SEC Form SC 13G filed by Baudax Bio Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.    )*

Baudax Bio, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

07160F107

(CUSIP Number)

May 17, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Item 1.

Baudax Bio, Inc. (the “Issuer”)

490 Lapp Road

Malvern, Pennsylvania 19355

Item 2.

This Schedule 13G is being filed on behalf of (i) Mitchell P. Kopin, an individual who is a citizen of the United States of America (“Mr. Kopin”), (ii) Daniel B. Asher, an individual who is a citizen of the United States of America (“Mr. Asher”) and (iii) Intracoastal Capital LLC, a Delaware limited liability company (“Intracoastal” and together with Mr. Kopin and Mr. Asher, collectively the “Reporting Persons”).

The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 1, pursuant to which the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended.

The principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483.

The principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000, Chicago, Illinois 60604.

Common Stock, $0.01 par value per share, of the Issuer (the “Common Stock”).

07160F107

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Not applicable.

Item 4. Ownership.

(i) Immediately following the execution of the Securities Purchase Agreement with the Issuer on May 17, 2022 (the “SPA”) (as disclosed in the Form 8-K filed by the Issuer with the Securities and Exchange Commission on May 18, 2022), each of the Reporting Persons may have been deemed to have beneficial ownership of 345,031 shares of Common Stock, which consisted of (i) 205,761 shares of Common Stock to be issued to Intracoastal at the closing of the transaction contemplated by the SPA, (ii) 85,714 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal (“Intracoastal Warrant 1”), (iii) 53,442 shares of Common Stock issuable upon exercise of a second warrant held by Intracoastal (“Intracoastal Warrant 2”) and (iv) 114 shares of Common Stock issuable upon exercise of a third warrant held by Intracoastal (“Intracoastal Warrant 3”), and all such shares of Common Stock in the aggregate represent beneficial ownership of approximately 5.1% of the Common Stock, based on (1) 6,422,762 shares of Common Stock outstanding as of May 17, 2022 as reported by the Issuer, plus (2) 205,761 shares of Common Stock to be issued to Intracoastal at the closing of the transaction contemplated by the SPA, (3) 85,714 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1, (4) 53,442 shares of Common Stock issuable upon exercise of Intracoastal Warrant 2 and (5) 114 shares of Common Stock issuable upon exercise of Intracoastal Warrant 3. The foregoing excludes (I) 175,439 shares of Common Stock issuable upon exercise of a fourth warrant held by Intracoastal (“Intracoastal Warrant 4”) because Intracoastal Warrant 4 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 4 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common Stock and (II) 205,761 shares of Common Stock issuable upon exercise of a warrant to be issued to Intracoastal at the closing of the transaction contemplated by the SPA (“Intracoastal Warrant 5”) because Intracoastal Warrant 5 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 5 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common Stock. Without such blocker provisions, each of the Reporting Persons may have been deemed to have beneficial ownership of 726,231 shares of Common Stock.

(ii) As of the close of business on May 27, 2022, each of the Reporting Persons may have been deemed to have beneficial ownership of 423,782 shares of Common Stock, which consisted of: (i) 85,714 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1, (ii) 53,442 shares of Common Stock issuable upon exercise of Intracoastal Warrant 2, (iii) 114 shares of Common Stock issuable upon exercise of Intracoastal Warrant 3, (iv) 175,439 shares of Common Stock issuable upon exercise of Intracoastal Warrant 4 and (v) 109,073 shares of Common Stock issuable upon exercise of Intracoastal Warrant 5, and all such shares of Common Stock represented beneficial ownership of approximately 4.99% of the Common Stock, based on (1) 6,422,762 shares of Common Stock outstanding as of May 17, 2022 as reported by the Issuer, plus (2) 1,646,091 shares of Common Stock in the aggregate issued at the closing of the transaction contemplated by the SPA, (3) 85,714 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1, (4) 53,442 shares of Common Stock issuable upon exercise of Intracoastal Warrant 2, (5) 114 shares of Common Stock issuable upon exercise of Intracoastal Warrant 3, (6) 175,439 shares of Common Stock issuable upon exercise of Intracoastal Warrant 4 and (7) 109,073 shares of Common Stock issuable upon exercise of Intracoastal Warrant 5. The foregoing excludes 96,688 shares of Common Stock issuable upon exercise of Intracoastal Warrant 5 because Intracoastal Warrant 5 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 5 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common Stock. Without such blocker provision, each of the Reporting Persons may have been deemed to have beneficial ownership of 520,470 shares of Common Stock.

Item 5. Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to

be the beneficial owner of more than 5 percent of the class of securities, check the following þ.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company

Not applicable.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 27, 2022

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