Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 238

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 238
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31, 2024, there
were 337,552 Series B-1 warrants (the “Series B-1 Warrants”) outstanding to purchase up to 337,552 shares of Common
Stock and 337,552 Series B-2 warrants (the “Series B-2 Warrants”) outstanding to purchase up to 337,552 shares of Common
Stock.

Duration and Exercise Price

Each Series B-1 and Series
B-2 Warrant has an exercise price equal to $13.50 per share and became exercisable on the effective date of stockholder approval of the
issuance of the shares upon exercise of such warrants (“October Warrant Stockholder Approval”). The exercise price
and number of shares of Common Stock issuable upon exercise of the Series B-1 and Series B-2 Warrants is subject to appropriate adjustment
in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common Stock and the exercise price. The
Series B-1 and Series B-2 Warrants are issued in certificated form only. The Series B-1 Warrants will expire on the five-year anniversary
of the October Warrant Stockholder Approval. The Series B-2 Warrants will expire on the twelve (12) month anniversary of the October Warrant
Stockholder Approval.

Exercisability

The Series B-1 and Series B-2
Warrants are exercisable, at the option of each holder, in whole or in part, by delivering a duly executed exercise notice accompanied
by payment in full for the number of shares of Common Stock purchased upon such exercise (except in the case of a cashless exercise discussed
below). A holder (together with their affiliates) may not exercise any portion of their Series B-1 or B-2 Warrants to the extent that
the holder would own more than 4.99% (or, at the election of the holder prior to the issuance of the Series B-1 and Series B-2 Warrants,
9.99%) of the outstanding Common Stock immediately after exercise, except that upon prior notice from the holder to the Company, the holder
may increase or decrease the amount of beneficial ownership of outstanding stock after exercising their Series B-1 or Series B-2 Warrants
up to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the Series B-1