Filing Details

This Schedule 13G reflects the beneficial ownership of the Reporting Persons (as defined below) as of June 30, 2023.

Baudax Bio Inc. (“Issuer”)

490 Lapp Road

Malvern, PA 19355

This statement is filed by:

•	Black Horse Capital LP, a Delaware limited partnership (the “Domestic Fund”),

•	Black Horse Capital Master Fund Ltd., a Cayman Islands exempted company ( the “Offshore Fund”),

•	Cheval Holdings, Ltd., a Cayman Islands exempted company (“Cheval”),

•	Black Horse Capital Management LLC, a Delaware limited liability company (“BH Management”),

•	Dale Chappell, a citizen of Malta (Mr. Chappell”).

The foregoing persons are hereinafter sometimes collectively referred to as the “Reporting Persons.”  Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.

The business address of each of the Domestic Fund, the Offshore Fund, BH Management and Mr. Chappell is c/o Opus Equum, Inc. P.O. Box 788, Dolores, Colorado 81323. The business address of Cheval is P.O Box 309G, Ugland House, Georgetown, Grand Cayman, Cayman Islands KY1-1104.

The Domestic Fund is a Delaware limited partnership.

Each of the Offshore Fund and Cheval is a Cayman Islands exempt company.

BH Management is a Delaware limited liability company.

Mr. Chappell is citizen of Malta.

Common Stock, par value $0.01 (“Common Stock”).

07160F404

If this statement is filed pursuant to Rule 13d-1(c), check this box [ X ]

The percentages used herein and in the rest of this Schedule 13G are for each Reporting Person and have been calculated based upon 7,276,149 Common Shares issued and outstanding as of June 29, 2023 as reported by the Issuer in its Form 8-K filed with the SEC on July 5, 2023. As of the close of business on July 5, 2023, the Reporting Persons may be deemed to have beneficially owned approximately 6.9% of Common Stock outstanding.

The Domestic fund owns 40,000 shares of Common Stock.

The Offshore Fund owns 125,000 shares of Common Stock.

Cheval owns 335,000 shares of Common Stock.

BH Management may be deemed to beneficially own the shares of Common Stock held by the Domestic Fund and Cheval.

Mr. Chappell may be deemed to beneficially own the 500,000 shares of Common Stock held by BH Management and the Offshore Fund.

Collectively, the Reporting Persons beneficially own 500,000 shares of Common Stock.

The Domestic Fund owns 40,000 shares of Common Stock representing 0.5% of the outstanding Common Stock.

The Offshore Fund owns 125,000 shares of Common Stock representing 1.7% of the outstanding Common Stock.

Cheval owns 335,000 shares of Common Stock representing 4.6% of the outstanding Common Stock.

BH Management beneficially owns 375,000 shares of Common Stock held by the Domestic Fund and Cheval representing 5.1% of the outstanding Common Stock.

Mr. Chappell beneficially owns the 375,000 shares of Common Stock collectively beneficially owned by BH Management representing 6.9% of the outstanding Common Stock.

(c) (i) Sole power to vote or direct the vote: 0

(ii) Shared power to vote or direct the vote:

The Domestic Fund, BH Management, and Mr. Chappell have the shared power to vote or direct the vote of 40,000 shares of Common Sttock owned by the Domestic Fund.

Cheval, BH Management, and Mr. Chappell have the shared power to vote or direct the vote of 335,000 shares of Common Stock owned by Cheval.

The Offshore Fund and Mr. Chappell have the shared power to vote or direct the vote of 125,000 shares of Common Stock owned by the Offshore Fund.

(iii) Sole power to dispose or direct the disposition: 0

(iv) Shared power to dispose or direct the disposition:

The Domestic Fund, BH Management, and Mr. Chappell have the shared power to dispose or direct the disposition of 40,000 shares of Common Sttock owned by the Domestic Fund.

Cheval, BH Management, and Mr. Chappell have the shared power to dispose or direct the disposition of 335,000 shares of Common Stock owned by Cheval.

The Offshore Fund and Mr. Chappell have the shared power to dispose or direct the disposition of 125,000 shares of Common Stock owned by the Offshore Fund.

Each Reporting Person hereby expressly disclaims beneficial ownership in the securities reported in this Schedule 13G and membership in a “group” as that term is described in Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended.

If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following [  ].

Not applicable.

Not applicable.

Not applicable.

Date: July 10, 2023
By:	/s/ Dale Chappell
Dale Chappell
individually and as director of Black Horse Capital Master Fund Ltd. and Cheval Holdings Ltd., and as managing member of Black Horse Capital Management LLC, for itself and as the general partner of Black Horse Capital LP

EXHIBIT A

FILING ACKNOWLEDGMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements.  The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Dated:  July 10, 2023