MUSTANG BIO, INC. : Notice of expungement or non-compliance with a continuing registration rule or standard; Transfer of Enrollment (Form 8-K)

Section 3.01 Notice of Cancellation for Non-Compliance with a Rule or Standard of Maintenance of Listing; Registration transfer.

On May 24, 2022, Mustang Bio, Inc. (the “Company”) has received a letter from the Registration Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC
(“Nasdaq”) stating that the bid price for the Company’s common stock, par value $0.0001 per share (the “Common Shares”), had closed below $1.00 per share for 30 consecutive business days and therefore the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth the minimum offering price required to maintain listing on the Nasdaq Capital Market.

The Nasdaq notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a grace period of 180 calendar days, by November 21, 2022, to regain compliance with the bid price requirement. Compliance can be achieved by evidencing a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days (but generally not more than 20 consecutive business days) during the 180 calendar day grace period.

If the Company fails to comply again with the offer price requirement by
November 21, 2022the Company may be eligible for an additional compliance period of 180 calendar days as long as it meets the initial listing criteria on The Nasdaq stock market and the continued listing requirement for the market value of publicly held shares and the Company notifies Nasdaq in writing of its intention to remedy the deficiency during the second compliance period by proceeding with a stock consolidation, if necessary. In the event the Company is not eligible for the second grace period, Nasdaq staff will provide written notice that the common stock is subject to debarment; however, the Company may request a hearing before the Nasdaq Hearings Committee (the “Panel”), which request, if made in a timely manner, would suspend any further suspension or delisting action by Staff pending the conclusion of the hearing process and the expiration of any extension that may be granted by the committee. There can be no assurance that the Company will be successful in its efforts to maintain its listing on the Nasdaq.

The Company intends to closely monitor the closing bid price for the Common Shares and consider all available options to remedy the bid price deficiency, but no action decision has yet been made.

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