On November 21, 2019, Recro Pharma, Inc. completed the previously announced separation of its acute care business segment, and certain other assets and liabilities. The separation was effected by way of a distribution of all of the then outstanding shares of common stock of Baudax Bio, Inc. (the Company) through a dividend of one share of the Company's common stock for every two and one-half shares of Recro common stock held by Recro shareholders as of the close of business on November 15, 2019, the record date for the distribution. Effective upon the completion of the Separation, the board of directors of the Company increased the size of the Board from two to five directors, Ryan D. Lake resigned from his position as a member of the Company's Board, and the following individuals were appointed by the Board (each, a New Director) to fill the resulting vacancies and to serve on the committees of the Board set forth opposite each director's name: Alfred Altomari as member of Audit, Compensation, Nominating and Corporate Governance committees, William Ashton as member of Audit, Compensation, Nominating and Corporate Governance committees, Winston J. Churchill as member of Audit, Compensation, Nominating and Corporate Governance committees, and Wayne B. Weisman as member of Compensation, Nominating and Corporate Governance committees.