Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 277

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 277
---
 Company entered into an Asset Purchase Agreement (the “Repurchase Agreement”) with uBriGene, pursuant to which the Company agreed, subject to the terms and conditions set forth therein, to repurchase the Transferred Assets, primarily lab equipment and supplies, (collectively, the “Repurchased Assets”). Pursuant to the terms of the Repurchase Agreement, the Company and uBriGene also terminated existing manufacturing and services agreements. As consideration for the Repurchase Agreement, the Company agreed to pay to uBriGene a total purchase price (the “Purchase Price”) of $ 1.4million, consisting of (i) an upfront payment of $ 0.1million due within five(5) business days of the Effective Date and a (ii) subsequent amount of $ 1.3million due on the date that is twelve(12) months after the closing date (the “Deferred Amount”). In the event that as of the original (or any extended) date on which the Deferred Amount is payable, the Company has, as of the date of the public reporting of its then-most recent quarterly audited or unaudited financial statements, net assets below $ 20million, then the Company may, upon written notice to uBriGene, elect to delay its payment obligation of the Deferred Amount by an additional six(6) months, with no limit on the number of such extensions available to the Company. Notwithstanding the foregoing, if the Company has not paid the Deferred Amount in full as of the date that is twelve(12) months after closing of the Repurchase Agreement, any amounts that remain outstanding will accrue interest at a rate of 5% per annum beginning on the date that is twelve(12) months after closing and until the Deferred Amount is paid in full. Additionally, in connection with the termination of the agreements described above under the Repurchase Agreement, the Company agreed to forgive a net receivable from uBriGene of approximately $ 3.3million, comprised of outstanding receivables of $ 6.9million and payables of $ 3.6million, resulting in total purchase consideration in the Repurchase Transactions of approximately $ 4.7million. The upfront payment of $ 0.1million was paid in July 2024, and as of September 30, 2024, the $ 1.3million Deferred Amount was recorded in Accrued Other Expenses (see Note 7).

<div align='center'>F-40</div>