Core Viewpoint - Mustang Bio, Inc. has entered into a definitive agreement to exercise existing warrants for the purchase of 16,877,638 shares of common stock at an exercise price of $0.237 per share, expected to generate approximately $4 million in gross proceeds [1][2]. Group 1: Financial Details - The exercise of existing warrants will result in the issuance of new unregistered warrants to purchase up to 33,755,276 shares of common stock at an exercise price of $0.27 per share [2]. - The new warrants will have a term of five years for 16,877,638 shares and a term of twelve months for the remaining shares from the date of stockholder approval [2]. - The offering is anticipated to close on or about October 25, 2024, subject to customary closing conditions [2]. Group 2: Regulatory and Compliance - The new warrants and the shares of common stock issuable upon their exercise are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and Regulation D [3]. - The company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon the exercise of the new warrants [3]. Group 3: Company Overview - Mustang Bio, Inc. is a clinical-stage biopharmaceutical company focused on developing cell therapies for difficult-to-treat cancers [5]. - The company aims to acquire rights to innovative technologies through licensing or ownership interests to fund research and development [5]. - Mustang has partnered with leading medical institutions to advance CAR-T therapies [5].
Mustang Bio Announces Exercise of Warrants for $4 Million Gross Proceeds