Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 245

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 245
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C Warrants may be modified
or amended with the written consent of the holder of such warrants and us.

Horizon Technology Finance Group Warrants

As of December 31, 2024, there
were warrants (the “Horizon Warrants”) outstanding to purchase up to 384 shares of Common Stock.

Duration and Exercise Price

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The Horizon Warrants have an
exercise price of $2,602.50 per share. The exercise price and number of shares of Common Stock issuable upon exercise of the warrants
is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common
Stock and the exercise price. The Horizon Warrants expire ten years after the date of issuance.

Exercisability

The Horizon Warrants are exercisable,
at the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for
the number of shares of our Common Stock purchased upon such exercise. The Horizon Warrants may also be exercise through a net issuance
conversion.

Rights as a Stockholder

Except as otherwise provided
in the Horizon Warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of the Horizon Warrants
do not have the rights or privileges of holders of our Common Stock, including any voting rights, until they exercise their Horizon Warrants.

Amendments

The Horizon Warrants may be
modified or amended with the written consent of the holder of such warrants and us.

Runway Growth Warrants

As of December 31, 2024, there
were warrants (the “Runway Growth Warrants”) outstanding to purchase up to 997 shares of Common Stock.

Duration and Exercise Price

The Runway Growth Warrants
have an exercise price of $601.58 per share. The exercise price and number of shares of Common Stock issuable upon exercise of the warrants
is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common
Stock and the exercise price. The Runway Growth Warrants expire ten years after the date of issuance.

Exercisability

The Runway Growth Warrants
are exercisable, at the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by
payment in full for the number of shares of our Common Stock purchased upon such exercise.

Cashless Exercise

The