Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 170

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 170
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 |
|:-----------------------------------------------------------|:--|-------------------------------------:|:--|:------------------|---------:|:--|----------------------:|
| Equity compensation plans approved by security holders     |   |                                1,521 | ​ | $                 | 4,297.50 |   |                 6,946 |
| Equity compensation plans not approved by security holders |   |                                    — | ​ |                   |        — |   |                     — |
| Total                                                      |   |                                1,521 | ​ | $                 | 4,297.50 |   |                 6,946 |

​

Our equity compensation plans consist of the 2016
Plan, and the Mustang Bio, Inc. 2019 Employee Stock Purchase Plan, which were each approved by our stockholders. We do not have
any equity compensation plans or arrangements that have not been approved by our stockholders.

<div align='center'>86</div>

​

Table of Contents

Security Ownership of Our Directors, Executive Officers, and 5% Beneficial Owners

The following table shows information, as of March
26, 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 NEOs shown in our Summary Compensation Table; and |

| ● | all current directors and executive officers as a group. |

As of March 26, 2025, there were 2,460,240 shares
of our common stock, 845,385 shares of our Class A common stock, and 250,000 shares of our Class A Preferred Stock outstanding. In
order to calculate a stockholder’s percentage of beneficial ownership, we include in the calculation those shares underlying options
or warrants beneficially owned by that stockholder that are vested or that will vest within 60 days of March 26, 2025. Shares of
restricted stock are deemed to be outstanding. Options or warrants held by other stockholders that are not attributed to the named
beneficial owner are disregarded in this calculation. Beneficial ownership is determined in accordance with the rules of the SEC
and includes voting or investment power with respect to the shares of our common stock. Unless we have indicated otherwise, each
person named in the table below has sole voting power and investment power for the shares listed opposite such person’s name, except