Baudax Bio plunges on $4.2 mln registered direct offering

Baudax Bio

28/12/2021 14:26

** Shares of drug developer  BXRX.O  down ~25% premarket at
$0.239 after co announces $4.2 mln registered direct offering 
    ** Co says 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 12.7 mln shares of common stock
    ** Says shares of preferred stock will have a stated value
of $100 per share and warrants have an exercise price of $0.32
per share  urn:newsml:reuters.com:*:nGNX6mv5BM
    ** BXRX says closing of the offering is expected to occur on
or about Dec. 28
    ** Up to Monday's close, stock had fallen ~69% this year 

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))