Mustang Bio flagged for Nasdaq bid-price deficiency

Mustang Bio, Inc. has been notified by Nasdaq that its common stock no longer meets the minimum $1.00 bid price requirement because the shares traded below that level for 30 consecutive business days.

Rhea-AI Filing Summary

Mustang Bio, Inc. has been notified by Nasdaq that its common stock no longer meets the minimum $1.00 bid price requirement because the shares traded below that level for 30 consecutive business days. The company now has a 180-day grace period, until October 12, 2026, to regain compliance by maintaining a closing bid of at least $1.00 for at least ten consecutive business days.

If Mustang Bio does not regain compliance by that date, it may qualify for an additional 180-day period if it meets other Nasdaq listing criteria and formally indicates it may use actions such as a reverse stock split. Failing that, its stock could be subject to delisting, though the company could request a hearing before a Nasdaq panel. Mustang Bio states it will monitor its share price and evaluate options but has not yet decided on any specific action.

Positive

• None.

Negative

• Nasdaq bid-price non-compliance: Mustang Bio’s stock traded below $1.00 for 30 consecutive business days, triggering a Nasdaq deficiency notice and introducing a potential delisting risk if compliance is not regained within the allowed grace periods.

Insights

Equity markets & listing standards analyst

Nasdaq bid-price deficiency raises listing risk for Mustang Bio.

Mustang Bio received a Nasdaq notice after its common stock closed below $1.00 for 30 consecutive business days, triggering non-compliance with Nasdaq Listing Rule 5550(a)(2). The stock remains listed for now, but this starts a defined remediation timeline.

The company has a 180-day grace period until October 12, 2026 to restore a closing bid of at least $1.00 for at least ten consecutive business days. If other listing criteria are met, it may obtain an additional 180-day period and could use a reverse stock split to cure the deficiency.

If Mustang Bio fails to regain compliance and cannot secure extra time, Nasdaq staff may move toward delisting, although the company could request a hearing before the Nasdaq Hearings Panel. The filing notes that no decision has been made on specific actions, so the eventual outcome will depend on future trading and corporate steps.

8-K Event Classification

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

1 item

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice, failed to satisfy a continued-listing rule or standard, or transferred its listing.

Key Figures

Minimum bid price: $1.00 per share Non-compliance trigger period: 30 consecutive business days Initial grace period: 180 calendar days +3 more

6 metrics

Minimum bid price $1.00 per share Nasdaq Listing Rule 5550(a)(2) requirement

Non-compliance trigger period 30 consecutive business days Bid price closed below $1.00 for this period

Initial grace period 180 calendar days Time to regain bid-price compliance ending October 12, 2026

Compliance trading requirement At least 10 business days Closing bid must be ≥ $1.00 for this minimum span

Potential additional grace period 180 calendar days Possible second compliance period if other criteria are met

Compliance deadline October 12, 2026 End of initial 180-day grace period under Nasdaq rules

Key Terms

Nasdaq Listing Rule 5550(a)(2), minimum bid price requirement, grace period, reverse stock split, +1 more

5 terms

Nasdaq Listing Rule 5550(a)(2) regulatory

"the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2)"

minimum bid price requirement financial

"which sets forth the minimum bid price requirement for continued listing"

A minimum bid price requirement is a rule that a stock must trade above a set price for a specified period to stay listed on an exchange. It matters to investors because falling below that threshold can trigger warnings or removal from the exchange, which can cut liquidity, reduce visibility, and often lead to sharper declines in share value—think of it like a venue’s minimum dress code that, if not met, can bar a performer from the stage.

grace period regulatory

"the Company was afforded a 180-calendar day grace period, or until October 12, 2026"

A grace period is a short, pre-agreed span of time after a payment, filing, or other obligation is due during which a company or individual can meet the requirement without being penalized or declared in default. Think of it as a temporary breathing room that prevents immediate consequences for a missed deadline. Investors care because grace periods affect when cash flows are actually received, how soon penalties or defaults can hit, and the apparent credit risk and stability of an issuer.

