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.

BH Management is the managing general partner of the Domestic Fund and has been granted by the Board of Directors of Cheval the power to manage the securities of the Issuer owned by Cheval. Mr. Chappell is the managing member of BH Management and the controlling person of the Offshore Fund. By virtue of these relationships, each of BH Management and Mr. Chappell may be deem to beneficially own the shares of the Issuer’s common stock owned directly by each of the Domestic Fund and Cheval and Mr. Chappell may be deemed to beneficially own the Shares owned directly by the Offshore Fund.

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 a 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 43,593,082 Common Shares issued and outstanding as of November 17, 2023 as reported by the Issuer in its Form 10-Q filed with the SEC on November 20, 2023. As of the close of business on December 31, 2023, the Reporting Persons may be deemed to have beneficially owned 0% of Common Stock outstanding.

The Domestic fund owns 0 shares of Common Stock.

The Offshore Fund owns 0 shares of Common Stock.

Cheval owns 0 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 0 shares of Common Stock held by BH Management and the Offshore Fund.

Collectively, the Reporting Persons beneficially own 0 shares of Common Stock.

The Domestic Fund owns 0 shares of Common Stock representing 0% of the outstanding Common Stock.

The Offshore Fund owns 0 shares of Common Stock representing 0% of the outstanding Common Stock.

Cheval owns 0 shares of Common Stock representing 0% of the outstanding Common Stock.

BH Management beneficially owns 0 shares of Common Stock held by the Domestic Fund and Cheval representing 0% of the outstanding Common Stock.

Mr. Chappell beneficially owns the 0 shares of Common Stock collectively beneficially owned by BH Management representing 0% of the outstanding Common Stock.

The Domestic Fund, BH Management, and Mr. Chappell have the shared power to vote or direct the vote of 0 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 0 shares of Common Stock owned by Cheval.

The Offshore Fund and Mr. Chappell have the shared power to vote or direct the vote of 0 shares of Common Stock owned by the Offshore Fund.

The Domestic Fund, BH Management, and Mr. Chappell have the shared power to dispose or direct the disposition of 0 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 0 shares of Common Stock owned by Cheval.

The Offshore Fund and Mr. Chappell have the shared power to dispose or direct the disposition of 0 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 [ X ].

Not applicable.

Not applicable.

Not applicable.

SIGNATURES

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.

* The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.