Mangoceuticals, Inc. Announces Pricing of $1,200,000 Public Offering
Summary
Dallas, Texas, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (Nasdaq: MGRX) (MangoRx or the Company), a company focused on developing, marketing, and selling a variety of mens health and wellness products via a secure telemedicine platform, including its uniquely formulated hair growth product (GROW) and erectile dysfunction (ED) drug (Mango), today priced its previously announced underwritten public offering of 4,000,000 shares of its common stock, par value $0.0001 per share, at a public offering price of $0.30 per share, for aggregate gross proceeds of $1,200,000 to the Company, 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 600,000 shares of its common stock at the public offering price of $0.30 per share, less the underwriting discounts and commissions, to cover over-allotments, if any.The offering is expected to close on or about December 19, 2023, subject to customary closing conditions.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 and GROW hair growth products, to hire additional personnel to build organizational talent, to develop and maintain software, and for working capital and other general corporate purposes.Boustead Securities, LLC is acting as the sole underwriter for the offering.A registration statement on Form S-1, as amended (File No. To date, the Company has identified mens wellness telemedicine services and products as a growing sector and especially related to the area of ED and hair growth. Prescription requests will be reviewed by a physician and, if approved, fulfilled and discreetly shipped through MangoRxs partner compounding pharmacy and right to the patients doorstep. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Companys control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to: the Companys expectations regarding the completion, timing and size of the proposed public offering, statements regarding the use of proceeds from the sale of the shares in the offering; our ability to obtain additional funding and generate revenues to support our operations; risks associated with our ED product which have not been, and will not be, approved by the U.S. Food and Drug Administration ("FDA") and have not had the benefit of the FDAs clinical trial protocol which seeks to prevent the possibility of serious patient injury and death; risks that the FDA may determine that the compounding of our planned products does not fall within the exemption from the Federal Food, Drug, and Cosmetic Act ("FFDCA Act") provided by Section 503A; risks associated with related party relationships and agreements; the effect of data security breaches, malicious code and/or hackers; competition and our ability to create a well-known brand name; changes in consumer tastes and preferences; material changes and/or terminations of our relationships with key parties; significant product returns from customers, product liability, recalls and litigation associated with tainted products or products found to cause health issues; our ability to innovate, expand our offerings and compete against competitors which may have greater resources; our significant reliance on related party transactions; the projected size of the potential market for our technologies and products; risks related to the fact that our Chairman and Chief Executive Officer, Jacob D. Cohen and President, Jonathan Arango, combined have majority voting control over the Company; risks related to the significant number of shares in the public float, our share volume, the effect of sales of a significant number of shares in the marketplace, and the fact that the majority of our shareholders paid less for their shares than the public offering price of our common stock in our recent initial public offering; the fact that we have a significant number of outstanding warrants to purchase shares of common stock at $1.00 per share, the resale of which underlying shares have been registered under the Securities Act of 1933, as amended; our ability to build and maintain our brand; cybersecurity, information systems and fraud risks and problems with our websites; changes in, and our compliance with, rules and regulations affecting our operations, sales, marketing and/or our products; shipping, production or manufacturing delays; regulations we are required to comply with in connection with our operations, manufacturing, labeling and shipping; our dependency on third-parties to prescribe and compound our ED product; our ability to establish or maintain relations and/or relationships with third-parties; potential safety risks associated with our Mango ED product, including the use of ingredients, combination of such ingredients and the dosages thereof; the effects of high inflation, increasing interest rates and economic downturns, including potential recessions, as well as macroeconomic, geopolitical, health and industry trends, pandemics, acts of war (including the ongoing Ukraine/Russian conflict) and other large-scale crises; our ability to protect intellectual property rights; our ability to attract and retain key personnel to manage our business effectively; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; overhang which may reduce the value of our common stock; volatility in the trading price of our common stock; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Companys products, including potential recessions and global economic slowdowns.