Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 244

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 244
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 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 Placement Agent Warrants.

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Fractional Shares

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

Rights as a Stockholder

Except as otherwise provided
in the Placement Agent Warrants or by virtue of such holder’s ownership of shares of our 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 Placement Agent
Warrants.

Amendments

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

NSC Venture Fund Warrants

As of December 31, 2024, there
were warrants (the “NSC Warrants”) outstanding to purchase up to 5 shares of Common Stock.

Duration and Exercise Price

The NSC Warrants have an exercise
price of $6,375 per share. The exercise price and number of shares of Common Stock issuable upon exercise of the warrants is subject to
appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common Stock and
the exercise price. The NSC Warrants expire ten years after the date of issuance.

Exercisability

The NSC Warrants are exercisable,
at the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for
the number of shares of our Common Stock purchased upon such exercise.

Rights as a Stockholder

Except as otherwise provided
in the NSC Warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holders of the NSC Warrants do not
have the rights or privileges of holders of our Common Stock, including any voting rights, until they exercise their NSC Warrants.

Amendments

The NS