Baudax Bio, Inc. (BXRX) stock plummeted 56.17% in the current-market trading session at the price of $1.92 after it announced the pricing of the proposed public offering of its common stock shares.
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BXRX is a leading pharmaceutical firm that develops and commercializes innovative products for acute care. ANJESO is the first intravenous COX-2 preferential NSAID devised to manage mild to severe pain.
BXRX $10M Public Offering
On 24th February 2022, BXRX disclosed the pricing of its earlier announced public offering of common stock shares and warrants to buy a total of 3.5 million common stock shares. Each common stock share combined with one warrant is offered at a combined public price of US$2.85 per share. The exercise price of each warrant is US$3.25 per share. The offered warrants are exercisable instantly and will expire five years after the issuance.
Additionally, the company has offered the underwriter an option to buy additional common stock shares and warrants to purchase extra 5.2 lacs common stock shares at the public price. The company expects gross proceeds of $10.0M from the offering before subtracting underwriting discounts and other costs. The public offering will close on 1st March 2022 and is subject to customary closing conditions.
BXRX presently plans to utilize the net proceeds from the offering for its pipeline growth activities, commercialization of the ANJESO, and other corporate purposes. The shares and warrants had been offered under the registration statement (File # 333-253117) and declared effective on 2nd September 2021.
BXRX Announced Reverse Stock Split
Earlier on 15th February 2022, BXRX published the approval of a 1-for-35 reverse stock split of its common stock shares by its board of directors. The Reverse Stock Split became effective on 16th February 2022 at 12:01 a.m. E.T. The common stock will be available for trading on a post-split basis on NASDAQ under its current trading symbol BXRX.