Company: MBIO
Filing Date: 2025-02-21
Form Type: PRE 14C
Source: 0001104659-25-016146
Chunk: 9

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-21
Form: PRE 14C
Chunk 9
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5 and unvested restricted stock units. |

| (3) | Includes 666 warrants issued by Fortress to each of Mr. Weiss and Dr. Rosenwald that cover shares of our common stock that are owned by Fortress. These do not represent equity compensation by us to either Mr. Weiss or Dr. Rosenwald. |

| (4) | Includes shares underlying 666 warrants issued to each of Mr. Weiss and Dr. Rosenwald, and excludes 250,000 of Class A Preferred Stock, which are convertible into 333 shares of common stock. |

|                                         |     | Class A Common Stock 
   Beneficially Owned |     |            |   |
| Name and Address of Beneficial Owner(1) |     |            Number of 
           Shares and 
            Nature of 
           Beneficial 
            Ownership |     | Percentage 
         of 
      Total 
    Class A 
     Common 
      Stock |   |
| City of Hope National Medical Center    |     |              845,385 |     |        100 | % |

(1) The address of City of Hope National Medical Center is 1500 East
Duarte Road, Duarte, California 91010.

|                                         |     | Class A Preferred Stock 
      Beneficially Owned |     |            |   |
| Name and Address of Beneficial Owner(1) |     |               Number of 
              Shares and 
               Nature of 
              Beneficial 
               Ownership |     | Percentage 
         of 
      Total 
    Class A 
  Preferred 
      Stock |   |
| Fortress Biotech, Inc.                  |     |                 250,000 |     |        100 | % |

(1) The address of Fortress Biotech Inc. is c/o Fortress Biotech, Inc.,
1111 Kane Concourse, Suite 301, Bay Harbor Islands, Florida 33154.

<div align='center'>ADDITIONAL INFORMATION</div>

We file reports with the SEC
on an annual basis using Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The SEC maintains a website that contains
annual, quarterly, and current reports, proxy statements, and other information that issuers (including us) file electronically with the
SEC. The SEC’s website address is . You can also obtain copies of materials we file with the SEC from our Internet
website found at . Our common stock is listed on the Nasdaq Capital Market under the symbol “MBIO