WORCESTER, Mass., May 02, 2024 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. ("Mustang" or the "Company") (NASDAQ:MBIO), a clinical-stage biopharmaceutical company focused on translating today's medical breakthroughs in cell and gene therapies into potential cures for difficult-to-treat cancers, today announced the closing of its previously announced public offering for the purchase and sale of an aggregate of 16,877,638 shares of its common stock (or common stock equivalents in lieu thereof), Series A-1 warrants to purchase up to 16,877,638 shares of common stock, Series A-2 warrants to purchase up to 16,877,638 shares of common stock and Series A-3 warrants to purchase up to 16,877,638 shares of common stock, at a combined purchase price of $0.237 per share (or per common stock equivalent in lieu thereof) and accompanying warrants. The warrants have an exercise price of $0.237 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 A-1 warrants will expire five years from the date of stockholder approval, the Series A-2 warrants will expire twenty-four months from the date of stockholder approval and the Series A-3 warrants will expire nine months from the date of stockholder approval. H.C. Wainwright & Co. acted 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, and prior to any potential warrant exercises, were approximately $4 million. The Company intends to use the net proceeds from this offering for working capital and general corporate and other purposes. If the Series A-1, A-2 and A-3 warrants are exercised in full for cash, it will result in additional gross proceeds to the Company of $12 million. There can be no assurance that the warrants will be exercised for cash. The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-278006), which was declared effective by the Securities and Exchange Commission (the "SEC") on April 29, 2024. The offering was made only by means of a prospectus, including a prospectus supplement, forming part of the effective registration statement. A final prospectus supplement ...