Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 237

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 237
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or Series A-2 Warrants up to 9.99% of the number of shares of our Common Stock outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the Series A-1 and Series A-2 Warrants and in accordance with
the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), provided that any increase
in the beneficial ownership limitation shall not be effective until 61 days following notice to us.

Cashless Exercise

If, at the time a holder exercises
its Series A-1 or Series A-2 Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the
Series A-1 and Series A-2 Warrants by the holder under the Securities Act of 1933, as amended (the “Securities Act”)
is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to
be made to us upon such exercise in payment of the aggregate exercise price, the holder may 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 Series A-1 and
Series A-2 Warrants.

Fractional Shares

No fractional shares of Common
Stock will be issued upon the exercise of the Series A-1 and Series A-2 Warrants. Rather, the number of shares of Common Stock to be issued
will be rounded up to the next whole share or we will pay a cash adjustment equal to such fraction multiplied by the exercise price to
the holder.

Exchange Listing

The Series A-1 Warrants
and Series A-2 Warrants are not listed on any securities exchange or nationally recognized trading system.

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Rights as a Stockholder

Except as otherwise provided
in the Series A-1 and Series A-2 Warrants, or by virtue of the holder’s ownership of shares of Common Stock, such holders do not
have the rights or privileges of holders of our Common Stock, including any voting rights, until such holder exercises their Series A-1
and Series A-2 Warrants.

Amendments

The Series A-1 and Series A-2
Warrants may be modified or amended with the written consent of the holder of such warrants and us.

Series B-1 and Series B-2 Warrants

As of December