SCHEDULE: Intracoastal Capital Discloses 4.99% Stake in Mustang Bio

Intracoastal Capital LLC, along with Mitchell P. Kopin and Daniel B. Asher, reported a passive beneficial ownership of 4.99% in Mustang Bio, Inc.

Summary

• Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC (collectively, the "Reporting Persons") have filed an Amendment No. 2 to their Schedule 13G.
• As of June 30, 2025, the Reporting Persons beneficially owned 185,527 shares of Mustang Bio, Inc. common stock.
• This ownership represents approximately 4.99% of the company's common stock.
• The calculation is based on 3,532,452 shares outstanding as of May 13, 2025, plus the 185,527 shares issuable upon exercise of Intracoastal Warrant 1.
• The beneficial ownership includes shares issuable upon exercise of Intracoastal Warrant 1.
• Both Intracoastal Warrant 1 and Intracoastal Warrant 2 contain blocker provisions, preventing the holder from exercising the warrants to the extent that beneficial ownership would exceed 4.99%.
• Without these blocker provisions, the Reporting Persons would have beneficial ownership of 1,328,904 shares of common stock.
• The securities were not acquired and are not held for the purpose of changing or influencing the control of Mustang Bio, Inc.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of passive ownership, indicating a neutral sentiment as it does not convey positive or negative operational news for the company, but rather a factual update on an investor's stake.

Positives

• The filing indicates a continued passive investment by Intracoastal Capital LLC and its principals, suggesting a long-term, non-activist interest in Mustang Bio, Inc.

Negatives

• The blocker provisions in the warrants limit the Reporting Persons' ability to increase their beneficial ownership beyond 4.99%, potentially capping their direct influence or investment size.

Risks

• The investment is subject to blocker provisions in Intracoastal Warrant 1 and Intracoastal Warrant 2, which prevent the Reporting Persons from exceeding 4.99% beneficial ownership, limiting their potential for increased stake or control.

Future Outlook

NA

Industry Context

This filing is a standard disclosure of passive beneficial ownership, common in the financial industry for investors holding significant but non-controlling stakes in publicly traded companies. It reflects a specific investment position rather than broader industry trends or competitive dynamics.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive investor's stake, which may be viewed as a vote of confidence, though the blocker provisions limit potential for activist involvement.

Key Dates

Keywords

Mustang Bio, Intracoastal Capital, Schedule 13G, Beneficial Ownership, Common Stock, Passive Investment, Warrants, Biotechnology, MBIO