Mustang Bio confirmed the pricing for its latest underwritten public offering.
Mustang Bio (NASDAQ:MBIO) confirmed the pricing for its latest underwritten public offering.
As quoted in the press release:
Mustang is offering 6,875,000 shares of its common stock, par value US$0.0001 per share, at a price to the public of $4.00 per share. In connection with the offering, Mustang has also granted the underwriters a 30-day option to purchase up to an additional 1,031,250 shares of common stock offered in the public offering, at the same public offering price per share, to cover over-allotments, if any.
The Company expects to receive gross proceeds from the offering, excluding the exercise of the over-allotment option, if any, of US$27.5 million, excluding underwriting discounts and commissions and other offering-related expenses. Assuming the full exercise of the over-allotment option, gross proceeds would be US$31.6 million.
Mustang intends to use the net proceeds from the offering primarily for the continued development of its product candidates, the potential in-license, acquisition, development and commercialization of other pharmaceutical products and for general corporate purposes.
The offering is expected to close on May 2, 2019, subject to customary closing conditions. Following the offering, Mustang expects to have a total of approximately US$89.1 million in cash, net of underwriting discount but excluding other offering-releated expenses.