goes Into Effect

By Amit Chowdhry ● Feb 16, 2022
  • A 1-for-35 reverse stock split of Baudax Bio Inc (NASDAQ: BXRX) has gone into effect. These are the details.

Baudax Bio, Inc. (NASDAQ: BXRX) — a pharmaceutical company focused on commercializing and developing innovative products for acute care settings — announced this morning that the company’s Board of Directors has approved a 1-for-35 reverse stock split of its common shares. The Reverse Stock Split will become effective at 12:01 a.m. Eastern time on February 16, 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 CUPSIP number, 07160F206.

Baudax Bio expects that the Reverse Stock Split, which was approved by shareholders at a special shareholder meeting on February 9, 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 thirty-five (35) 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. And this will reduce the company’s number of shares of outstanding common stock from approximately 101.6 million shares to approximately 2.9 million shares. The proportional adjustments will be made to the number of shares of common stock issuable upon exercise of the 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. And 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 shareholder’s percentage ownership of common stock (except to the extent the reverse stock split results in any shareholder owning only a fractional share).

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