MUSTANG BIO, INC. — fact timeline

MUSTANG BIO, INC. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

“April 15, 2026, Mustang Bio, Inc. (the “Company”) received a notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the bid price of the Company’s common stock, par value $0.0001 per share (“Common Stock”), had closed below $1.00 per share for 30 consecutive business days and, as a result, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The Staff notice has no immediate effect on the listing of the Compan”

MUSTANG BIO, INC. completed a disposition involving AbbVie Bioresearch Center Inc. for $1.0 million (closed 2025-02-21).

“Pursuant to the terms of the Sale/Surrender Agreement, AbbVie agreed to purchase from the Company, and the Company agreed to sell and convey to AbbVie, certain furniture, fixtures and equipment (“FF&E”) located in the Premises and other items as set forth in the Sale/Surrender Agreement for a purchase price of $1.0 million”

MUSTANG BIO, INC.: Amendment to Certificate of Incorporation to effect a 1-for-50 reverse stock split (effective 2025-01-15).

“On January 15, 2025, Mustang Bio, Inc. (the “Company”) filed a Certificate of Amendment (the “Amendment”) to its Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-50 reverse stock split (the “Reverse Stock Split”) of the Company’s shares of common stock, $0.0001 par value.”

Manuel Litchman was appointed as Interim Chief Financial Officer at MUSTANG BIO, INC..

“On November 15, 2024, the Company’s Board of Directors (the “Board”) appointed Manuel Litchman, M.D., President and Chief Executive Officer of the Company, as the Company’s Interim Chief Financial Officer, effective immediately.”

James Murphy resigned as Interim Chief Financial Officer at MUSTANG BIO, INC..

“On November 12, 2024, James Murphy resigned as the Company’s Interim Chief Financial Officer.”

David Jin was appointed as Director at MUSTANG BIO, INC..

“On October 23, 2024, the Board of Directors (the “Board”) of the Company increased the number of directors on the Board from six to seven and appointed David Jin as a new member of the Board.”

MUSTANG BIO, INC. completed an acquisition involving uBriGene (Boston) Biosciences, Inc. for $1,395,138 (closed 2024-06-27).

“pursuant to the NSA with CFIUS. As consideration for the Repurchase Transaction, the Company has agreed to pay to uBriGene a total purchase price (the “Purchase Price”) of $1,395,138, consisting of (i) an upfront payment of $100,000 due within five (5) business days of the Effective Date and a (ii) subsequent amount of $1,295,138 due on the date that is twelve”

MUSTANG BIO, INC. amended Warrant Amendment Agreement with the Investor (effective 2024-04-29).

“onnection with the Offering, the Company also entered into a warrant amendment agreement (the “Warrant Amendment Agreement”) with the Investor.”

MUSTANG BIO, INC. entered into Purchase Agreement with a certain institutional investor (effective 2024-04-29).

“the Company entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional investor (the “Investor”).”

MUSTANG BIO, INC. reported preliminary financial results for the three months ended March 31, 2024.

“Based on information currently available, we estimate that as of March 31, 2024, cash and cash equivalents were approximately $1.3 million, and cash used in operating activities for the first quarter of 2024 was $5.3 million.”

MUSTANG BIO, INC. announced a restructuring with charges of approximately $0.2 million (approximately 81% of its employee base).

“to be substantially completed in the second quarter of 2024. As a result of these actions, Mustang expects to incur personnel-related restructuring charges of approximately $0.2 million in connection with one-time employee termination cash expenditures, which are expected to be incurred in the second quarter of 2024. Mustang may also incur other charges or cash”

MUSTANG BIO, INC. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

“March 13, 2024, Mustang Bio, Inc. (the “Company”) received a deficiency letter (the “Letter”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1). Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 (the “Stockholders’ Equity Requirement”). The Company’s Annual Report on F”

MUSTANG BIO, INC. reported the fiscal year ended December 31, 2023 results: net income $51.6 million, EPS $6.00 per share.

“On March 11, 2024, Mustang Bio, Inc. issued a press release to provide a corporate update and to announce its financial results for the fiscal year ended December 31, 2023.”

