Company: MBIO
Filing Date: 2025-02-27
Form Type: 424B3
Source: 0001104659-25-018303
Chunk: 3

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-27
Form: 424B3
Chunk 3
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 also entered into an Escrow Agreement, dated February 10, 2025 (the “Escrow Agreement”),
with Bowditch & Dewey, LLP, as escrow agent (the “Escrow Agent”), pursuant to which the Escrow Agent will disburse the
Purchase Price (defined herein) pursuant to the terms of the Escrow Agreement.

Pursuant
to the terms of the Sale/Surrender Agreement, AbbVie agreed to purchase from the Company, and the Company agreed to sell and convey to
AbbVie, certain furniture, fixtures and equipment (“FF&E”) located in the Premises and other items as set forth in the
Sale/Surrender Agreement for a purchase price of $1.0 million (the “Purchase Price”). AbbVie also agreed to lease the Premises
from the Landlord following the termination of the Lease pursuant to a First Amendment to Lease Agreement (the “Amendment”),
dated as of February 7, 2025.

The closing of the transactions described above occurred on February 21, 2025 (the “Closing”), with AbbVie’s issuance of
an Acceptance Notice (as defined in the Sale/Surrender Agreement) to the Company stating that a Sufficient Percentage (as defined in the Sale/Surrender Agreement) of the FF&E items listed in the Sale/Surrender Agreement are present in the Premises and functional for their intended purpose without the need for repair or replacement. On February 25, 2025, as a result of the issuance of the Acceptance Notice, pursuant to the terms of the Escrow Agreement, the Escrow Agent released the Purchase Price to the Company.

There
is no material relationship, other than in respect of the transaction, between AbbVie and the Company or any of its affiliates, or any
director or officer of the Company, or any associate of such director or officer.

The foregoing
description of the Sale/Surrender Agreement and the Amendment does not purport to be complete and is subject to, and qualified in its
entirety by, the full text of Sale/Surrender Agreement and the Amendment, copies of which are filed as Exhibits 2.1 and 10.1, respectively,
to this Current Report on Form 8-K.

Item 8.01 Other Events.

On February
27, 2025, the Company issued a press release announcing the Closing. A copy of the press release is attached as Exhibit 99.1 her