<SEC-DOCUMENT>0001104659-23-079117.txt : 20230707
<SEC-HEADER>0001104659-23-079117.hdr.sgml : 20230707
<ACCEPTANCE-DATETIME>20230707160712
ACCESSION NUMBER:		0001104659-23-079117
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230705
FILED AS OF DATE:		20230707
DATE AS OF CHANGE:		20230707

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Chill Adam J.
		CENTRAL INDEX KEY:			0001626451

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38191
		FILM NUMBER:		231076854

	MAIL ADDRESS:	
		STREET 1:		24 NEW ENGLAND EXECUTIVE PARK
		STREET 2:		SUITE 105
		CITY:			BURLINGTON
		STATE:			MA
		ZIP:			01803

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUSTANG BIO, INC.
		CENTRAL INDEX KEY:			0001680048
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				473828760
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		377 PLANTATION STREET
		CITY:			WORCESTER
		STATE:			MA
		ZIP:			01605
		BUSINESS PHONE:		7816524500

	MAIL ADDRESS:	
		STREET 1:		377 PLANTATION STREET
		CITY:			WORCESTER
		STATE:			MA
		ZIP:			01605
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2320790-5_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-07-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001680048</issuerCik>
        <issuerName>MUSTANG BIO, INC.</issuerName>
        <issuerTradingSymbol>MBIO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001626451</rptOwnerCik>
            <rptOwnerName>Chill Adam J.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>377 PLANTATION STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WORCESTER</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01605</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK, PAR VALUE $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2023-07-05</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7246</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19170</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person was granted 7,246 restricted shares pursuant to the Issuer's 2016 Incentive Plan on July 5, 2023. The shares will vest on July 5, 2026, subject to the Reporting Person's continued service on the Issuer's board on such date.</footnote>
        <footnote id="F2">Effective April 3, 2023, the Issuer effected a fifteen-for-one reverse stock split of its common stock (the &quot;Reverse Stock Split&quot;). The amount of common stock reflected on this Form 4 has been adjusted to reflect the Reverse Stock Split.</footnote>
        <footnote id="F3">Includes restricted share units, which vest over various time periods.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Matthew Wein, Attorney-in-Fact</signatureName>
        <signatureDate>2023-07-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
