Company: MBIO
Filing Date: 2025-02-07
Form Type: 424B4
Source: 0001410578-25-000085
Chunk: 90

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-07
Form: 424B4
Chunk 90
---
| ● | 6,941 shares of our common stock reserved for future issuance under the 2016 Plan, plus any future increases in the number of shares of common stock reserved for issuance thereunder; and |

| ● | 6,771 shares of our common stock reserved for future issuance under the ESPP, plus any future increases, including annual automatic evergreen increases, in the number of shares of common stock reserved for issuance thereunder. |

58

DILUTION If you invest in our common stock, your interest will be immediately diluted to the extent of the difference between the public offering price per share and the pro forma as adjusted net tangible book value per share of our common stock after this offering. Net tangible book value per share represents our total tangible assets less total liabilities, divided by the number of shares of our common stock outstanding. As of September 30, 2024, our net tangible book deficit was $(8.7) million, or $(11.76) per share of common stock, based on 735,996 shares of common stock outstanding as of September 30, 2024. Our pro forma net tangible book value as of September 30, 2024, was $(3.0) million or $(2.51) per common share. Pro forma net tangible book value per share represents total tangible assets less total liabilities, divided by the number of shares of our common shares outstanding as of September 30, 2024, after giving effect to (i) the issuance of 337,552 shares of common stock in connection with an induced warrant exercise completed in October 2024 and (ii) the issuance of 141,606 shares of common stock in connection with our ATM program. Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers in this offering and the pro forma as adjusted net tangible book value per share of our common stock immediately after this offering. After giving effect to (i) the pro forma transactions described above and (ii) the sale of 495,000 shares of common stock, pre-funded warrants to purchase up to 2,162,807 shares of common stock, and accompanying Series C-1 Warrants to purchase up to 2,657,807 shares of common stock and Series C-2 Warrants to purchase up to 2,657,807 shares of common stock at a public offering price per share of common stock or pre-funded warrant and accompanying Warrants of $3.01, assuming exercise in full