Baudax Bio plunges on $10 mln stock-and-warrants offering

Baudax Bio

25/02/2022 12:06

** Baudax Bio  BXRX.O  shares down 53% to record low $2.06
premarket after co raises equity
    ** BXRX late Thurs announced ~3.5 mln shares, with warrants
to buy up to same amount, for $10 mln gross raise  urn:newsml:reuters.com:*:nGNXFxbrz
    ** Offering price of $2.85 represents 35% discount to
stock's last sale
    ** 5-yr warrants, exercisable immediately, have exercise
price of $3.25
    ** Co to use net proceeds for commercialization of Anjeso,
its intravenous drug for pain management
    ** BXRX has ~2.9 mln shares outstanding as of Feb 23, per
recent SEC filing https://www.sec.gov/Archives/edgar/data/1780097/000119312522052252/d940271d424b5.htm
    ** Shares down 43% YTD through close on Thurs, and have lost
~92% over the past year
    ** H.C. Wainwright sole bookrunner for offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))