Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 105

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 105
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 until November 12, 2024, to regain compliance with the Bid Price Rule. Compliance can be achieved by evidencing a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days (but generally not more than 20 consecutive business days) during the 180-calendar day grace period.

The hearing before the Panel occurred on October 29, 2024. By decision dated November 8, 2024, the Panel granted our request for an extension to evidence compliance with all applicable criteria for continued listing on the Nasdaq Capital Market, including the Bid Price Rule, through January 31, 2025, and the Equity Rule through February 18, 2025. We are considering all available options that may enable us to timely evidence compliance with the continued listing criteria and maintain our listing on Nasdaq. There can be no assurance that we will be successful in our efforts to maintain the listing of our common stock on the Nasdaq Capital Market.

Reverse Stock Split

On January 14, 2025, we announced that we will effect a 1-for-50 reverse stock split of our issued and outstanding common stock. The reverse stock split was approved on June 27, 2024 by our board of directors and stockholders representing approximately 56% of the voting power of our outstanding capital stock, with the authorization to determine the final ratio having been granted to our board of directors. The reverse stock split is intended to bring the Company into compliance with Nasdaq’s Bid Price Rule.

The reverse stock split will be effected on our common stock by the filing of a certificate of amendment (the “Amendment”) to our amended and restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware on January 15, 2025, without any change to par value. The Amendment will become effective upon such filing. No fractional shares will be issued in connection with the reverse stock split as all fractional shares will be rounded down to the next whole share.

Financing Activities

May 2024 Equity Offering

On April 29, 2024, we commenced a best efforts equity offering with an institutional investor (the “Investor”) (the “May 2024 Offering”) of an aggregate of (i) 1,160,000 shares of common stock, (ii) pre-funded warrants (the “May 2024 Pre-Funded Warrants”) to purchase up to an aggregate of 15,717,638 shares of common stock (