Company: MBIO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001104659-25-009408
Chunk: 93

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 93
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 completed in October 2024 and (ii) the issuance of 141,606 shares of common stock in connection with our ATM program. Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers in this offering and the pro forma as adjusted net tangible book value per share of our common stock immediately after this offering. After giving effect to (i) the pro forma transactions described above and (ii) the sale of up to 2,203,856 shares of common stock, or in lieu thereof, pre-funded warrants to purchase up to 2,203,856 shares of common stock, and accompanying Series C-1 Warrants to purchase up to 2,203,856 shares of common stock and Series C-2 Warrants to purchase up to 2,203,856 shares of common stock at an assumed public offering price per share of common stock or pre-funded warrant and accompanying Warrants of $3.63, which is equal to the last reported sale price of our common stock on the Nasdaq Capital Market on February 4, 2025, assuming exercise in full 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 $1.13 per share. This represents an immediate increase in pro forma net tangible book value to existing shareholders of $3.64 per share and an immediate dilution in pro forma net tangible book value of $2.50 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) | ​ | ​ |    ​ 
 3.63 
    ​ |
|:-----------------------------------------------------------------------------------------------------|:--|:--|--------:|:--|:--|-----:|
| Increase per share attributable to pro forma adjustments                                             | ​ | $ |    9.25 | ​ | ​ |    ​ |
| Pro forma