FX.co ★ Mustang Bio Sets 1-for-50 Reverse Stock Split

Mustang Bio, Inc. (MBIO), a company focusing on biopharmaceutical development in its clinical stages, announced on Tuesday its decision to implement a 1-for-50 reverse stock split. This adjustment will take effect on Nasdaq, with the stock trading on a split-adjusted basis starting January 16. The primary objective of the reverse stock split is to adhere to Nasdaq's requirement of maintaining a minimum bid price of $1.00 per share for continued listing. As a result of this split, the company's number of outstanding shares will reduce significantly, from approximately 64.8 million to around 1.3 million.