Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 240

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 240
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 June Warrants is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations
or similar events affecting our Common Stock and the exercise price. The June Warrants are issued in certificated form only. The June
Warrants will expire five (5) years from the date on which stockholder approval is received with respect to the issuance of the shares
of Common Stock issuable upon exercise of the June Warrants (the “June Warrant Stockholder Approval”).

Exercisability

The June Warrants are exercisable,
at the option of each holder, in whole or in part, by delivering a duly executed exercise notice accompanied by payment in full for the
number of shares of Common Stock purchased upon such exercise (except in the case of a cashless exercise discussed below). A holder (together
with their affiliates) may not exercise any portion of their June Warrants to the extent that the holder would own more than 4.99% (or,
at the election of the holder prior to the issuance of the June Warrants, 9.99%) of the outstanding Common Stock immediately after exercise,
except that upon prior notice from the holder to the Company, the holder may increase or decrease the amount of beneficial ownership of
outstanding stock after exercising their June Warrants up to 9.99% of the number of shares of Common Stock outstanding immediately after
giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the June Warrants, and in accordance
with the rules and regulations of the SEC, provided that any increase in the beneficial ownership limitation shall not be effective
until 61 days following notice to us.

Cashless Exercise

If, at the time a holder exercises
its June Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the June Warrants by the
holder under the Securities Act, is not then effective or available for the issuance of such shares, then in lieu of making the cash payment
otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to
receive upon such exercise (either in whole or in part), the net number of shares of Common Stock determined according to a formula set
forth in the June Warrants.

Fractional Shares

No fractional shares of Common
Stock will be issued upon the exercise of the June Warrants. Rather, the number of shares of Common Stock to be issued will be rounded
up to the