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Why Is Baudax Bio (BXRX) Stock Down 52% Today?


  • Baudax Bio (BXRX) stock is dropping on public offering news.
  • The company is selling 3,478,262 shares for $1.15 each.
  • It expects to raise $4 million from the offering.
BXRX Stock - Why Is Baudax Bio (BXRX) Stock Down 52% Today?

Source: Gorodenkoff / Shutterstock.com

Baudax Bio (NASDAQ:BXRX) stock is falling hard on Thursday after the pharmaceutical company announced a public stock offering.

Baudax Bio reveals that it’s selling 3,478,262 shares of BXRX stock in this offering. The company has priced these shares at $1.15 each, which has it expecting to raise $4 million from the public offering.

Each of the shares in this offering also comes with one Series A-5 warrant to purchase another share of BXRX stock. These warrants have an exercise price of $1.15, are exercisable immediately, and expire in five years.

Additionally, every share in the public offering also comes with a Series A-6 warrant. These also allow the purchase of BXRX stock with an exercise price of $1.15 per share. They are exercisable immediately and expire after 18 months.

What Else to Know About the BXRX Stock Offering

Baudax Bio says that it already has plans for the $4 million it expects to raise from the offering. The company intends to use these funds to further its pipeline development activities, as well as for general corporate purposes. Also, H.C. Wainwright & Co. is serving as the sole placement agent for the offering.

Traders aren’t reacting well to today’s news with some 1.2 million shares of the stock changing hands. That’s already above its daily average trading volume of about 1.1 million shares. This has BXRX stock down 51.8% as of Thursday morning.

Investors searching for more of the latest stock market news are in the right place!

We’ve got all of the hottest stock coverage traders need to know about on Thursday! A few examples include why shares of Atomera (NASDAQ:ATOM) and Evelo Biosciences (NASDAQ:EVLO) stock are up today, as well as the biggest pre-market stock movers this morning. You can find all of that info at the following links!

More Thursday Stock Market News

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-is-baudax-bio-bxrx-stock-down-52-today/.

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