Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 211

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 211
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 effective June 5, 2024.

On May 31, 2024, the
Company entered into an At-the-Market Offering Agreement (the “Offering Agreement”) with Wainwright (the “Manager”)
under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock through or to the Manager
pursuant to the 2024 S-3. Under the Offering Agreement, the Company pays the Manager a commission of 3.0% of the gross proceeds from the
sales of any shares of common stock. The Company will also reimburse the Manager for certain expenses incurred in connection with the
Offering Agreement. The Company and the Manager may each terminate the Sales Agreement at any time upon specified prior written notice.

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During the year ended December 31, 2024,
the Company issued approximately 140,000 shares of common stock at an average price of $18.78 per share for gross proceeds of $2.6 million
under the Mustang ATM Agreement. In connection with these sales, the Company paid aggregate fees of approximately $0.1 million for net
proceeds of approximately $2.5 million.

During the year ended December 31, 2023,
the Company issued approximately 1,034 shares of common stock at an average price of $158.07 per share for gross proceeds of $163,000
under the ATM Agreement. In connection with these sales, the Company paid aggregate fees of approximately $3,000 for net proceeds of approximately
$160,000.

Pursuant to the Founders Agreement, the Company
issued 3,509 shares of common stock to Fortress at a weighted average price of $18.78 per share for the year ended December 31, 2024.
For the year ended December 31, 2023, the Company did not issue any shares of its common stock to Fortress, and recorded the value of
25 shares issuable to Fortress in connection with the Mustang ATM.

May 2024 Equity Offering

On April 29, 2024, the Company commenced a best efforts equity offering with an institutional investor (the “Investor”) (the “May 2024 Offering”) of an aggregate of (i) 23,200 shares of common stock, (ii) pre-funded warrants (the “May 2024 Pre-Funded Warrants”) to purchase up to an aggregate of 314,352 shares of common stock (the “May