Company: MBIO
Filing Date: 2025-02-27
Form Type: 8-K
Source: 0001104659-25-018299
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Company: MUSTANG BIO, INC.
Filing Date: 2025-02-27
Form: 8-K
Item: Item 2.01
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Item 2.01.

Completion of Acquisition or Disposition of Assets

As previously
disclosed, as of February 10, 2025, Mustang Bio, Inc. (the “ Company”) entered into a Bill of Sale and Surrender Agreement
(the “ Sale/Surrender Agreement”), effective as of January 31, 2025 (the “ Effective Date”), with AbbVie Bioresearch
Center Inc., a Delaware corporation (“ AbbVie”). The Company was the tenant in the leased premises located at 377 Plantation
Street, Worcester, Massachusetts (the “ Premises”) under a Lease Agreement, dated as of October 27, 2017 (the “ Lease”)
with WCS - 377 Plantation Street, Inc., a Massachusetts nonprofit corporation (the “ Landlord”). In connection with the entrance
into the Sale/Surrender Agreement, the Company also entered into an Escrow Agreement, dated February 10, 2025 (the “ Escrow Agreement”),
with Bowditch & Dewey, LLP, as escrow agent (the “ Escrow Agent”), pursuant to which the Escrow Agent will disburse the
Purchase Price (defined herein) pursuant to the terms of the Escrow Agreement.

Pursuant
to the terms of the Sale/Surrender Agreement, AbbVie agreed to purchase from the Company, and the Company agreed to sell and convey to
AbbVie, certain furniture, fixtures and equipment (“ FF& E”) located in the Premises and other items as set forth in the
Sale/Surrender Agreement for a purchase price of $1.0 million (the “ Purchase Price”). AbbVie also agreed to lease the Premises
from the Landlord following the termination of the Lease pursuant to a First Amendment to Lease Agreement (the “ Amendment”),
dated as of February 7, 2025.

The
closing of the transactions described above occurred on February 21, 2025 (the “ Closing”), with AbbVie’s issuance ofan Acceptance Notice (as defined in the Sale/Surrender Agreement) to the Company stating that a Sufficient
Percentage (as defined in the Sale/Surrender Agreement) of the FF& E items listed in the Sale/Surrender Agreement are present in the
Premises and functional for their intended purpose without the need for repair or replacement. On February 25, 2025, as a result of the
issuance of the Acceptance Notice, pursuant to the terms