Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 242

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 242
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 the terms of the October
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 October Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the October 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 October Warrants.

Fractional Shares

No fractional shares of Common
Stock will be issued upon the exercise of the October 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 October Warrants are not listed on any securities
exchange or nationally recognized trading system.

Rights as a Stockholder

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Except as otherwise provided
in the October 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 October Warrants.

Amendments

The October Warrants may be
modified or amended with the written consent of the holder of such warrants and us.

Placement Agent Warrants

As of December 31, 2024, there were:

| ● | 3,104 placement agent warrants (the “2023 Placement Agent Warrants”) outstanding to purchase up to 3,104 shares of Common Stock; |

| ● | 20,251 placement agent warrants (the “May 2024 Placement Agent Warrants”) outstanding to purchase up to 20,251 shares of Common Stock; |

| ● | 7,355 placement agent warrants (the “June 2024 Placement Agent Warrants”) outstanding to purchase up to 7,355 shares of Common Stock; and |

| ● | 20,251 placement agent warrants (the “October 2024 Placement Agent Warrants”) outstanding to purchase up to 20,