James Murphy was appointed as Interim Chief Financial Officer at MUSTANG BIO, INC..

“On January 19, 2024, Mustang Bio, Inc. (the “Company”) appointed James Murphy as the Company’s Interim Chief Financial Officer.”

Peter Carney was appointed as Interim Chief Accounting Officer at MUSTANG BIO, INC..

“Also on December 11, 2023, the Board appointed Peter Carney, Controller of the Company, as the Company’s Interim Chief Accounting Officer, effective immediately.”

Manuel Litchman was appointed as Interim Chief Financial Officer at MUSTANG BIO, INC..

“On December 11, 2023, the Board of Directors of the Company (the “Board”) appointed Manuel Litchman, M.D., President and Chief Executive Officer of the Company, as the Company’s Interim Chief Financial Officer, effective immediately.”

Eliot Lurier departed as Interim Chief Financial Officer at MUSTANG BIO, INC..

“On December 8, 2023, Eliot Lurier, the Interim Chief Financial Officer of Mustang Bio, Inc. (the “Company” or “Mustang”), passed away unexpectedly.”

MUSTANG BIO, INC. reported the third quarter ended September 30, 2023 results: net income Net loss attributable to common stockholders was $10.1 million, or $1.23 per share, for the third quarter of 2023, EPS $1.23 per share.

“Mustang Bio, Inc. issued a press release to provide a corporate update and to announce its financial results for the third quarter ended September 30, 2023.”

MUSTANG BIO, INC. entered into Engagement Letter with H.C. Wainwright & Co., LLC valued at Wainwright was paid a cash fee equal to 7.0% of the gross proceeds received by the Company in the Of (effective 2023-10-09).

“H.C. Wainwright & Co., LLC (“ Wainwright ”) acted as the exclusive placement agent in connection with the Offerings under an Engagement Letter, dated as of October 9, 2023, between the Company and Wainwright (the “ Engagement Letter ”).”

MUSTANG BIO, INC. entered into Securities Purchase Agreement with single institutional accredited investor valued at up to $4.4 million in gross proceeds (effective 2023-10-26).

“On October 26, 2023, Mustang Bio, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with a single institutional accredited investor (the “ Investor ”) pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market (the “ Registered Offering ”), (i) 920,000 shares (the “ Shares ”) of common stock of the Company, $0.0001 par value per share (the “ Common Stock ”), at a price per Share of $1.70 and (ii) pre-funded warrants (the “ Pre-funded Warrants ”) to purchase up to 1,668,236 shares of Common Stock, at a price per Pre-funded Warrant equal to $1.699, the price per Share, less $0.001..”

MUSTANG BIO, INC. reported the second quarter ended June 30, 2023 results: net income Net loss attributable to common stockholders was $16.2 million, or $2.00 per share.

“On August 14, 2023, Mustang Bio, Inc. issued a press release to provide a corporate update and to announce its financial results for the second quarter ended June 30, 2023.”

MUSTANG BIO, INC. completed a disposition involving uBriGene (Boston) Biosciences, Inc. for $6,000,000 (the "Base Amount") (closed 2023-07-28).

“detail below. Under the terms of the Amended Asset Purchase Agreement, on the Closing Date, uBriGene paid to the Company, as consideration for the Transaction, a base amount of $6,000,000 (the “ Base Amount ”). A contingent amount (the “ Contingent Amount ”) will be paid to the Company once the Company (i) completes an issuance of equity securities in an amount”

MUSTANG BIO, INC. amended Third Amendment to Sublease with The Paul Revere Life Insurance Company valued at Amendment to sublease relocating premises to 11,916 sq ft on second floor, rent abatement until Marc (effective 2023-06-15).

“On July 18, 2023, Mustang Bio, Inc. (the “ Company ”) executed, with a retroactive Effective Date of June 15, 2023, the Third Amendment to Sublease (the “ Third Amendment ”), with The Paul Revere Life Insurance Company, a Massachusetts corporation (the “ Sublessor ”), which amends the Sublease, dated June 14, 2022, by and between the Company and the Landlord (the “ Original Sublease ,” and as amended, the “ Sublease ”)”

MUSTANG BIO, INC. terminated UCLA License Agreement with Regents of the University of California (effective 2023-07-10).

