Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 231

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 231
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 until February 18, 2025, to evidence compliance with the Equity Rule. The Company completed a best-efforts public offering for net proceeds of approximately $6.9 million, which closed on February 10, 2025. Following the closing, the Company provided an updated forecast to the Panel evidencing compliance with the Equity Rule. On February 26, 2025, the Company was notified by the Staff that it had regained compliance with the Equity Rule and is subject to mandatory monitoring by the Panel for one year.

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<div align='center'>F-32</div>

Table of Contents

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

Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

​

| Mustang Bio, Inc. |                                                                       |
| By:               | /s/ Manuel Litchman, M.D.                                             |
|                   | Name: Manuel Litchman, M.D.                                           |
|                   | Title: President, Chief Executive Officer and Interim Chief Financial 
 Officer                                                               
 ​                                                                     |
|                   | March 28, 2025                                                        |

​

Pursuant to the requirements of the Securities
Exchange Act of 1934, this Form 10-K has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.

​

| Signature                  
 /s/ Manuel Litchman        
 Manuel Litchman, M.D.      |   | Title                                                                            
 President, Chief Executive Officer, Interim Chief Financial Officer and Director 
 (Principal Executive Officer and Principal Financial and Accounting Officer)     |   | Date           
 March 28, 2025 |
|:---------------------------|:--|:---------------------------------------------------------------------------------|:--|:---------------|
| ​                          |   |                                                                                  |   |                |
| /s/ Michael S. Weiss       |   | Chairman of the Board of Directors and Executive                                 |   |                |
| Michael S. Weiss           |   | Chairman                                                                         |   | March 28, 2025 |
| ​                          | ​ | ​                                                                                | ​ | ​              |
| /s/ Adam Chill             |   |                                                                                  |   |                |
| Adam Chill                 |   | Director                                                                         |   | March 28, 2025 |
| /s/ Neil Herskowitz