Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 233

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 233
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 of stockholders (and written actions in lieu of meetings). Holders
of our Common Stock do not have cumulative voting rights. The number of authorized shares of Common Stock and Preferred Stock may be increased
or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital
stock of the Company representing a majority of the votes represented by all outstanding shares of capital stock of the Company entitled
to vote, irrespective of the provisions of Section 242(b)(2) of the DGCL.

Liquidation Rights

Upon our liquidation, dissolution,
or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our
Common Stock, including Class A Common Stock, outstanding at that time after payment of other claims of creditors, if any.

Preemptive, Conversion, or Similar Rights

The holders of our Common Stock
have no preemptive, conversion, or subscription rights, and there are no redemption or sinking fund provisions applicable to our Common
Stock.

Dividends

The holders of outstanding
shares of Common Stock, including Class A Common Stock, are entitled to receive dividends out of funds legally available at the times
and in the amount that our Board of Directors may determine. All dividends are non-cumulative. No dividend or other distribution shall
be paid or declared and set apart for payment (other than dividends payable solely in capital stock on the capital stock of the Company)
on the shares of Common Stock of the Company until all dividends on the Class A Preferred Stock shall have been paid or declared and set
apart for payment.

Class A Common Stock

Voting Rights

The holders of our Class A
Common Stock are entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Class
A Common Stock held by such holder are convertible. For a period of ten (10) years from issuance, the holders of the Class A Common Stock
have the right to appoint one member of the Board of Directors of the Company. To date, the holders of Class A Common Stock have not yet
appointed such director.

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Preemptive, Conversion, or Similar Rights

Each share of Class A Common
Stock is convertible, at the option of the holder, into one fully paid and nonassessable share of Common Stock, subject to certain adjustments.
If the Company, at any time effects a subdivision or combination of