“on July 10, 2023, the Company terminated the Exclusive License Agreement, dated as of March 17, 2017, by and between the Company and the Regents of the University of California (the “UCLA License Agreement”).”

MUSTANG BIO, INC. amended Asset Purchase Agreement with uBriGene (Boston) Biosciences, Inc. valued at Extended Outside Date to July 31, 2023 (effective 2023-06-29).

“On June 29, 2023 the Company and uBriGene entered into an amendment to the Asset Purchase Agreement (the “ Amendment ”), to extend the Outside Date to July 31, 2023.”

MUSTANG BIO, INC. shareholders approved Amendment to 2019 ESPP to increase shares available for issuance by 400,000 and increase purchase right limit to 5,000 shares at the 2023-06-21 meeting.

“Proposal 5 The vote with respect to the approval of an amendment to Mustang’s ESPP were as follows: Total Votes For Total Votes Against Abstentions Broker Non-Votes 10,587,920 ​ 136,816 ​ 16,646 ​ 2,772,190”

MUSTANG BIO, INC. shareholders approved Advisory vote on frequency of say-on-pay votes (every three years) at the 2023-06-21 meeting.

“Proposal 4 The stockholders recommended a frequency of every three years for holding an advisory vote on the compensation of the Company’s named executive officers. The results of the advisory vote were as follows: ​ 1 Year 2 Years 3 Years Abstentions 765,968 ​ 22,813 ​ 9,934,636 ​ 17,965”

MUSTANG BIO, INC. shareholders approved Approval of compensation of named executive officers, advisory vote at the 2023-06-21 meeting.

“Proposal 3 The votes with respect to the approval of the compensation of the named executive officers, in an advisory vote, were as follows: ​ Total Votes For Total Votes Against Abstentions Broker Non-Votes 10,275,332 ​ 415,125 ​ 50,925 ​ 2,772,190”

MUSTANG BIO, INC. shareholders approved Ratification of KPMG LLP as independent registered public accounting firm for year ending December 31, 2023 at the 2023-06-21 meeting.

“Proposal 2 The votes with respect to the ratification of KPMG LLP as Mustang’s independent registered accounting firm for the year ending December 31, 2023 were as follows: ​ ​ Total Votes For ​ Total Votes Against ​ Abstentions 13,416,567 67,990 29,015”

MUSTANG BIO, INC. shareholders approved Election of six directors to hold office until the 2024 annual meeting at the 2023-06-21 meeting.

“Proposal 1 The votes with respect to the election of six directors to hold office until the 2024 annual meeting were as follows: Director For Withheld Broker Non-Votes Michael S. Weiss ​ 10,157,538 ​ 583,844 ​ 2,772,190 Lindsay A. Rosenwald, M.D. ​ 10,155,900 ​ 585,482 ​ 2,772,190 Neil Herskowitz ​ 10,319,736 ​ 421,646 ​ 2,772,190 Manuel Litchman, M.D. ​ 10,229,325 ​ 512,057 ​ 2,772,190 Adam Chill ​ 10,465,392 ​ 275,990 ​ 2,772,190 Michael Zelefsky, M.D. ​ 10,465,460 ​ 275,922 ​ 2,772,190”

MUSTANG BIO, INC. announced a restructuring with charges of approximately $2.9 million affecting corporate (discontinued programs and workforce reduction) (approximately 82% (inclusive of the Offered Employees)).

“receive a payment in an amount equal to their prorated annual bonus through the Closing Date. In connection with these actions, the Company will incur expenses of approximately $2.9 million, consisting of (i) severance and termination-related costs of approximately $2.1 million, which will be paid in cash during the quarter ended June 30, 2023 and (ii) the”

MUSTANG BIO, INC. entered into Asset Purchase Agreement with uBriGene (Boston) Biosciences, Inc. valued at Total purchase price of $11,000,000 consisting of a base amount of $6,000,000 and a contingent amoun (effective 2023-05-18).

