Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 227

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 227
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The Company’s
stockholders previously approved the Reverse Stock Split within a range of between 1-for-10 and 1-for-50, with the final ratio to be determined
by the board of directors of the Company (the “Board”). On January 6, 2025, the Board selected a final ratio of 1-for-50.

As a result of the
Reverse Stock Split, every 50 shares of the Company’s pre-Reverse Stock Split common stock were combined and reclassified as one
share of common stock. Proportionate voting rights and other rights of common stockholders were not affected by the Reverse Stock Split,
other than as a result of the payment in lieu of issuance of fractional shares. No fractional shares were issued in connection with the
Reverse Stock Split. Stockholders who would otherwise hold a fractional share of common stock received (upon surrender to the exchange
agent of certificates representing such shares), a cash payment in lieu thereof, without interest or deduction, rounded to the nearest
cent, in an amount equal to the product obtained by multiplying (a) the closing price per share of the Company’s common stock as
reported on the Nasdaq Capital Market as of the effective date of the Reverse Stock Split, by (b) the fraction of one share owned by the
stockholder.

The Reverse Stock Split
became effective on January 15, 2025, and the common stock was quoted on the Nasdaq Capital Market on a post-Reverse Stock Split basis
at the open of business on January 16, 2025. The Company’s post-Reverse Stock Split common stock has a new CUSIP number, 62818Q302,
but the par value and other terms of the common stock were not affected by the Reverse Stock Split.

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Table of Contents

February 2025 Public Offering

On February 5, 2025,
the Company commenced a best efforts public offering (the “Offering”) of an aggregate of (i) 495,000 shares (the “Shares”)
of its common stock, par value $0.0001 per share, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an
aggregate of 2,162,807 shares of common stock (the “Pre-Funded Warrant Shares”), (iii) Series C-1 warrants (the “Series
C-1 Warrants”) to purchase up to an aggregate of