Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 232

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 232
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 |   |                                                                                  |   |                |
| Neil Herskowitz            |   | Director                                                                         |   | March 28, 2025 |
| ​                          | ​ | ​                                                                                | ​ | ​              |
| /s/ David Jin              |   |                                                                                  |   |                |
| David Jin                  |   | Director                                                                         |   | March 28, 2025 |
| /s/ Lindsay A. Rosenwald   |   |                                                                                  |   |                |
| Lindsay A. Rosenwald, M.D. |   | Director                                                                         |   | March 28, 2025 |
| /s/ Michael Zelefsky       |   |                                                                                  |   |                |
| Michael Zelefsky, M.D.     |   | Director                                                                         |   | March 28, 2025 |

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<div align='center'>96</div>

EXHIBIT 4.2

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<div align='center'>DESCRIPTION OF
THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934</div>

The following descriptions
of our capital stock and of certain provisions of our Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”),
as amended, our Amended and Restated Bylaws (“Bylaws”), and of certain provisions of Delaware law do not purport to
be complete and are subject to and qualified in their entirety by reference to the full text of our Certificate of Incorporation, our
Bylaws, and the General Corporation Law of the State of Delaware (the “DGCL”).

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When used herein, the terms
“Company,” “we,” “our,” and “us” refer to Mustang Bio, Inc.

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Authorized Capital Stock

The Company is authorized to
issue (i) 200,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”), of which 1,000,000 shares
are designated as Class A Common Stock and the remainder are undesignated Common Stock, and (ii) 2,000,000 shares of preferred stock,
par value $0.0001 per share (“Preferred Stock”), of which 250,000 are designated as Class A Preferred Stock and the
remainder are undesignated Preferred Stock.

Common Stock

Voting Rights

The holders of our Common Stock
are entitled to one vote per share of Common Stock held at all meetings