Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 123

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 123
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 our issued and outstanding common stock, without any change to par
value. The Amendment became effective upon such filing. No fractional shares were issued in connection with the reverse stock split as
all fractional shares were rounded down to the next whole share. The reverse stock split was intended to bring the Company into compliance
with the continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”).

All share and per share amounts of our common
stock listed in this Form 10-K have been adjusted to give effect to the reverse stock split.

April 2024 Reduction in Work Force

On April 10, 2024, our board of directors
approved a reduction of our workforce by approximately 81% of our employee base in order to reduce costs and preserve capital due to the
fundraising environment and uncertainty regarding the Committee on Foreign Investment in the United States (“CFIUS”) review
of the sale of the Facility and the Transaction with uBriGene (Boston) Biosciences, Inc., a Delaware corporation (“uBriGene”).
The workforce reduction took place primarily in April 2024 and was completed in the second quarter of 2024. As a result of these
actions, we incurred personnel-related restructuring charges of approximately $0.2 million in connection with one-time employee termination
cash expenditures, which were incurred in the second quarter of 2024.

Sale of Manufacturing Facility – Overview of Transaction

On May 18, 2023, we entered into an Asset
Purchase Agreement (the “Original Asset Purchase Agreement”) with uBriGene, pursuant to which we agreed to sell our leasehold
interest in our cell processing facility located in Worcester, Massachusetts (the “Facility”), and associated assets relating
to the manufacturing and production of cell and gene therapies at the Facility to uBriGene (the “Transaction”). We and uBriGene
subsequently entered into Amendment No. 1, dated as of June 29, 2023, and Amendment No. 2, dated as of July 28, 2023,
to the Original Asset Purchase Agreement (the Original Asset Purchase Agreement, as so amended, the “Prior Asset Purchase Agreement”).

On July 28, 2023 (the “Closing Date”),
pursuant to the Prior Asset Purchase Agreement, we completed the sale of all of our assets that primarily relate to the manufacturing
and production of cell and gene therapies at the Facility (such operations, the “Transferred Operations” and such