Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 172

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 172
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) | The address of City of Hope is 1500 East Duarte Road, Duarte, California 91010. |

| (2) | Converts into 1,127 shares of common stock. |

The following table shows information, as of March
26, 2025, concerning the beneficial ownership of our Class A Preferred Stock:

| ​                                       |                                 Class A Preferred Stock 
                                      Beneficially Owned |                                             |
| Name and Address of Beneficial Owner(1) | Number of Shares and Nature of Beneficial Ownership (2) | Percentage of Total Class A Preferred Stock |
| Fortress Biotech, Inc                   |                                                 250,000 | 100%                                        |

​

____________________

| (1) | The address of Fortress Biotech Inc. is c/o Fortress Biotech, Inc., 1111 Kane Concourse, Suite 301, Bay Harbor Island, FL 33154. |

| (2) | Converts into 333 shares of common stock. |

​

Item 13. Certain Relationships and Related Transactions, and Director Independence

​

Except as set forth below, since January 1, 2023,
we have not been a party to any transaction in which the amount involved exceeded or will exceed $120,000, and in which any of our directors,
NEOs, or beneficial owners of more than 5% of our capital stock, or an affiliate or immediate family member thereof, had or will have
a direct or indirect material interest, and other than compensation, termination, and change-in-control arrangements.

The written charter of the Audit Committee authorizes,
and Nasdaq rules require, the Audit Committee to review and approve related-party transactions. In reviewing related-party transactions,
the Audit Committee applies the basic standard that transactions with affiliates should be made on terms no less favorable to us than
could have been obtained from unaffiliated parties. Therefore, the Audit Committee reviews the benefits of the transactions, terms
of the transactions and the terms available from unrelated third parties, as applicable. All transactions other than compensatory
arrangements between us and our officers, directors, principal stockholders and their affiliates will be approved by the Audit Committee
or a majority of the disinterested directors and will continue to be on terms no less favorable to us than could be obtained from unaffiliated
third parties.

Founders Agreement and Management Services Agreement with Fortress

Effective March 13, 2015, we entered a Founders
Agreement with Fortress, which was amended and restated on May