Mustang Bio (NASDAQ:MBIO) stock is taking off on Wednesday alongside heavy pre-market trading of the clinical-stage biopharmaceutical company’s shares.

This has more than 13.9 million shares of MBIO stock changing hands as of this writing. That’s well above the company’s daily average trading volume of about 345,000 shares. It’s worth mentioning that the float of its shares is 9.36 million.

It’s worth noting that this rally comes after Mustang Bio was sent a delisting notice by the Nasdaq Exchange. This gives the company until Nov. 12, 2024 to regain compliance with listing standards.

What’s Behind the MBIO Stock Delisting Notice?

Mustang Bio’s shares have been trading below $1 for too long. That’s the minimum bid price required to remain on the Nasdaq Exchange. The company needs to get its shares back above that price for 10 consecutive trading days to avoid delisting.

Even if Mustang Bio fails to do so, it may not face delisting at that time. The company could be eligible for another 180-day extension to adjust its share price. Mustang Bio is monitoring its shares price and considering options to avoid delisting.

MBIO stock is up 58.4% as of Wednesday morning but was down 76.5% year-to-date when markets closed yesterday.

There are more stock market stories worth reading about below!

We have all of the hottest stock market news available on Wednesday! Among that is what has shares of Akoustis Technologies (NASDAQ:AKTS) stock up, the biggest pre-market stock movers this morning and more. All of this news is available at the following links!

More Stock Market News for Wednesday

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.