Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 54

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 54
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$75 million, the amount we can raise through primary public offerings of securities in any twelve-month period using shelf registration
statements is limited to an aggregate of one-third of our public float, which is referred to as the baby shelf rules. SEC regulations
permit us to use the highest closing sales price of our common stock (or the average of the last bid and last ask prices of our common
stock) on any day within 60 days of sales under the registration statement to calculate our public float.

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As of the date of this Form 10-K, our public float
was less than $75 million. As a result, for sales following the date of this Form 10-K, and until we again have a public float with a
value in exceeds of $75 million, if ever, we only have the capacity to sell shares up to one-third of our public float under shelf registration
statements in any twelve-month period. If our public float decreases, the number of securities we may sell under our Form S-3 shelf registration
statements will also decrease.

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Furthermore, if we are required or choose to file
a new registration statement on a form other than Form S-3, we may incur additional costs and be subject to delays due to review by the
SEC staff.

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Raising additional capital, including through lending arrangements, may cause dilution to our existing stockholders, restrict our operations or require us to relinquish proprietary rights.

Until such time, if ever, as we can generate substantial
product revenue, we expect to finance our cash needs through a combination of equity offerings, debt financings, grants and license and
development agreements in connection with any collaborations. To the extent that we raise

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additional capital through the sale of equity
or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or
other preferences that adversely affect your rights as a stockholder. Debt financing, including through lending arrangements, and preferred
equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions,
such as incurring additional debt, making capital expenditures or declaring dividends.

If we raise additional funds through collaborations,
strategic alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights
to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable
to