Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 250

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 250
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 subsidiaries might reasonably be deemed
to have pursued or had the ability or desire to pursue if granted the opportunity to do so and no such individual, corporation, limited
liability company, partnership, firm, joint venture, association, joint-stock company, trust, estate, unincorporated organization, governmental
or regulatory body or other entity (“Person”) shall be liable to the Company or any of its subsidiaries for breach
of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such Person pursues or acquires such
Excluded Opportunity, directs such Excluded Opportunity to another Person or fails to present such Excluded Opportunity, or information
regarding such Excluded Opportunity, to the Company or its subsidiaries. Any Person purchasing or otherwise acquiring any interest in
any shares of stock of the Company shall be deemed to have notice of and consented to the provisions of our Certificate of Incorporation.
Neither the alteration, amendment or repeal of our Certificate of Incorporation nor the adoption of any provision of our Certificate of
Incorporation inconsistent with the above shall eliminate or reduce the effect of the above in respect of any business opportunity first
identified or any other matter occurring, or any cause of action, suit or claim that, but for the above, would accrue or arise, prior
to such alteration, amendment, repeal or adoption.

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Stock Exchange Listing

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Our Common Stock is listed
on the Nasdaq Capital Market under the symbol “MBIO”.

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Transfer Agent and Registrar

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The Transfer Agent for our
Common Stock is VStock Transfer, LLC.

<div align='center'>11</div>

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Exhibit 19.1

Mustang Bio, Inc. is subject to the following Insider Trading Policy of Fortress Biotech, Inc. (“Fortress”), which is applicable to all Fortress subsidiaries.

<div align='center'>FORTRESS BIOTECH, INC. AND SUBSIDIARIES

INSIDER TRADING POLICY

January 22, 2024</div>

PERSONS COVERED

This Insider Trading Policy
applies to Fortress Biotech, Inc. (“Fortress”) and each of its publicly traded and private subsidiaries in which
Fortress has a 50% or greater ownership interest or otherwise has a minority economic interest but majority voting interest. Fortress
and each such subsidiary are referenced herein individually as a “Company” and collectively the “Companies.”

The term “Insiders”
includes: (a) all directors, officers,