Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 246

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 246
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 holder of the Runway Growth
Warrants may, in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate
exercise price, elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined
according to a formula set forth in the Runway Growth Warrants.

Rights as a Stockholder

Except as otherwise provided
in the Runway Growth Warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of the Runway Growth
Warrants do not have the rights or privileges of holders of our Common Stock, including any voting rights, until they exercise their Runway
Growth Warrants.

Amendments

The Runway Growth Warrants may be modified or amended with the written
consent of the holder of such warrants and us.

Undesignated Preferred Stock

The undesignated Preferred
Stock may be issued from time to time in one or more series. Our Board of Directors is authorized to determine or alter the dividend rights,
dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking

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fund provisions, if any), the redemption price
or prices, the liquidation preferences and other designations, powers, preferences and relative, participating, optional or other special
rights, if any, and the qualifications, limitations and restrictions granted to or imposed upon any wholly unissued series of Preferred
Stock, and to fix the number of shares of any series of Preferred Stock (but not below the number of shares of any such series then outstanding).

Certain Certificate of Incorporation, Bylaws, and Statutory Provisions

Certain of the provisions of
our Certificate of Incorporation and Bylaws and of the DGCL summarized below may have an anti-takeover effect and may delay, defer, or
prevent a tender offer or takeover attempt that a holder of shares of our Common Stock might consider in its interest, including an attempt
that might result in a receipt of a premium over the market price for such shares.

Directors’ Liability; Indemnification of Directors and Officers

Our Certificate of Incorporation
provides that to the fullest extent permitted by the DGCL, as the same exists or as may hereafter be amended, no present or former director
of the Company shall be personally liable to the Company or its stockholders for monetary damages for breach of fiduciary duty as a director.