Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 210

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 210
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900 in 2016. The fair value of the Company’s common shares approximated
par value as no licenses had been transferred at that time. In July 2016, the Class B Common Stock held by Fortress was exchanged for
Class A Preferred Stock, and the Company amended and restated its Certificate of Incorporation to eliminate the Class B Common Stock and
authorized a

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Table of Contents

new series of Class A Preferred Stock. Dividends,
if and when declared, are to be distributed pro-rata to the Class A Common Stock, Common Stock and Class A Preferred Common Stock.

The holders of Common Stock are entitled to one
vote per share of Common Stock held. The holders of Class A Common Stock are entitled to the number of votes equal to the number
of whole shares of Common Stock into which the shares of Class A Common Stock held by such holder are convertible and for a period
of ten years from its issuance, the holders of the Class A Common Stock have the right to appoint one member of the board of directors
of Mustang; to date, the holders of Class A Common Stock have not yet appointed such director.

At-the-Market Offering of Common Stock

In July 2018, the Company entered into an At-the-Market
Issuance Sales Agreement (the “Mustang ATM”) with B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.), Cantor Fitzgerald
& Co., National Securities Corporation (now B. Riley FBR, Inc.), and Oppenheimer & Co. Inc. (each an “Agent” and collectively,
the “Agents”), relating to the sale of shares of common stock pursuant to a registration statement on Form S-3 (File No. 333-249657).
Under the Mustang ATM, the Company pays the Agents a commission rate of up to 3.0% of the gross proceeds from the sale of any shares of
common stock. On December 31, 2020, the Mustang ATM was amended to add H.C. Wainwright & Co., LLC (“Wainwright”) as an
Agent. On April 14, 2023, the Mustang ATM was amended to add the limitations imposed by General Instruction I.B.6 to Form S-3 and remove
Oppenheimer & Co., Inc. as an Agent. On May 31, 2024, the Company delivered notice to the Agents to terminate the Mustang ATM, which
was