Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 127

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 127
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 of our then-most recent
quarterly audited or unaudited financial statements, net assets below $20 million, then we may, upon written notice to uBriGene, elect
to delay our payment obligation of the Deferred Amount by an additional six (6) months, with no limit on the number of such extensions
available to us. Notwithstanding the foregoing, if we have not paid the Deferred Amount in full as of the date that is 12 (twelve) months
after closing of the Repurchase Transaction, any amounts that remain outstanding will accrue interest at a rate of 5% per annum beginning
on the date that is 12 (twelve) months after closing and until the Deferred Amount is paid in full.

The Asset Purchase Agreement contains customary
representations and warranties from both us and uBriGene with respect to each party. Additionally, we agreed to provide a purchase price
allocation schedule to uBriGene within sixty (60) days of the Effective Date.

Pursuant to the terms of the Asset Purchase Agreement,
we and uBriGene terminated the following agreements between us that were entered into in connection with the Asset Purchase Agreement:
(i) the Manufacturing Services Agreement, dated July 28, 2023, and work orders entered into under such agreement, (ii) the
Quality Services Agreement, dated July 28, 2023, (iii) the Subcontracting CDMO Agreement, dated July 28, 2023, and work
orders entered into under such agreement, (iv) the Subcontracting Quality Services Agreement, dated July 28, 2023, and (v) the
Transition Services Agreement.

Nasdaq Continued Listing Requirements

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). As of