Mangoceuticals, Inc. Announces Pricing Of $1.2M Public Offering Of 4M Shares Of Common Stock At A Price Of $0.30 Per Share
Portfolio Pulse from Benzinga Newsdesk
Mangoceuticals, Inc. (NASDAQ:MGRX), a men's health and wellness product company, has announced the pricing of its public offering at $0.30 per share, aiming to raise $1.2 million through the sale of 4 million shares. The company also granted underwriters an option to purchase up to an additional 600,000 shares to cover over-allotments. The proceeds will be used for marketing, hiring, software development, working capital, and other corporate purposes. The offering is expected to close on December 19, 2023.
December 15, 2023 | 3:40 pm
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Mangoceuticals, Inc. is raising $1.2M through a public offering of 4M shares at $0.30 each. The funds will support marketing and operational expenses for their health products, talent acquisition, software development, and general corporate purposes.
The impact on Mangoceuticals' stock price in the short term is neutral to slightly negative due to the dilutive effect of the new shares. However, the intended use of proceeds for growth initiatives could be viewed positively by investors. The exact impact will depend on investor perception of the company's growth prospects and the effectiveness of the use of proceeds.
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