Mustang Bio Sells Subsidiary, Exits Operations

TL;DR

Mustang Bio selling its last subsidiary, looks like they're shutting down operations.

AI Summary

Mustang Bio, Inc. announced on March 28, 2024, that it has entered into a definitive agreement to sell its wholly-owned subsidiary, Mustang Bio Holdings, Inc., to an unaffiliated third party. The transaction is expected to close in the second quarter of 2024 and will result in Mustang Bio, Inc. no longer owning any operating subsidiaries.

Why It Matters

This sale marks a significant strategic shift for Mustang Bio, Inc., indicating a potential wind-down or restructuring of its operations as it divests its last operating subsidiary.

Risk Assessment

Risk Level: high — The sale of all operating subsidiaries suggests a potential cessation of business operations for Mustang Bio, Inc., which carries significant risk for investors.

Key Players & Entities

• Mustang Bio, Inc. (company) — Registrant
• Mustang Bio Holdings, Inc. (company) — Wholly-owned subsidiary being sold
• March 28, 2024 (date) — Date of definitive agreement
• second quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share MBIO Nasdaq Capital Marke

Filing Documents

• tm2410237d1_8k.htm (8-K) — 23KB
• 0001104659-24-041199.txt ( ) — 190KB
• mbio-20240328.xsd (EX-101.SCH) — 3KB
• mbio-20240328_lab.xml (EX-101.LAB) — 33KB
• mbio-20240328_pre.xml (EX-101.PRE) — 22KB
• tm2410237d1_8k_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. As previously reported, in connection with the sale of Mustang Bio, Inc.'s (the "Company") 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 (the "Transaction") to uBriGene (Boston) Biosciences, Inc., a Delaware corporation ("uBriGene") and an indirect, wholly owned subsidiary of UBriGene (Jiangsu) Biosciences Co., Ltd., a Chinese contract development and manufacturing organization, the Company and uBriGene previously submitted a voluntary notice to the U.S. Committee on Foreign Investment in the United States ("CFIUS") on August 10, 2023 to obtain clearance for the Transaction, although obtaining such clearance was not a condition to closing the Transaction. Following an initial 45-day review period and subsequent 45-day investigation period, on November 13, 2023, CFIUS requested that the Company and uBriGene withdraw and re-file their joint voluntary notice to allow more time for review and discussion regarding the nature and extent of national security risk posed by the Transaction. Upon CFIUS's request, the Company and uBriGene submitted a request to withdraw and re-file their joint voluntary notice to CFIUS, and on November 13, 2023, CFIUS granted this request, accepted the joint voluntary notice and commenced a new 45-day review period on November 14, 2023. CFIUS's 45-day review ended on December 28, 2023. Since CFIUS had not concluded its review by December 28, 2023, the proceeding transitioned to a subsequent 45-day investigation period, which ended on February 12, 2024. Following the 45-day review period and subsequent 45-day investigation period described above, on February 12, 2024, the Company and uBriGene requested permission to withdraw and re-file their joint voluntary notice to allow more time for review and discussion regarding the nature and extent of nationa

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mustang Bio, Inc. Date: March 29, 2024 By: /s/ Manuel Litchman, M.D. Manuel Litchman, M.D. President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR