Company: MBIO
Filing Date: 2025-02-07
Form Type: 424B4
Source: 0001410578-25-000085
Chunk: 91

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-07
Form: 424B4
Chunk 91
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 of any pre-funded warrants offered in this offering, and after deducting the estimated placement agent fees and estimated offering expenses payable by us, and excluding the proceeds, if any, from the exercise of the Warrants issued in this offering, our pro forma as adjusted net tangible book value as of September 30, 2024 would have been approximately $3.9 million, or approximately $1.00 per share. This represents an immediate increase in pro forma net tangible book value to existing shareholders of $3.51 per share and an immediate dilution in pro forma net tangible book value of $2.01 per share of our common stock to the investors purchasing securities in this offering. The following table illustrates this per share dilution to the new investors purchasing shares of common stock in this offering:

| Combined public offering price per share of common stock and accompanying Warrants                   
 Historical net tangible book value (deficit) per share as of September 30, 2024                      | ​ | ​ 
 ​ |       ​ 
       ​ 
 (11.76) | ​ | ​ |    ​ 
 3.01 
    ​ |
|:-----------------------------------------------------------------------------------------------------|:--|:--|--------:|:--|:--|-----:|
| Increase per share attributable to pro forma adjustments                                             | ​ | $ |    9.25 | ​ | ​ |    ​ |
| Pro forma net tangible book value per share on September 30, 2024                                    | ​ | $ |   -2.51 | ​ | ​ |    ​ |
| Increase in net tangible book value per share attributable to investors purchasing in this offering  | ​ | $ |    3.51 | ​ | ​ |    ​ |
| Pro forma as adjusted net tangible book value per share as of September 30, 2024 after this offering | ​ | ​ |       ​ | ​ | $ | 1.00 |
| Dilution per share to investors purchasing in this offering                                          | ​ | ​ |       ​ | ​ | $ | 2.01 |

The foregoing discussion and tables above are based on 735,996 shares of common stock outstanding as of September 30, 2024, and excludes:

| ● | 1,521 shares of our common stock issuable upon the exercise of outstanding stock options as of September 30, 2024, with a weighted-average exercise price of $4,297.50 per share; |

| ● | 1,219,116 shares of our