Business
Mustang Bio Announces Closing of $4.4 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
WORCESTER, Mass., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang” or the “Company”) (Nasdaq: MBIO), a clinical-stage biopharmaceutical company
About this update from Mustang Bio, Inc.
[{"type":"text","content":"WORCESTER, Mass., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang” or the “Company”) (Nasdaq: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for difficult-to-treat cancers and rare genetic diseases, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules, for the purchase and sale of 2,588,236 of its shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $1.70 per share (or common stock equivalent in lieu thereof). In a concurrent private placement, Mustang issued unregistered warrants to purchase up to an aggregate of 2,588,236 shares of its common stock. The unregistered warrants have an exercise price of $1.58 per share and are exercisable immediately upon issuance for a period of five and one-half years from the date of issuance. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to Mustang from the offering are approximately $4.4 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Mustang currently intends to use the net proceeds from the offering for working capital and general corporate purposes. The shares of common stock (or common stock equivalents) offered in the registered direct offering (but excluding the unregistered warrants offered in the concurrent private placement and the shares of common stock underlying such unregistered warrants) were offered and sold by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-255476), including a base prospectus, previously filed with the Securities and Exchange Commission (SEC) on April 23, 2021 and declared effective by the SEC on May 24, 2021. The offering of the shares of common stock (or common stock equivalents) in the registered direct offering was made only by means of a prospectus, including a prospectus supplement, that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered direct offering was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement ...