Company: MBIO
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001104659-25-032236
Chunk: 13

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-04
Form: POS AM
Chunk 13
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 “best efforts” public offering that closed on February 10,
2025. The form of Warrant contains instructions for exercise. In order to exercise any of the Warrants, the holder must deliver to us
the information required in the applicable form of Warrant, along with payment for the exercise price of the shares to be purchased. We
will then deliver shares of our common stock in the manner described in the applicable form of Warrant, copies of which are filed as exhibits
to the registration statement of which this prospectus is a part.

Each Warrant is exercisable for one share of our common stock. ThePre-Funded Warrants have an exercise price of $0.0001 per share.
The Series C-1 Warrants and C-2 Warrants have an exercise price of $3.01 per share. The Placement Agent Warrants have an exercise
price of $3.7625 per share.

Upon compliance by any holder with the instructions
for exercise contained in the applicable form of Warrant, we will, within the time allotted by the applicable form of Warrant, issue to
the holder shares of common stock, free of a restrictive legend. Shares of common stock that are held by affiliates will be issued free
of legend but will be deemed “control securities” (as such term is defined in Rule 144 under the Securities Act).

<div align='center'>14

LEGAL MATTERS</div>

The validity of the securities offered in this
prospectus has been passed upon for us by Troutman Pepper Locke LLP, Charlotte, North Carolina.

<div align='center'>EXPERTS</div>

Our financial statements as of December 31,
2024 and 2023, and for each of the years in the two-year period then ended, have been incorporated by reference herein in reliance upon
the report of KPMG LLP, independent registered public accounting firm, and upon the authority of said firm as experts in accounting and
auditing. The audit report covering the December 31, 2024 financial statements contains an explanatory paragraph that states the
Company’s expectation to generate operating losses and negative operating cash flows in the future, and the need for additional
funding to support its planned operations raise substantial doubt about its ability to continue as a going concern. The financial statements
do not include any adjustments that might result from the outcome of that uncertainty.

<div align='center'>15

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</div>

The following documents filed with the