Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 255

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 255
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 rate at which U.S. dollar deposits with a term of three months would be offered by banks in London, England to major banks in the London or other offshore interbank market (the “Applicable Rate”); provided that the Applicable Rate would not be less than %. On December 7, 2022, the Company entered into the First Amendment (the “First Amendment”) to the Loan Agreement by and between the Company and Runway. The First Amendment amended certain definitions and other provisions of the Loan Agreement to replace LIBOR-based benchmark rates applicable to loans outstanding under the Loan Agreement with SOFR-based rates, subject to adjustments as specified in the First Amendment. The Applicable Rate at December 31, 2022 was %. For the year ended December 31, 2023, the Company made interest payments of $ million, recorded in interest expense in the Statements of Operations. For the year ended December 31, 2022, the Company made interest payments of $ million, recorded in interest expense in the Statements of Operations.

| ​                        
 ​                        
 ($ in thousands)         | ​ 
 ​ | ​            
 December 31, 
 2023         | ​ | ​ | ​            
 December 31, 
 2022         |      ​ |
|:-------------------------|:--|:-------------|:--|:--|:-------------|-------:|
| Note payable             |   | $            | — |   | $            | 31,050 |
| Discount on note payable | ​ | ​            | — | ​ | ​            | -3,614 |
| Long-term note payable   |   | $            | — |   | $            | 27,436 |

Amortization of the debt discount associated with the Term Loan was approximately $ million and $ million for the year ended December 31, 2023, and 2022, respectively, and was recorded in interest expense in the Statements of Operations.

In addition, the Term Loan was secured by a lien on substantially all of our assets other than certain intellectual property assets and certain other excluded collateral, and it contained a minimum liquidity covenant and other covenants that include among other items: (i) limits on indebtedness, repurchase of stock from employees, officers and directors.

Note 9 - Stockholders’ Equity Common Stock The Company, in accordance with its certificate of incorporation, as amended in November 2020 and June 2021, which was retroactively applied, and July 2022, is authorized