Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 241

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 241
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 next whole share or we will pay a cash adjustment equal to such fraction multiplied by the exercise price to the holder.

Exchange Listing

The June Warrants are not listed
on any securities exchange or nationally recognized trading system.

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Rights as a Stockholder

Except as otherwise provided
in the June Warrants, or by virtue of the holder’s ownership of shares of Common Stock, such holders do not have the rights or privileges
of holders of our Common Stock, including any voting rights, until such holder exercises their June Warrants.

Amendments

The June Warrants may be modified
or amended with the written consent of the holder of such warrants and us.

October 2023 Warrants

As of December 31, 2024, there
were 51,764 warrants (the “October Warrants”) outstanding to purchase up to 51,764 shares of Common Stock.

Duration and Exercise Price

Each October Warrant has an
exercise price equal to $11.85 per share and became exercisable on the effective date of the May Warrant Stockholder Approval. The exercise
price and number of shares of Common Stock issuable upon exercise of the October 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 October
Warrants are issued in certificated form only. The October Warrants expire on the five year anniversary of the May Warrant Stockholder
Approval.

Exercisability

The October 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 October 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 October 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 October 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