Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 136

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 136
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 2025.

Termination of 2018 At Market Issuance Sales Agreement

On May 31, 2024, we delivered notice to B.
Riley Securities, Inc. (formerly B. Riley FBR, Inc.), Cantor Fitzgerald & Co., and the Manager (collectively, the “Agents”)
to terminate our At Market Issuance Sales Agreement, dated July 27, 2018, as amended on July 20, 2020, December 31, 2020,
and April 14, 2023 (collectively, the “2018 Sales Agreement”), with the Agents. Termination of the 2018 Sales Agreement
was effective June 5, 2024, pursuant to Section 13(b) of the 2018 Sales Agreement.

May 2024 At the Market Offering Agreement

On May 31, 2024, we entered into an At the
Market Offering Agreement (the “ATM Agreement”) with Wainwright (the “Manager”) under which we may offer and sell,
from time to time at our sole discretion, shares of our common stock (the “ATM Shares”), through or to the Manager. The offer
and sale, if any, of ATM Shares by us under the Offering Agreement will be made pursuant to our registration statement on Form S-3
(File No. 333-279891) (the “Registration Statement”) under the Securities Act, and the related prospectus included therein,
filed with the SEC on May 31, 2024, and declared effective on June 12, 2024.

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Table of Contents

Under the ATM Agreement, the Manager may sell
ATM Shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under
the Securities Act. The Manager will use commercially reasonable efforts to sell the ATM Shares from time to time, based upon instructions
from us (including any price, time or size limits or other customary parameters or conditions we may impose). We will pay the Manager
a commission of 3.0% of the gross proceeds from the sales of ATM Shares sold through the Manager under the ATM Agreement and have provided
the Manager with customary indemnification and contribution rights. We will also reimburse the Manager for certain expenses incurred in
connection with the ATM Agreement. Together with the Manager, we may each terminate the ATM Agreement at any time upon specified