Mustang Bio Shares Down 12% After Direct Offering Prices
By Chris Wack
Mustang Bio shares reversed course in midday trading after the company priced a $4.4 million direct offering.
The stock was recently down 12% at $1.38 after trading as high as $2.11 earlier in the session following an announcement that Mustang received U.S. Food and Drug Administration acceptance for an Investigational New Drug application.
The company will issue and sell 2.6 million shares at $1.70 a share.
In a concurrent private placement, Mustang has also agreed to issue and sell unregistered warrants to buy up to 2.6 million shares.
The offering is expected to close on or about Monday.
Mustang intends to use net proceeds from the offering for working capital and general corporate purposes.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 26, 2023 13:36 ET (17:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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