# EDGAR Filing Document

**Accession Number:** 0001780097
**File Stem:** 0001193125-23-045717
**Filing Date:** 2023-2
**Character Count:** 19925
**Document Hash:** c45ff4d27d45b190f7efe0d8223e90e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-045717.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-045717

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baudax Bio, Inc.
- **CENTRAL INDEX KEY:** 0001780097
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
- **IRS NUMBER:** 474639500
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269930
- **FILM NUMBER:** 23656214

**BUSINESS ADDRESS:**
- **STREET 1:** 490 LAPP ROAD
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355
- **BUSINESS PHONE:** 484-395-2470

**MAIL ADDRESS:**
- **STREET 1:** 490 LAPP ROAD
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Recro Enterprises, Inc.
- **DATE OF NAME CHANGE:** 20190618

**As filed with the Securities and Exchange Commission on February 23, 2023** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## BAUDAX BIO, INC.
**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| **Pennsylvania** | **47-4639500** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **490 Lapp Road**<br> **Malvern, Pennsylvania** | **19355** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**BAUDAX BIO, INC. 2019 EQUITY INCENTIVE PLAN** 

**(Full title of the plan)** 

**Gerri A. Henwood** 

**President and Chief Executive Officer** 

**Baudax Bio, Inc.** 

**490 Lapp Road** 

**Malvern, PA 19355** 

**(Name and address of agent for service)** 

**(484) 395-2470** 

**(Telephone number, including area code, of agent for service)** 

***with a copy to:***

**Rachael M. Bushey, Esq.** 

**Jennifer L. Porter, Esq.** 

**Goodwin Procter LLP** 

**2929 Arch Street, Suite 1700** 

**Philadelphia, PA 19104** 

**(445) 207-7805** 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

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**EXPLANATORY NOTE** 

This Registration Statement is being filed for the purpose of registering an additional 25,004 shares of common stock, $0.01 par value per share (the "<u>Common Stock</u>"), of Baudax Bio, Inc. (the "<u>Registrant</u>") that were added to the shares authorized for issuance under the Baudax Bio, Inc. 2019 Equity Incentive Plan (the "<u>Plan</u>") for which Registration Statements on Form S-8 relating to the same employee benefit plan are effective.

The Registrant previously filed Registration Statements on Form S-8 (File Nos. 333-235377, 333-253120 and 333-263606) with the Securities and Exchange Commission (the "<u>Commission</u>") to register 6,577 shares of Common Stock that were authorized for issuance under the Plan (which amount takes into account the Registrant's (i) one-for-35 reverse stock split that became effective on February 16, 2022 and (ii) one-for-40 reverse stock split that became effective on December 1, 2022). Upon the effectiveness of this Registration Statement, an aggregate of 31,581 shares of Common Stock will be registered for issuance from time to time under the Plan. Pursuant to General Instruction E to Form S-8, the contents of the Registration Statement on Form S-8 (File No. 333-235377) filed with the Commission on December 5, 2019, the contents of the Registration Statement on Form S-8 (File No. 333-253120) filed with the Commission on February 16, 2021 and the contents of the Registration Statement on Form S-8 (File No. 333-263606) filed with the Commission on March 16, 2022 are incorporated herein by reference except to the extent supplemented, amended or superseded by the information set forth herein. Only those items of Form S-8 containing new information not contained in the earlier registration statements are presented herein.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS** 

**Item 1.** **Plan Information.** <br>

The Registrant shall deliver or cause to be delivered documents containing the information specified by Part I of this Registration Statement to participants in the Plan to which this Registration Statement relates, as specified in Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act.

**Item 2.** **Registrant Information and Employee Plan Annual Information.** <br>

The Registrant will furnish without charge to each person to whom the prospectus is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference to the information that is incorporated). Requests should be directed Baudax Bio, Inc., 490 Lapp Road, Malvern, PA 19355, Attention: Gerri Henwood, Chief Executive Officer, telephone number (484) 395-2400.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents by Reference.** <br>

The following documents of the Registrant, filed or to be filed with the Commission, are incorporated by reference in this Registration Statement as of their respective dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Commission on [February 23, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001780097/000095017023003946/bxrx-20221231.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's Current Reports on Form 8-K (other than portions thereof furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits accompanying such reports that are related to such items) filed on [January 9, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1780097/000119312523004195/d449218d8k.htm) and [January 24, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1780097/000119312523014247/d402713d8k.htm);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's Common Stock contained in the Registrant's [Form 10](http://www.sec.gov/Archives/edgar/data/1780097/000119312519288447/d699555d1012ba.htm) filed on November 8, 2019 (File No. 001-39101) with the Commission, including any amendment or report filed for the purpose of updating such description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), prior to the filing of a post-effective amendment to this Registration Statement, which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement; provided, however, that documents, reports and definitive proxy or information statements, or portions thereof, which are furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement.

Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this Registration Statement.

**Item 8. Exhibits.** 

The following documents are filed as exhibits to this Registration Statement:

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 4.1 | [Amended and Restated Articles of Incorporation of Baudax Bio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-39101) filed on November 26, 2019)](http://www.sec.gov/Archives/edgar/data/1780097/000119312519301240/d839887dex31.htm) |
| 4.2 | [Articles of Amendment to the Amended and Restated Articles of Incorporation of Baudax Bio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-39101) filed on August 11, 2021)](http://www.sec.gov/Archives/edgar/data/1780097/000095017021001275/bxrx-20210811ex3_1.htm) |
| 4.3 | [Articles of Amendment to the Amended and Restated Articles of Incorporation of Baudax Bio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-39101) filed on February 15, 2022)](http://www.sec.gov/Archives/edgar/data/1780097/000119312522043538/d473889dex31.htm) |
| 4.4 | [Articles of Amendment to the Amended and Restated Articles of Incorporation of Baudax Bio, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-39101) filed on November 30, 2022)](http://www.sec.gov/Archives/edgar/data/1780097/000119312522295380/d405464dex31.htm) |
| 4.5 | [Amended and Restated Bylaws of Baudax Bio, Inc. (incorporated herein by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K (File No. 001-39101) filed on November 26, 2019)](http://www.sec.gov/Archives/edgar/data/1780097/000119312519301240/d839887dex32.htm) |
| 4.6 | [Baudax Bio, Inc. 2019 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.11 to the Registrant's Registration Statement on Form 10 (File No. 001-39101) filed on November 5, 2019)](http://www.sec.gov/Archives/edgar/data/1780097/000119312519284393/d699555dex1011.htm) |
| 5.1\* | [Opinion of Goodwin Procter LLP](d470548dex51.htm) |
| 23.1\* | [Consent of EisnerAmper LLP](d470548dex231.htm) |
| 23.2\* | [Consent of KPMG LLP](d470548dex232.htm) |
| 23.2\* | [Consent of Goodwin Procter LLP (included in Exhibit 5.1)](d470548dex51.htm) |
| 24.1\* | [Power of Attorney (included in signature page to this Registration Statement)](#sig) |
| 107\* | [Filing Fee Table](d470548dexfilingfees.htm) |

---

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\* Filed Herewith

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in Malvern, Pennsylvania, on the 23<sup>rd</sup> of February, 2023.

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| | |
|:---|:---|
| **BAUDAX BIO, INC.** | **BAUDAX BIO, INC.** |
| By: | /s/ Gerri A. Henwood |
| Name: | Gerri A. Henwood |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY** 

We, the undersigned officers and directors of Baudax Bio, Inc., hereby severally constitute and appoint Gerri A. Henwood and Jillian Dilmore, our true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution in her or him for her or him and in her or his name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as she or he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities held on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Gerri A. Henwood | President, Chief Executive Officer and Director<br> (principal executive officer) | February 23, 2023 |
| Gerri A. Henwood | President, Chief Executive Officer and Director<br> (principal executive officer) | February 23, 2023 |
| /s/ Jillian Dilmore | Corporate Controller<br> (principal financial and accounting officer) | February 23, 2023 |
| Jillian Dilmore | Corporate Controller<br> (principal financial and accounting officer) | February 23, 2023 |
| /s/ William L. Ashton | Director | February 23, 2023 |
| William L. Ashton | Director | February 23, 2023 |
| /s/ Arnold Baskies, M.D. | Director | February 23, 2023 |
| Arnold Baskies, M.D. | Director | February 23, 2023 |
| /s/ Winston J. Churchill | Director | February 23, 2023 |
| Winston J. Churchill | Director | February 23, 2023 |
| /s/ Andrew Drechsler | Director | February 23, 2023 |
| Andrew Drechsler | Director | February 23, 2023 |
| /s/ Wayne B. Weisman | Director | February 23, 2023 |
| Wayne B. Weisman | Director | February 23, 2023 |

---

## Exhibit 5.1

**Exhibit 5.1** 

February 23, 2023

Baudax Bio, Inc.

490 Lapp Road

Malvern, PA 19355

Re: <u>Securities Being Registered under Registration Statement on Form S-8</u>

We have acted as counsel to you in connection with your filing of a Registration Statement on Form S-8 (the "Registration Statement") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), on or about the date hereof relating to an aggregate of 25,004 shares (the "Shares") of Common Stock, $0.01 par value per share ("Common Stock"), of Baudax Bio, Inc. (the "Company"), that may be issued pursuant to the Company's 2019 Equity Incentive Plan (the "Plan").

We have reviewed such documents and made such examination of law as we have deemed appropriate to give the opinions set forth below. We have relied, without independent verification, on certificates of public officials and, as to matters of fact material to the opinion set forth below, on certificates and other inquiries of officers of the Company.

The opinion set forth below is limited to the Pennsylvania Business Corporation Law of 1988, as amended.

For purposes of the opinion set forth below, we have assumed that no event occurs that causes the number of authorized shares of Common Stock available for issuance by the Company to be less than the number of then unissued Shares.

Based on the foregoing, we are of the opinion that the Shares have been duly authorized and, upon issuance and delivery against payment therefor in accordance with the terms of the Plans, will be validly issued, fully paid and nonassessable.

This opinion letter and the opinion it contains shall be interpreted in accordance with the Core Opinion Principles as published in 74 *Business Lawyer* 815 (Summer 2019).

We hereby consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

---

| |
|:---|
| Very truly yours, |
| /S/ GOODWIN PROCTOR LLP |
| GOODWIN PROCTER LLP |

---

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Registration Statement of Baudax Bio, Inc. on Form S-8 to be filed on or about February 23, 2023 of our report dated February 23, 2023, on our audit of the financial statements as of December 31, 2022 and for the year then ended, which report was included in the Annual Report on Form 10-K filed February 23, 2023. Our report includes an explanatory paragraph about the existence of substantial doubt concerning the Company's ability to continue as a going concern.

*/s/ EisnerAmper LLP* 

EISNERAMPER LLP

Philadelphia, Pennsylvania

February 23, 2023

## Exhibit 23.2

**Exhibit 23.2** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated March 16, 2022, with respect to the consolidated financial statements of Baudax Bio, Inc. incorporated herein by reference.

---

| |
|:---|
| /s/ KPMG LLP |
| Philadelphia, Pennsylvania |
| February 23, 2023 |

---

## Ex-Filing

**Exhibit 107** 

**CALCULATION OF FILING FEE TABLES** 

**Form S-8** 

(Form Type)

**Baudax Bio, Inc.** 

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered Securities** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Security Type | Security<br>Class Title | Fee<br>Calculation<br>Rule | Amount<br>Registered(1)(2) | Proposed<br>Maximum<br>Offering<br>Price per<br>Unit(3) | Maximum<br>Aggregate<br>Offering<br>Price(3) | Fee Rate | Amount of<br>Registration<br>Fee |
| &nbsp;&nbsp;&nbsp;Equity | Common Stock, par value $0.01 | 457(c) and 457(h) | 25004 | $2.75 | $69761.00 | 0.0001102 | $7.58 |
| &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts |  | $69761.16 |  | $7.58 |
| &nbsp;&nbsp;&nbsp;Total Fee Offsets(4) | &nbsp;&nbsp;&nbsp;Total Fee Offsets(4) | &nbsp;&nbsp;&nbsp;Total Fee Offsets(4) | &nbsp;&nbsp;&nbsp;Total Fee Offsets(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due |  |  |  | $7.58 |

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(1) Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), this Registration Statement also covers an indeterminate number of additional shares of common stock, par value $0.01 (the " <u>Common Stock</u> ") of Baudax Bio, Inc. (the " <u>Registrant</u> ") issuable under the
Baudax Bio, Inc. 2019 Equity Incentive Plan (the " <u>Plan</u> ") in the event the number of outstanding shares of the Registrant is increased by reason of any stock dividend, stock split, recapitalization, merger, consolidation or
reorganization or similar transaction.

(2) Represents 25,004 shares of Common Stock that were added to the shares authorized for issuance under the
Plan on December 1, 2022 pursuant to an "evergreen" provision contained in the Plan.

(3) This estimate is made pursuant to Rule 457(h) and Rule 457(c) of the Securities Act. The price shown is
based upon the average of the high and low prices reported for the Common Stock on the Nasdaq Capital Market on February 17, 2023.

(4) The Registrant does not have any fee offsets.