reverse stock split financial

"by effecting a reverse stock split, if necessary"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

Nasdaq Hearings Panel regulatory

"the Company may request a hearing before the Nasdaq Hearings Panel"

A Nasdaq hearings panel is a group of experts that reviews cases when a company's stock listing is at risk of being removed from the exchange. They evaluate whether the company has met certain standards and determine if it can keep trading on Nasdaq. This process matters to investors because it can affect a company's ability to raise money and maintain credibility in the market.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What Nasdaq notice did Mustang Bio (MBIO) receive on April 15, 2026?

Mustang Bio received a Nasdaq Listing Qualifications notice that its common stock no longer meets the $1.00 minimum bid price requirement after trading below that level for 30 consecutive business days, placing the company in non-compliance with Nasdaq Listing Rule 5550(a)(2).

How long does Mustang Bio (MBIO) have to regain Nasdaq bid price compliance?

Mustang Bio has a 180-calendar day grace period, until October 12, 2026, to regain compliance. It must achieve a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days within that period under Nasdaq rules.

Can Mustang Bio (MBIO) receive more time beyond October 12, 2026 to meet Nasdaq’s bid price rule?

If Mustang Bio meets initial listing and market value requirements, it may qualify for an additional 180-day compliance period. The company must notify Nasdaq of its intent to cure the deficiency, potentially including a reverse stock split, to receive this second grace period.

What happens if Mustang Bio (MBIO) still cannot meet Nasdaq’s bid price requirement?

If compliance is not restored and no second grace period applies, Nasdaq staff may issue a notice that Mustang Bio’s common stock is subject to delisting. The company can request a hearing before the Nasdaq Hearings Panel, which would stay suspension or delisting while the process continues.

Is Mustang Bio’s (MBIO) stock immediately delisted after this Nasdaq deficiency notice?

No, Mustang Bio’s common stock remains listed on the Nasdaq Capital Market after the notice. The company has an initial 180-day period to regain bid price compliance, and any potential suspension or delisting would follow only after these compliance opportunities and processes are exhausted.

What actions might Mustang Bio (MBIO) consider to fix its Nasdaq bid price deficiency?

The company states it will closely monitor its closing bid price and evaluate all available options. The filing notes that, during a possible second grace period, Mustang Bio could indicate plans to cure the deficiency, which may include a reverse stock split if needed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/17/2026 - 04:01 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 15, 2026

Mustang Bio, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware		001-38191		47-3828760
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

95 Sawyer Road, Suite 110

Waltham, Massachusetts 02453

(Address of Principal Executive Offices)

(781) 652-4500

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		MBIO		Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 3.01 Notice of Delisting of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On 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 Company’s Common Stock on Nasdaq.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was afforded a 180-calendar day grace period, or until October 12, 2026, 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 does not regain compliance with the bid price requirement by October 12, 2026, the Company may be eligible for an additional 180-calendar day compliance period so long as it satisfies the criteria for initial listing on The Nasdaq Stock Market and the continued listing requirement for market value of publicly held shares and the Company provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. In the event the Company is not eligible for the second grace period, Nasdaq staff will provide written notice that the Company’s Common Stock is subject to delisting; however, the Company may request a hearing before the Nasdaq Hearings Panel (the “Panel”), which request, if timely made, would stay any further suspension or delisting action by the Staff pending the conclusion of the hearing process and expiration of any extension that may be granted by the Panel. There can be no assurance that the Company would be successful in its efforts to maintain the Nasdaq listing.

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

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: April 17, 2026
	By:	/s/ Manuel Litchman, M.D.
		Manuel Litchman, M.D.
		President, Chief Executive Officer and Interim Chief Financial Officer

Filing Exhibits & Attachments

3 documents

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