Mustang Bio (NASDAQ:MBIO) Initiates Public Offering and Regains Compliance with Nasdaq Minimum Bid Price Rule

On February 5, 2025, Mustang Bio, Inc. announced the commencement of a public offering of shares of common stock, warrants, and pre-funded warrants. The Offering, which closed on February 10, 2025, aimed to raise approximately $6.9 million to be used for general corporate purposes and working capital.

The company entered into a securities purchase agreement with accredited investors, agreeing to certain restrictions on issuing or announcing shares of common stock for a specified period following the closing date. The Offering included common stock, pre-funded warrants, and two series of warrants.

The net proceeds from the Offering, after deducting fees and expenses, will be directed towards the company’s operational needs and growth strategies. The Offering was conducted in accordance with a Registration Statement filed with the SEC, which became effective on February 5, 2025.

Post-Offering, Mustang Bio addressed its non-compliance with the Nasdaq Listing Rule 5550(b)(1) pertaining to maintaining a minimum of $2.5 million in stockholders’ equity. The company aimed to demonstrate compliance by February 18, 2025. Following the Offering, Mustang Bio believes it now meets the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market.

In a subsequent press release issued by the company on February 11, 2025, Mustang Bio disclosed its regained compliance with the minimum bid price requirement, paving the way for continued listing on the Nasdaq.

Mustang Bio is a biopharmaceutical company focused on developing cell therapies to combat challenging cancers. The company works on acquiring technologies, funding R&D, and bringing potential cures to market. Mustang Bio’s collaborative efforts with leading medical institutions drive the advancement of CAR-T therapies.

The company issued cautionary statements regarding forward-looking predictions, acknowledging the inherent uncertainties and risks that may impact actual outcomes compared to forecasted expectations. Mustang Bio undertakes to update its statements in accordance with evolving circumstances and regulatory requirements.

The Exhibits section of the filing includes crucial documents related to the Offering, such as forms of warrants, the securities purchase agreement, and press releases detailing key company updates and compliance status with Nasdaq’s regulations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mustang Bio’s 8K filing here.

Mustang Bio Company Profile

Mustang Bio, Inc, a clinical-stage biopharmaceutical company, focuses on translating medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors, and rare genetic diseases. Its pipeline focuses on gene therapy programs for rare genetic disorders, chimeric antigen receptor (CAR) engineered T cell (CAR T) therapies for hematologic malignancies, and CAR T therapies for solid tumors.