Company: MBIO
Filing Date: 2025-03-03
Form Type: DEF 14C
Source: 0001104659-25-019831
Chunk: 7

Company: MUSTANG BIO, INC.
Filing Date: 2025-03-03
Form: DEF 14C
Chunk 7
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LLC (or any successor entity) from the stockholders of the Company with respect to the issuance of the Warrant Shares upon the exercise
of the Warrants.

Approval of the Issuance of the Warrant Shares

We obtained stockholder approval
from the Majority Holders by Written Consent to comply with Nasdaq Listing Rule 5635(d) for the sale, issuance or potential issuance by
us of shares of our common stock (or securities exercisable for our common stock) in excess of 20% of the shares of common stock outstanding
immediately prior to the execution of the Purchase Agreement.

We cannot predict whether
or when the Holders will exercise their Warrants. For these reasons, we are unable to accurately forecast or predict with any certainty
the total amount of Warrant Shares that may ultimately be issued. Under certain circumstances, however, it is possible, that we will issue
more than 20% of our outstanding shares of common stock to the Holders. Therefore, we sought stockholder approval from the Majority Holders
to issue more than 20% of our outstanding shares of common stock, if necessary, to the Holders.

Any transaction requiring
approval by our stockholders under Nasdaq Listing Rule 5635(d) would likely result in a significant increase in the number of shares of
our common stock outstanding, and, as a result, our current stockholders will own a smaller percentage of our outstanding shares of common
stock.

Further Information

The terms of the Agreements
and Warrants are only briefly summarized above. For further information, please refer to the full text of the Purchase Agreement, form
of Series C-1 and C-2 Warrant and form of Placement Agent Warrant, copies of which were filed with the SEC as exhibits to our Current
Report on Form 8-K on February 11, 2025, and are incorporated herein by reference. The discussion herein is qualified in its entirety
by reference to the filed documents. We will furnish without charge to you a copy of any or all of the documents incorporated by reference,
including exhibits to these documents, upon written or oral request. Direct your written request to: Corporate Secretary, Mustang Bio,
Inc., 95 Sawyer Road, Suite 110, Waltham, Massachusetts 02453, or (781) 652-4500.

No Appraisal Rights

Under the DGCL, stockholders
are not entitled to appraisal rights with respect to the authorization of the Warrant Share Issuance