Mangoceuticals, Inc. (Nasdaq: MGRX) (“MangoRx” or the “Company”), 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 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. 333-275993), relating to these securities was filed with
the Securities and Exchange Commission (“SEC”) and was declared
effective on December 14, 2023. The offering is being made only by
means of a prospectus. A copy of the final prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC’s website at www.sec.gov. In addition, a copy of the
final prospectus may be obtained, when available, from Boustead
Securities, LLC by way of emailing requests to
offerings@boustead1828.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 MangoRx
MangoRx is focused on developing 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 ED and hair growth. Interested
consumers can use MangoRx’s telemedicine platform for a smooth
experience. Prescription requests will be reviewed by a physician
and, if approved, fulfilled and discreetly shipped through
MangoRx’s partner compounding pharmacy and right to the patient’s
doorstep. To learn more about MangoRx’s mission and other products,
please visit www.MangoRx.com or on social media @Mango.Rx.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements made in this press release
contain forward-looking information within the meaning of
applicable securities laws, including within the meaning of the
Private Securities Litigation Reform Act of 1995 ("forward-looking
statements"). These forward-looking statements represent the
Company's current expectations or beliefs concerning future events
and can generally be identified using statements that include words
such as "estimate," "expects," "project," "believe," "anticipate,"
"intend," "plan," "foresee," "forecast," "likely," "will," "target"
or similar words or phrases. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company's 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 Company’s 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 FDA's
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 Company's products, including potential
recessions and global economic slowdowns. Although we believe that
our plans, intentions and expectations reflected in or suggested by
the forward-looking statements we make in this release are
reasonable, we provide no assurance that these plans, intentions or
expectations will be achieved. Consequently, you should not
consider any such list to be a complete set of all potential risks
and uncertainties.
More information on potential factors that could
affect the Company's financial results is included from time to
time in the "Cautionary Note Regarding Forward-Looking Statements,"
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's filings with the SEC, including the Company’s Quarterly
Report on Form 10-Q for the Quarter ended September 30, 2023. These
filings are available at www.sec.gov and at our website
at https://www.mangoceuticals.com/sec-filings. All subsequent
written and oral forward-looking statements attributable to the
Company or any person acting on behalf of the Company are expressly
qualified in their entirety by the cautionary statements referenced
above. Other unknown or unpredictable factors also could have
material adverse effects on the Company's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. The Company cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, the Company undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that are
not paid for by the Company. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
Follow Mangoceuticals and MangoRx on social media:
https://www.instagram.com/mango.rx
https://twitter.com/Mangoceuticals
https://www.facebook.com/MangoRxOfficial
FOR PUBLIC RELATIONSLucky Break Public RelationsSahra
SimpsonSahra@luckybreakpr.com(323) 602-0091 ext. 704
FOR INVESTOR RELATIONSMangoceuticals Investor RelationsEmail:
investors@mangorx.com
MEDIA CONTACTPHOENIX MGMT Marketing &
Consultinginfo@phoenix-mediamarketing.com
SOURCE: Mangoceuticals Inc.
FOR UNDERWRITER INQUIRIES CONTACTBoustead
Securities, LLCKeith Moore, CEOkeith@boustead1828.com(949)
502-4408
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