Business
Mangoceuticals, Inc. Announces Closing of $5 Million Initial Public Offering
DALLAS, TX / ACCESSWIRE / March 23, 2023 / Mangoceuticals, Inc. ("MangoRx" or the "Company") (NASDAQ:MGRX), a company focused on developing, marketing and
About this update from Mangoceuticals, Inc.
[{"type":"text","content":"DALLAS, TX / ACCESSWIRE / March 23, 2023 / Mangoceuticals, Inc. (\"MangoRx\" or the \"Company\") (NASDAQ:MGRX), a company focused on developing, marketing and selling a variety of men's health and wellness products via a secure telemedicine platform, including its uniquely formulated erectile dysfunction (ED) drug branded \"Mango,\" today announced the closing of its initial public offering of 1,250,000 shares of common stock at a public offering price of $4.00 per share. The total gross proceeds of the offering were $5,000,000, prior to deducting underwriting discounts and commissions and other offering expenses payable by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 187,500 shares of its common stock at the public offering price of $4.00 per share, less the underwriting discounts and commissions.The Company intends to use the net proceeds from the offering to finance the marketing and operational expenses associated with the planned marketing of its Mango ED product, to hire additional personnel to build organizational talent, to develop and maintain software, and for working capital and other general corporate purposes.MangoRx's common stock began trading on The Nasdaq Capital Market on March 21, 2023 under the symbol \"MGRX.\"Boustead Securities, LLC acted as the sole managing underwriter for the offering.The Loev Law Firm, PC served as counsel to the Company and Olshan Frome Wolosky LLP served as counsel to the underwriter.A registration statement on Form S-1, as amended (File No. 333-269240), relating to these securities was filed with the Securities and Exchange Commission (\"SEC\") and was declared effective on March 20, 2023. The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at www.sec.gov. In addition, a copy of the final prospectus may be obtained from Boustead Securities, LLC by way of emailing requests to [email protected] or by calling 1-949-502-4408 or by standard mail to Boustead Securities, LLC, Attention: Equity Capital Markets, 6 Venture, Suite 395, Irvine, California 92618.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any s...