Mustang Bio Announces $4.4M Registered Direct Offering Of 2,588,236 Of Its Shares Of Common Stock At A Price Of $1.70/Share, Priced At-the-Market Under Nasdaq Rules

Author: Benzinga Newsdesk | October 26, 2023 12:31pm

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 that it has entered into a definitive agreement for the issuance and sale of an aggregate 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 registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, Mustang has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 2,588,236 shares of its common stock. The offering is expected to close on or about October 30, 2023, subject to the satisfaction of customary closing conditions.

 

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The unregistered warrants will have an exercise price $1.58 per share, will become exercisable immediately upon issuance and will expire five and one-half years from the date of issuance.

The gross proceeds to Mustang from the offering are expected to be 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.

Posted In: MBIO