Company: MBIO
Filing Date: 2025-02-21
Form Type: PRE 14C
Source: 0001104659-25-016146
Chunk: 4

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-21
Form: PRE 14C
Chunk 4
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 the number of votes that is equal to one and one-tenth times a fraction, the numerator of which is the sum of (A)
the shares of outstanding common stock and (B) the whole shares of common stock into which the shares of outstanding Class A Common Stock
and Class A Preferred Stock are convertible and the denominator of which is the number of shares of outstanding Class A Preferred Stock.
As of the Record Date, there were a total of 4,014,008 votes outstanding (1,910,131 common stock votes plus 1,127 Class A Common Stock
votes plus 2,102,750 Class A Preferred Stock votes).

Pursuant to Section 228 of
the DGCL, unless otherwise provided in the certificate of incorporation, any corporate action required to be taken at a meeting of stockholders
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action
so taken, shall be signed by stockholders having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting at which all members having a right to vote thereon were present and voted. The Majority Holders, who held in
the aggregate the equivalent of 2,233,802 votes, or approximately 56% of the voting equity of the Company, voted in favor of the Warrant
Share Issuance by executing the Written Consent in lieu of a meeting in accordance with our Bylaws and the DGCL. The Written Consent is
sufficient under the DGCL and our Bylaws to approve and adopt the actions described in this Information Statement. Consequently, no further
stockholder action is required.

<div align='center'>WARRANT SHARE ISSUANCE</div>

On
February 5, 2025, the Company commenced a best efforts public offering (the “Offering”), and in connection with the Offering,
entered into the Purchase Agreement with the Investors, pursuant to which the Company agreed to issue (i) Series C-1 warrants to the Investors
(the “Series C-1 Warrants”) to purchase up to an aggregate of 2,657,807 shares of common stock (the “Series C-1 Warrant
Shares”), and (ii) Series C-2 warrants to the Investors (the “Series C-2 Warrants”) to purchase up to an aggregate of
2,657,807 shares of common stock (the “Series C-2 Warrant Shares”).