Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 145

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 145
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 from the exercise of the warrants were approximately $3.6 million.
We intend to use the net proceeds for working capital and general corporate purposes.

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In connection with
the induced warrant exercise, pursuant to the Founders Agreement, we issued 8,438 shares of common stock to Fortress.

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At-the-Market Offering

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 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 effective June 5, 2024.

On May 31, 2024, the
Company entered into an At-the-Market Offering Agreement (the “Offering Agreement”) with Wainwright (the “Manager”)
under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock through or to the Manager
pursuant to the 2024 S-3. Under the Offering Agreement, the Company pays the Manager a commission of 3.0% of the gross proceeds from the
sales of any shares of common stock. The Company will also reimburse the Manager for certain expenses incurred in connection with the
Offering Agreement. The Company and the Manager may each terminate the Sales Agreement at any time upon specified prior written notice.

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During the year ended December 31, 2024,
the Company issued approximately 140,000 shares of common stock at an average price of $18.78 per share for