Subsequent Events |
3 Months Ended | |
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Mar. 31, 2019 | ||
| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
Note 11 – Subsequent Events Mustang At-the-Market Offering Pursuant to the terms of the Company’s Amended and Restated At Market Issuance Sales Agreement, or Sales Agreement, with B. Riley FBR, Inc. (“B. Riley,” f/k/a MLV & Co. LLC, and FBR Capital Markets & Co.) (the “ATM”), subsequent to the quarter ended March 31, 2019, the Company issued approximately 3.5 million shares of common stock at an average price of $6.42 per share for gross proceeds of $22.5 million. In connection with these sales, the Company paid aggregate fees of approximately $0.4 million. These shares were sold pursuant to Mustang’s current shelf registration statement on Form S-3; approximately $20.9 million of the shelf remains available for sale as of the date of filing. Mustang Public Offering of Common Stock On April 30, 2019, Mustang announced the pricing of an underwritten public offering, whereby it sold 6,875,000 shares of its common stock, (plus a 30-day option to purchase up to an additional 1,031,250 shares of common stock, which was fully exercised) at a price of $4.00 per share for gross proceeds of approximately $31.6 million. Total net proceeds from this offering, including the option, were approximately $29.8 million, net of underwriting discounts but excluding offering expenses. The shares were sold under a shelf registration statement on Form S-3 (No. 333-226175), filed by Mustang with the Securities and Exchange Commission on July 13,2018, amended on July 20, 2018, and declared effective on July 27, 2018. The offering closed on May 2, 2019 and the option closed on May 8, 2019. |