Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 236

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 236
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K dividends on the Class A Preferred Stock shall
have been paid or declared and set apart for payment. All dividends are non-cumulative.

Warrants to Purchase Common Stock

Series A-1 and A-2 Warrants

As of December 31, 2024, there
were 337,552 Series A-1 warrants (the “Series A-1 Warrants”) outstanding to purchase up to 337,552 shares of Common
Stock and 337,552 Series A-2 warrants (the “Series A-2 Warrants”) outstanding to purchase up to 337,552 shares of Common
Stock.

Duration and Exercise Price

Each Series A-1 and Series
A-2 Warrant has an exercise price of $11.85 per share and became exercisable on the effective date of stockholder approval of the issuance
of the shares upon exercise of such warrants (“May Warrant Stockholder Approval”). The exercise price and number of
shares of Common Stock issuable upon exercise of the Series A-1 and Series A-2 Warrants is subject to appropriate adjustment in the event
of stock dividends, stock splits, reorganizations or similar events affecting our Common Stock and the exercise price. The Series A-1
and Series A-2 Warrants are issued in certificated form only. The Series A-1 Warrants expire on the five-year anniversary of the May
Warrant Stockholder Approval. The Series A-2 Warrants will expire on the twenty-four-month anniversary of the May Warrant Stockholder
Approval.

Exercisability

The Series A-1 and Series A-2
Warrants are exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise
as discussed below). A holder (together with its affiliates) may not exercise any portion of the Series A-1 or Series A-2 Warrant to the
extent that the holder would own more than 4.99% (or, at the election of the holder prior to the issuance of the Series A-1 and Series
A-2 Warrants, 9.99%) of the outstanding Common Stock immediately after exercise, except that upon prior notice from the holder to the
Company, the holder may increase or decrease the amount of beneficial ownership of outstanding stock after exercising their Series A