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 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@example.com 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 sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Mangoceuticals, Inc.
Mangoceuticals, Inc. is a company focused on developing, marketing and selling a variety of men's health and wellness products and services via a secure telemedicine platform. To date, the Company has identified men's wellness telemedicine services and products as a growing sector and especially related to the area of erectile dysfunction (ED). The Company has developed a new brand of ED product under the brand name "Mango" (think "Man Go"). For more information, please visit www.MangoRx.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and the MangoRx brand and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the use of proceeds from the offering, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of COVID-19, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, general economic conditions and other risk factors detailed in the "Risk Factors" section and elsewhere in the Company's final prospectus relating to the offering filed with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
FOR MEDIA AND INVESTOR RELATIONS
Fraxon Market Initiatives, LLC
For Underwriter Inquiries
Boustead Securities, LLC
Keith Moore, CEO
SOURCE: Mangoceuticals, Inc.
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