Mustang Bio, Inc. announced a best efforts private placement to issue an aggregate of 1,160,000 shares of common stock, par value $0.0001 per share; pre-funded warrants to purchase up to an aggregate of 15,717,638 shares of Common Stock; Series A-1 warrants to purchase up to an aggregate of 16,877,638 shares of Common Stock; Series A-2 warrants to purchase up to an aggregate of 16,877,638 shares of Common Stock and Series A-3 warrants to purchase up to an aggregate of 16,877,638 shares of Common Stock for the aggregate gross proceeds of $3,300,000 on April 29, 2024. Each Share or 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 public offering price for each Share and accompanying Warrants was $0.237, and the public offering price for each Pre-Funded Warrant and accompanying Warrants was $0.2369.

The Pre-Funded Warrants have an exercise price of $0.0001 per share, are exercisable immediately and will expire when exercised in full. Each Warrant will have an exercise price of $0.237 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 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.