WORCESTER, Mass., June 21, 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 therapies into potential cures for difficult-to-treat cancers, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules, for the issuance and sale of an aggregate of 6,130,000 of its shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $0.41 per share (or common stock equivalent in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, Mustang also issued unregistered warrants to purchase up to an aggregate of 6,130,000 shares of its common stock. The unregistered warrants have an exercise price of $0.41 per share, are exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the warrants and will expire five years from the date of stockholder approval. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to Mustang from the offering are approximately $2.5 million, before deducting the placement agent's fees and other offering expenses payable by the Company. Mustang currently intends to use the net proceeds from the offering for working capital and general corporate purposes. The shares of common stock (or common stock equivalents) offered in the registered direct offering (but excluding the unregistered warrants offered in the concurrent private placement and the shares of common stock underlying such unregistered warrants) were offered and sold by the Company pursuant to a "shelf" registration statement on Form S-3 (Registration No. 333-279891), including a base prospectus, previously filed with the Securities and Exchange Commission ("SEC") on May 31, 2024 and declared effective by the SEC on June 12, 2024. The offering of the shares of common stock (or common stock equivalents) in the registered direct offering was made only by means of a prospectus supplement that forms a part of the registration statement. A prospectus supplement and an accompanying base prospectus relating to the registered direct offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement ...