Mustang Bio Announces 1-for-50 Reverse Stock Split

Mustang Bio, Inc. made a significant disclosure on January 14, 2025, announcing the implementation of a 1-for-50 reverse stock split of its issued and outstanding common stock. The company, a clinical-stage biopharmaceutical organization focused on translating revolutionary medical advancements in cell therapies to potentially offer cures for challenging-to-treat cancers, is taking this step to ensure compliance with Nasdaq’s minimum bid price requirement for continued listing at $1.00 per share.

The decision for the reverse stock split had been approved by Mustang’s Board of Directors and a majority of stockholders, constituting roughly 56% of the voting power of Mustang’s outstanding capital stock, on June 27, 2024. The final ratio for the reverse stock split was determined by the Board of Directors. This action aims to maintain the company’s listing on The Nasdaq Stock Market.

Following the reverse stock split, Mustang’s common stock will continue to trade under the symbol “MBIO” on The Nasdaq Stock Market, with a new CUSIP number of 62818Q302. As a result of the reverse stock split, the number of outstanding shares of common stock will decrease from approximately 64.8 million to around 1.3 million. The treatment of any potential fractional shares that stockholders would receive in the reverse stock split is subject to adjustments. No fractional shares will be issued, and stockholders eligible for fractional shares will receive a proportional cash payment.

VStock Transfer, LLC, the company’s transfer agent, is facilitating the exchange and payment process for the reverse stock split. Instructions will be provided to stockholders on the procedure for exchanging physical share certificates. Mustang has noted that beneficial holders who retain their shares in book-entry form or through a bank, broker, or other nominee may not need to take any action regarding the reverse stock split.

Additional details concerning the reverse stock split and related information have been disclosed in Mustang’s Definitive Information Statement on Schedule 14C filed with the Securities and Exchange Commission on July 10, 2024.

Mustang Bio, Inc. was founded by Fortress Biotech, Inc. and is dedicated to advancing CAR-T therapies in collaboration with leading medical institutions. The company’s common stock is registered under the Securities Exchange Act of 1934, and periodic reports are filed with the U.S. Securities and Exchange Commission (SEC). For more information, visit www.mustangbio.com.

In this press release, forward-looking statements have been made, emphasizing the company’s growth strategy, product development programs, and regulatory filings. Actual events or results may differ due to various risks and uncertainties outlined in Mustang’s filings with the SEC. The company disclaims any obligation to update these forward-looking statements except as required by law under the safeguard of the safe harbor for forward-looking statements.

Contact: Jaclyn Jaffe and Nicole McCloskey
Mustang Bio, Inc.
(781) 652-4500
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mustang Bio’s 8K filing here.

About Mustang Bio

Mustang Bio, Inc, a clinical-stage biopharmaceutical company, focuses on translating medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors, and rare genetic diseases. Its pipeline focuses on gene therapy programs for rare genetic disorders, chimeric antigen receptor (CAR) engineered T cell (CAR T) therapies for hematologic malignancies, and CAR T therapies for solid tumors.