Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 243

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 243
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251 shares of Common Stock. |

Duration and Exercise Price

The 2023 Placement Agent Warrants
have an exercise price of $106.25 per share and became exercisable upon issuance. Each May 2024 Placement Agent Warrant and October 2024
Placement Agent Warrant has an initial exercise price equal to $14.82 per share and became exercisable beginning on the effective
date of the May Stockholder Approval and October Stockholder Approval, as applicable. The June 2024 Placement Agent Warrants have an exercise
price of $25.63 per share and became exercisable upon issuance.

Each Placement Agent Warrant
expires five years from the commencement of sales in the respective offerings to which they relate. The exercise price and number of shares
of Common Stock issuable upon exercise of the Placement Agent Warrants is subject to appropriate adjustment in the event of stock dividends,
stock splits, reorganizations or similar events affecting our Common Stock and the exercise price.

Exercisability

The Placement Agent Warrants
are exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by
payment in full for the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as
discussed below). A holder (together with its affiliates) may not exercise any portion of the Placement Agent Warrant to the extent that
the holder would own more than 4.99% (or, at the election of the holder prior to the issuance of such warrants, 9.99%) of the outstanding
Common Stock immediately after exercise, except that upon notice from the holder to us, the holder may increase or decrease the amount
of beneficial ownership of outstanding stock after exercising the holder’s Placement Agent Warrant 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 Placement Agent Warrants and in accordance with the rules and regulations of 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 Placement Agent Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the Placement
Agent Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making