Mustang Bio Announces Reverse Stock Split

Reverse Stock Split - Mustang Bio Inc announced a 1-for-50 reverse stock split of its issued and outstanding common stock, effective from January 16, 2025 [1] - The reverse stock split was approved by the Board of Directors and stockholders representing approximately 56% of the voting power on June 27, 2024 [2] - The number of outstanding shares will be reduced from approximately 64.8 million to approximately 1.3 million, with no fractional shares issued and proportional cash payments made instead [3] Compliance and Trading Details - The reverse stock split aims to bring the company into compliance with Nasdaq's $1.00 per share minimum bid price requirement for continued listing [2] - Mustang's common stock will continue to trade on Nasdaq under the symbol "MBIO" with a new CUSIP number of 62818Q302 [3] - VStock Transfer LLC is acting as the exchange and paying agent for the reverse stock split, providing instructions for physical share certificate exchanges [4] Company Overview - Mustang Bio Inc is a clinical-stage biopharmaceutical company focused on developing cell therapies for difficult-to-treat cancers [5] - The company partners with top medical institutions to advance CAR-T therapies and aims to license or acquire technologies for research and development [5] - Mustang was founded by Fortress Biotech Inc and its common stock is registered under the Securities Exchange Act of 1934 [5]