“On May 18, 2023, Mustang Bio, Inc. (the “ Company ”) entered into an Asset Purchase Agreement (the “ Asset Purchase Agreement ”) with uBriGene (Boston) Biosciences, Inc., a Delaware corporation (“ uBriGene ”), pursuant to which the Company has agreed, subject to the terms and conditions therein, to sell its leasehold interest in its cell processing facility located in Worcester, Massachusetts (the “ Facility ”) and associated assets relating to the manufacturing and production of cell and gene therapies at the Facility to uBriGene (the “ Transaction ”).”

MUSTANG BIO, INC. reported the first quarter ended March 31, 2023 results: net income Net loss attributable to common stockholders was $16.7 million, or $2.06 per share.

“On May 12, 2023, Mustang Bio, Inc. issued a press release to provide a corporate update and to announce its financial results for the first quarter ended March 31, 2023.”

MUSTANG BIO, INC. terminated Loan and Security Agreement with Runway Growth Finance Corp. valued at $30.7 million (effective 2023-04-11).

“On April 11, 2023, the Loan and Security Agreement, dated as of March 4, 2022, by and among Mustang Bio, Inc. (the “Company”) and Runway Growth Finance Corp., as a lender and as administrative agent and collateral agent for Lenders (“Runway”), as amended by the First Amendment, dated as of December 7, 2022 (together, the “Runway Loan Agreement”), was terminated upon receipt by Runway of a payoff amount of $30.7 million from the Company”

MUSTANG BIO, INC.: Amended bylaws to change the quorum requirement for stockholder meetings from a majority of outstanding shares to a majority of outstanding voting power (effective 2023-03-28).

“on March 28, 2023, the Board adopted the Amended and Restated Bylaws of the Company (the “ Amended Bylaws ”), effective immediately. The Amended Bylaws modify the Company’s prior bylaws to amend Article II, Section 6 to change the quorum requirement for meetings of stockholders to a majority of the outstanding voting power of the Company, calculated in accordance with the Company’s Amended and Restated Certificate of Incorporation, from a majority of the outstanding shares of stock of the Company issued and outstanding and entitled to vote thereat.”

MUSTANG BIO, INC.: Filed Certificate of Amendment to effect a 15-for-1 reverse stock split of common stock (effective 2023-04-03).

“On April 3, 2023, Mustang Bio, Inc. (the “ Company ”) filed a Certificate of Amendment (the “ Amendment ”) to its Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 15-for-1 reverse stock split (the “ Reverse Stock Split ”) of the Company’s shares of common stock, $0.0001 par value (the “ Common Stock ”).”

MUSTANG BIO, INC. reported the full year ended December 31, 2022 results: net income Net loss attributable to common stockholders was $77.5 million, or $0.75 per share, for the year ended December 31, 2022, EPS $0.75 per share.

“Mustang Bio Reports Full-Year 2022 Financial Results and Recent Corporate Highlights”

MUSTANG BIO, INC. amended First Amendment with Runway Growth Finance Corp. (effective 2022-12-07).

“On December 7, 2022, the Company entered into the First Amendment (the “First Amendment”) to the Loan Agreement by and between the Company and Runway.”

MUSTANG BIO, INC. reported the third quarter ended September 30, 2022 results: net income $19.0 million, or $0.18 per share, EPS $0.18 per share.

“Net loss attributable to common stockholders was $19.0 million, or $0.18 per share, for the third quarter of 2022”

Eliot M. Lurier was appointed as Interim Chief Financial Officer at MUSTANG BIO, INC..

“On April 18, 2022, Mustang Bio, Inc. (the “Company”) appointed Eliot M. Lurier as the Company’s Interim Chief Financial Officer.”

Brian Achenbach resigned as Senior Vice President of Finance & Corporate Controller at MUSTANG BIO, INC..

“On March 11, 2022, Mr. Brian Achenbach notified Mustang Bio, Inc. (the “Company”) that he was resigning from his role as the Company’s Senior Vice President of Finance & Corporate Controller, effective March 27, 2022, to pursue an opportunity outside of the Company.”