Mustang Bio has announced the pricing of an $8 million public offering, comprising 2,657,807 shares of common stock (or equivalents) and two series of warrants. The combined offering price is set at $3.01 per share with accompanying warrants. The Series C-1 warrants will expire in five years and Series C-2 warrants in 24 months from stockholder approval, both with a $3.01 exercise price.
H.C. Wainwright & Co. is serving as the exclusive placement agent. The offering is expected to close around February 7, 2025, subject to the satisfaction of customary closing conditions. The company plans to use the net proceeds for working capital and general corporate purposes. The offering is made pursuant to an effective SEC registration statement on Form S-1.
This offering is important for Mustang Bio as it provides additional funding for the company’s further development. Despite the potential dilution of existing shareholders due to the share issuance, this move will allow the company to continue its research programs and implement new projects.