Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 131

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 131
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 to purchase up to an aggregate of 337,552 shares of common stock (the “Series A-3 Warrant Shares”).
Each share of common stock or May 2024 Pre-Funded Warrant was sold together with one Series A-1 Warrant to purchase one share of common
stock, one Series A-2 Warrant to purchase one share of common stock, and one Series A-3 Warrant to purchase one share of common stock.
The equity offering price for each share of common stock and accompanying Warrants was $11.85, and the equity offering price for each
May 2024 Pre-Funded Warrant and accompanying Warrants was $11.845.

The May 2024 Pre-Funded Warrants have an exercise
price of $0.005 per share, were exercisable immediately and will expire when exercised in full. Each Warrant has an exercise price of
$11.85 per share, will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise
of the Warrants (the “Warrant Stockholder Approval”), which was obtained on June 27, 2024. The Series A-1 Warrant will expire
on the five-year anniversary of the Warrant Stockholder Approval. The Series A-2 Warrant will expire on the twenty-four-month anniversary
of the Warrant Stockholder Approval. The Series A-3 Warrant will expire on the nine-month anniversary of the Warrant Stockholder Approval.

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The net proceeds of the May 2024 Offering, after
deducting the fees and expenses of the Placement Agent (as defined below), described in more detail below, and other offering expenses
payable by us, but excluding the net proceeds, if any, from the exercise of the Warrants, were approximately $3.2 million. The May 2024
Offering closed on May 2, 2024.

In connection with the May 2024 Offering,
we also entered into a warrant amendment agreement (the “Warrant Amendment Agreement”) with the Investor. Under the Warrant
Amendment Agreement, we agreed to amend certain existing warrants to purchase up to 51,764 shares of common stock that were previously
issued in October 2023 to the Investor, with an exercise price of $79.00 per share (the “Existing Warrants”), in consideration
for their purchase of the securities in the May