Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 239

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 239
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 and Series B-2 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 Series B-1 and Series B-2 Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the
Series B-1 and Series B-2 Warrants by the holder under 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 B-1 and Series B-2 Warrants.

Fractional Shares

No fractional shares of Common
Stock will be issued upon the exercise of the Series B-1 and Series B-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 B-1 Warrants
and Series B-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 B-1 and Series B-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 B-1
and Series B-2 Warrants.

Amendments

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

June 2024 Warrants

As of December 31, 2024, there were 122,600 warrants
(the “June Warrants”) outstanding to purchase up to 122,600 shares of Common Stock.

Duration and Exercise Price

Each June Warrant has an exercise
price equal to $20.50 per share and became exercisable upon issuance. The exercise price and number of shares of Common Stock issuable
upon exercise of the