Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 234

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 234
---
 the outstanding Common Stock (by any stock split, stock dividend,
recapitalization, reverse stock split or otherwise), the applicable conversion ratio in effect immediately before that subdivision is
proportionately decreased or increased, as applicable, so that the number of shares of Common Stock issuable on conversion of each share
of Class A Common Stock shall be increased or decreased, as applicable, in proportion to such increase or decrease in the aggregate number
of shares of Common Stock outstanding. Additionally, if any reorganization, recapitalization, reclassification, consolidation or merger
involving the Company occurs in which the Common Stock (but not the Class A Common Stock) is converted into or exchanged for securities,
cash or other property, then each share of Class A Common Stock becomes convertible into the kind and amount of securities, cash or other
property which a holder of the number of shares of Common Stock of the Company issuable upon conversion of one share of the Class A Common
Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to
receive pursuant to such transaction.

Preferred Stock

Class A Preferred Stock

The Class A Preferred Stock
is identical to our Common Stock other than as to voting rights, conversion rights, and the PIK dividend right.

Voting Rights

On any matter presented to
our stockholders for their action or consideration at any meeting of our stockholders (or by written consent of stockholders in lieu of
meeting), each holder of outstanding shares of Class A Preferred Stock will be entitled to cast for each share of Class A Preferred Stock
held by such holder as of the record date for determining stockholders entitled to vote on such matter, the number of votes that is equal
to one and one-tenth (1.1) times a fraction, the numerator of which is the sum of (A) the number of shares of outstanding Common Stock
and (B) the whole shares of Common Stock in to which the shares of outstanding Class A Common Stock and the Class A Preferred Stock are
convertible, and the denominator of which is the number of shares of outstanding Class A Preferred Stock. Thus, the Class A Preferred
Stock will at all times constitute a voting majority. Except as provided by law or by the provisions of our Certificate of Incorporation,
the holders of Class A Common Stock and Class A Preferred Stock will vote together with the holders of Common Stock as a single class.

Preemptive, Conversion, or Similar Rights

Each share of Class