Mustang Bio prices 2.66M shares at $3.01 in public offering

Mustang Bio (MBIO) announced the pricing of a public offering of an aggregate of 2,657,807 shares of its common stock, Series C-1 warrants to purchase up to 2,657,807 shares of common stock and Series C-2 warrants to purchase up to 2,657,807 shares of common stock, at a combined public offering price of $3.01 per share and accompanying warrants. The warrants will have an exercise price of $3.01 per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the warrants. The Series C-1 warrants will expire five years from the date of stockholder approval and the Series C-2 warrants will expire twenty-four months from the date of stockholder approval. The closing of the offering is expected to occur on or about February 7, 2025, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the Company, are expected to be approximately $8M. The Company intends to use the net proceeds from this offering for working capital and general corporate and other purposes.