In a strategic move to enhance its market presence, Mangoceuticals Inc., a pioneering company specializing in the development, marketing, and sale of men’s health and wellness products through a secure telemedicine platform, announced the pricing of its underwritten public offering today. The company has set the public offering price at $0.30 per share for 4,000,000 shares of its common stock, with a par value of $0.0001 per share. This move is expected to generate aggregate gross proceeds of $1,200,000 for Mangoceuticals, pending deduction of underwriting discounts, commissions, and other associated offering expenses.
Additionally, Mangoceuticals has granted the underwriters a 45-day option to acquire up to an extra 600,000 shares of its common stock at the same public offering price, minus underwriting discounts and commissions. This provision aims to cover potential over-allotments.
In response to this development, the stock of Mangoceuticals experienced a notable decline, opening at $0.34 after closing trading at $0.52 on Thursday. The offering is scheduled to conclude on or around December 19, 2023, pending the fulfillment of customary closing conditions.
At the time of this publication, Mangoceuticals Inc stock (MGRX) has witnessed a decline.
Mangoceuticals Inc
Current Price: $0.30
Change : -0.22
Change (%): (-42.80%)
Volume: 3.1M
Source: Tomorrow Events Market Data
The allocated funds from the public offering are earmarked for various purposes, as outlined by Mangoceuticals. Primarily, the net proceeds will be directed towards financing marketing and operational expenses related to the planned launch of Mango ED and GROW hair growth products. Additionally, the company intends to utilize the funds to expand its workforce, invest in organizational talent, develop and maintain software, and support working capital and general corporate needs.
Boustead Securities, LLC has been appointed as the sole underwriter for this offering, overseeing the execution of this strategic financial move for Mangoceuticals. The registration statement on Form S-1, as amended (File No. 333-275993), associated with these securities, was officially declared effective by the Securities and Exchange Commission (SEC) on December 14, 2023.
Examining Mangoceuticals’ recent stock performance, the company has faced significant challenges in the market. Over the past 5 days, the stock experienced a sharp decline of 56.08%, while the one-month and three-month performance indicators show decreases of 40.98% and 70.00%, respectively. These figures underscore the current volatility in the market and the potential impact on investor sentiment.
Mangoceuticals Inc. remains committed to its mission of advancing men’s health and wellness and believes that the strategic initiatives undertaken through this public offering will position the company for future growth and success in the competitive landscape. Investors and stakeholders will be closely monitoring the outcome of this offering and its subsequent impact on Mangoceuticals’ market standing.
