Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 109

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 109
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 the market prices for the common stock of biotechnology and pharmaceutical
companies. These broad market fluctuations may cause the market price of our stock to decline. In the past, securities class action litigation
has often been brought against a company following a decline in the market price of its securities. This risk is especially relevant for
us because biotechnology and biopharmaceutical companies have experienced significant

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stock price volatility in recent years. We
may become involved in this type of litigation in the future. Litigation often is expensive and diverts management’s attention and
resources, which could adversely affect our business.

If we are unable to maintain compliance with all applicable continued listing requirements and standards of Nasdaq, our common stock may be delisted from Nasdaq.

Our common stock is listed on the Nasdaq Capital
Market under the symbol “MBIO.” The Nasdaq Capital Market requires that listed companies satisfy continued listing standards
to maintain their listing. On March 13, 2024, we received a deficiency letter (the “Letter”) from the Listing Qualifications
Department (the “Staff”) of Nasdaq notifying us that we were not in compliance with the minimum stockholders’ equity
requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”). The
Equity Rule requires companies listed on The Nasdaq Capital Market to maintain stockholders’ equity of at least $2.5 million (or,
in the alternative, a market value of listed securities of $35 million or net income from continued operations of $500,000 in the most
recently completed fiscal year or in two of the last three most recently completed fiscal years). Our Annual Report on Form 10-K for the
fiscal year ended December 31, 2024, reported a stockholders’ deficit of $3.7 million.

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The Letter had no immediate effect on our continued
listing Nasdaq, subject to our compliance with the other continued listing requirements. In accordance with the Nasdaq Listing Rules,
we were provided 45 calendar days, or until April 29, 2024, to submit a plan to regain compliance with the Equity Rule (the “Compliance
Plan”). We submitted our Compliance Plan on April 29, 2024, and the Staff granted our request for an extension of 180 calendar days,
through September 9, 2024, to regain compliance with the