Mustang Bio Prices Public Offering Of 2.65 Mln At $3.01/shr; Stock Down In Pre-market

(RTTNews) - Mustang Bio, Inc. (MBIO), a clinical-stage biopharmaceutical company, Thursday announced the pricing of a public offering of 2.65 million common shares, expected to close around February 7.

Shares of Mustang Bio are dropping by 12% in the pre-market trading.

The offering is expected to raise about $8 million before deducting fees and expenses. The company plans to use the net proceeds for working capital and general business purposes.

The offering includes Series C-1 and Series C-2 warrants, each allowing the purchase of up to 2,657,807 common shares, at a combined price of $3.01 per share with warrants.

The warrants will have an exercise price of $3.01 per share and can be used starting from the date when stockholder approval for issuing the shares is granted.

The Series C-1 warrants will expire five years after stockholder approval, while the Series C-2 warrants will expire 24 months after approval.

In the pre-market trading, Mustang Bio is 11.63% lesser at $2.66 on the Nasdaq.