Baudax Bio, Inc.: Nasdaq/NYSE listing notice — Baudax Bio receives Nasdaq bid price deficiency; ineligible for cure period due to prior reverse splits

Baudax Bio, Inc.

New deficiency: closing bid price below $1.00 for 30 consecutive business days (Rule 5550(a)(2)).
Company ineligible for compliance period due to two reverse stock splits with cumulative ratio >=250:1.
This is an additional basis for delisting; Panel will consider along with existing equity deficiency.
Stock continues trading on Nasdaq under BXRX pending hearing; company will present a compliance plan.
No assurance that the Panel will accept the plan or that the company can regain compliance.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.98

Baudax Bio, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

June 9, 2023, the Company received a deficiency letter from the Staff notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock has been below the minimum $1.00 per share required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). Because the Company effected two reverse stock splits over the previous two-year period with a cumulative ratio of 250 shares or more to one, the Company is not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Baudax Bio, Inc. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)

Exact text from the filing

June 9, 2023, the Company received a deficiency letter from the Staff notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock has been below the minimum $1.00 per share required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). Because the Company effected two reverse stock splits over the previous two-year period with a cumulative ratio of 250 shares or more to one, the Company is not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-167910

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