Baudax Bio distributes series B preferred stock as common stock dividend

Chicago, Sept. 21 – Baudax Bio, Inc. announced it will be distributing shares of newly designated series B preferred stock as a dividend for holders of common stock, according to a press release and an 8-K filing with the Securities and Exchange Commission.

For each common share head at 5 p.m. ET on Sept. 29, investors will receive a share of preferred stock, par value $0.01.

The dividend preferreds will be distributed at 5 p.m. ET on Oct. 3.

The new preferred shares will have voting rights regarding approval of a reverse stock split, as well as any proposal to adjourn any meeting of shareholders about a reverse stock split, but not for any other matters.

If not present or represented at any such meeting, each share will be redeemed for $0.10 in cash for each 10 whole shares of series B preferred stock.

The stock will be uncertificated and non-transferrable, unless transferred with common shares.

There are no dividend rights.

There is no maturity date.

Baudax has a market cap of $2.27 million. The company’s common stock trades on the Nasdaq as “BXRX.” The company recently placed 11,819,172 shares of common stock on Sept. 1 with warrants.

The pharmaceutical company is based in Malvern, Pa.

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