05:06 PM EDT, 06/20/2024 (MT Newswires) -- Mustang Bio ( MBIO ) said late Thursday it expects to raise $2.5 million from a registered direct offering of 6.13 million shares at $0.41 each.

The company also said it has agreed to issue warrants to purchase up to 6.13 million shares, exercisable at $0.41 per share.

The offering is expected to close Friday, with H.C. Wainwright as the placement agent, the firm said.

The net proceeds will be used for working capital and general corporate purposes.

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