Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 133

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 133
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 of common stock, at an offering price of $20.50 per Private Placement Warrant to purchase
one share of common stock (the “Private Placement” and, together with the Registered Direct Offering, the “Offerings”)
(which offering price was included in the purchase price per share of common stock or Pre-Funded Warrant). The Private Placement Warrants
have an exercise price of $20.50 per share (subject to customary adjustments as set forth in the Private Placement Warrants), were exercisable
upon issuance and will expire five years from the date of issuance. The Private Placement Warrants contain customary anti-dilution
adjustments to the exercise price, including for share splits, share dividends, rights offering and pro rata distributions. The Private
Placement Warrants were subsequently registered in July 2024 on Form S-1 (File No. 333-280927).

Wainwright acted as the exclusive placement agent
in connection with the Offerings under an Engagement Letter, dated as of June 18, 2024, between us and Wainwright (the “Engagement
Letter”). Pursuant to the Engagement Letter, we issued to Wainwright (or its designees) warrants to purchase up to 7,355 shares
of common stock (the “Wainwright Warrants” and, together with the Private Placement Warrants, the “2024 Warrants”).
The Wainwright Warrants have substantially the same terms as the Private Placement Warrants, except that the Wainwright Warrants will
expire five years from the commencement of the sales of the Offerings and have an exercise price of $25.625 per share (subject to
customary adjustment as set forth in the Wainwright Warrants), representing 125% of the purchase price per share of common stock in the
Registered Direct Offering.

Induced Warrant Exercise

On October 24, 2024, we entered into an inducement
offer letter agreement (the “Inducement Letter”) with a certain investor (the “Holder”) that held outstanding
Series A-3 warrants (the “Existing Warrants”) to purchase up to an aggregate of 337,552 shares of our common stock, originally
issued to the Holder on May 2, 2024.

Pursuant to the Inducement Letter, the Holder
agreed to exercise for cash the Series A-3 warrants at the exercise price of $11.85 per share in partial consideration for our agreement