Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 56

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 56
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 resources, costly litigation or a loss of public confidence in our internal controls, which could have an adverse
effect on the market price of our stock.

We are a "smaller reporting company," and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.

We are a smaller reporting company, and we will
remain a smaller reporting company until the fiscal year following the determination that our voting and non-voting common shares
held by non-affiliates is more than $250 million measured on the last business day of our second fiscal quarter, or our annual revenues
are more than $100 million during the most recently completed fiscal year and our voting and non-voting common shares held by non-affiliates
is more than $700 million measured on the last business day of our second fiscal quarter. Smaller reporting companies are able to provide
simplified executive compensation disclosure, are exempt from the auditor attestation requirements of Section 404, and have certain
other reduced disclosure obligations, including, among other things, being required to provide only two years of audited financial
statements and not being required to provide selected financial data, supplemental financial information or risk factors.

We have elected to take advantage of certain of
the reduced reporting obligations available to us. We cannot predict whether investors will find our common stock less attractive if we
rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market
for our common stock and our stock price may be reduced or more volatile.

Our ability to use our pre-change NOLs and other pre-change tax attributes to offset post-change taxable income or taxes may be subject to limitation.

We may, from time to time, carry net operating
loss carryforwards (“NOLs”) as deferred tax assets on our balance sheet. Under Sections 382 and 383 of the Internal Revenue
Code of 1986, as amended, if a corporation undergoes an “ownership change” (generally defined as a greater than 50-percentage-
point cumulative change (by value) in the equity ownership of certain stockholders over a rolling three-year

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period), the corporation’s ability to use
its pre-change NOLs and other pre-change tax attributes to offset its post-change taxable income or taxes may be limited. We may experience
ownership changes in the future as a result of shifts in our stock ownership, some of which