Company: MBIO
Filing Date: 2025-01-22
Form Type: DEF 14C
Source: 0001104659-25-005251
Chunk: 8

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-22
Form: DEF 14C
Chunk 8
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 we will
issue more than 20% of our outstanding shares of common stock to the Holders. Therefore, we sought stockholder approval from the Majority
Holders to issue more than 20% of our outstanding shares of common stock, if necessary, to the Holders.

Any transaction requiring
approval by our stockholders under Nasdaq Listing Rule 5635(d) would likely result in a significant increase in the number of shares
of our common stock outstanding, and, as a result, our current stockholders will own a smaller percentage of our outstanding shares of
common stock.

Further Information

The terms of the Agreements
and Warrants are only briefly summarized above. For further information, please refer to the full text of the Inducement Letter, form
of Series B-1 and B-2 Warrant, and form of Placement Agent Warrant, copies of which were filed with the SEC as exhibits to our Current
Reports on Form 8-K on October 25, 2024, and are incorporated herein by reference. The discussion herein is qualified in its entirety
by reference to the filed documents. We will furnish without charge to you a copy of any or all of the documents incorporated by reference,
including exhibits to these documents, upon written or oral request. Direct your written request to: Corporate Secretary, Mustang Bio,
Inc., 377 Plantation Street, Worcester, Massachusetts 01605, or (781) 652-4500.

No Appraisal Rights

Under the DGCL, stockholders
are not entitled to appraisal rights with respect to the authorization of the Warrant Share Issuance.

<div align='center'>INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON</div>

None of our directors, executive
officers or any associate of a director or executive officer has a substantial interest, direct or indirect, by security holdings or
otherwise, in any matter described in this Information Statement.

<div align='center'>SECURITIES OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>

The following table shows information, as of January14, 2025, concerning the beneficial ownership of our common stock by:

| · | each person we know to be the beneficial owner of more than 5% of our common stock; |
| · | each of our current directors;                                                      |
| · | each of our Named Executive Officers (“NEOs”); and                                  |
| · | all current directors and NEOs as a group.