Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 101

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 101
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 employment and transition services.
We might have received better terms from third parties because, among other things, third parties might have competed with each other
to win our business.

The dual roles of our directors who also serve in similar roles with Fortress could create a conflict of interest and will require careful monitoring by our independent directors.

We share some directors with Fortress which could
create conflicts of interest between the two companies in the future. While we believe that the Founders Agreement and the Management
Services Agreement were negotiated by independent parties on both sides on arm’s length terms, and the fiduciary duties of both
parties were thereby satisfied, in the future situations may arise under the operation of both agreements that may create a conflict of
interest. We will have to be diligent to ensure that any such situation is resolved by independent parties. In particular, under
the Management Services Agreement, Fortress and its affiliates are free to pursue opportunities which could potentially be of interest
to us, and they are not required to notify us prior to pursuing such opportunities. Any conflict of interest or pursuit by Fortress of
such a corporate opportunity could expose us to claims by our investors and/or creditors and could harm our results of operations.

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Table of Contents

<div align='center'>General Risks and Risks Associated with Ownership of our Common Stock</div>

Our business and operations would suffer in the event of computer system failures, cyber-attacks, or deficiencies in our or third parties’ cybersecurity.

We are increasingly
dependent upon information technology systems, infrastructure, and data to operate our business. In the ordinary course of business, we
collect, store, and transmit confidential information, including, but not limited to, information related to our intellectual property
and proprietary business information, personal information, and other confidential information. It is critical that we maintain such confidential
information in a manner that preserves its confidentiality and integrity. Furthermore, we have outsourced elements of our operations to
third party vendors, who each have access to our confidential information, which increases our disclosure risk.

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Despite the implementation
of our internal security and business continuity measures and our information technology infrastructure, our internal computer systems
and those of current and future third parties on which we rely may fail and are vulnerable to damage from computer viruses and unauthorized
access. Our information technology and other internal infrastructure systems, including corporate firewalls, servers, data center facilities,
lab equipment, and connection to the internet, face the risk of breakdown or other damage or interruption from