Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 216

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 216
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and (iii) paid a management fee equal to 1.0% of the gross proceeds raised. We also issued to Wainwright or its designees (“PA Warrant
Holders”) placement agent warrants (the “Wainwright Warrants”) to purchase up to 20,251 shares of Common Stock (the
“Wainwright Warrant Shares”). The Wainwright Warrants have the same terms as the New Series B-1 Warrants, except that the
Wainwright Warrants have an exercise price equal to $14.815 per share.

The issuance of the New Warrants was accounted
for as an equity issuance cost associated with the exercise of the Existing Warrants, which had no net impact on equity as the New Warrants
conveyed were determined to be equity classified.

Registration Statements

On April 23, 2021, the Company filed a shelf registration
statement on Form S-3 (File No. 333-255476) (the “2021 S-3”), which was declared effective on May 24, 2021. Under the 2021
S-3, the Company was able to sell up to a total of $200.0 million of its securities. The 2021 S-3 expired on May 24, 2024. The Company
sold approximately $4.4 million of securities under the 2021 S-3.

On May 31, 2024, the Company filed a shelf registration
statement on Form S-3 (File No. 333-279891) (the “2024 S-3”), which was declared effective on June 12, 2024. Under the 2024
S-3, the Company may sell up to a total of $40.0 million of its securities. As of December 31, 2024, approximately $34.8 million of the
2024 S-3 remains available for sales of securities.

As of the filing of this Form 10-K, the Company
is subject to the General Instruction I.B.6 to Form S-3, known as the “baby shelf rules,” which limit the number of securities
it can sell under its registration statements on Form S-3.

<div align='center'>F-24</div>

Table of Contents

Stock Issuances to Fortress

During the year, the Company issues shares of
common stock to Fortress in connection with the Founders Agreement, see Note 4.

Stock