Lucosky Brookman LLP Acts as Company Counsel to Mangoceuticals, Inc. on $2.5 Million Registered Direct and Concurrent Private Placement Offering
Mangoceuticals, Inc. (NASDAQ: MGRX), a company focused on developing, marketing, and selling health and wellness products via secure telemedicine platforms under the brands MangoRx and PeachesRx, announced the successful closing of its previously announced registered direct offering and concurrent private placement with institutional investors.
The Company issued shares of common stock and pre-funded warrants in the registered direct offering, and issued investor warrants in the concurrent private placement. Aggregate gross proceeds to the Company from both transactions were approximately $2.5 million. The transactions were priced at the market under Nasdaq rules.
The offerings consisted of the sale of 1,930,502 Common Units (or Pre-Funded Units), each consisting of one share of common stock or one pre-funded warrant, and one PIPE Common Warrant to purchase one share of common stock at an exercise price of $1.4245 per warrant. The pre-funded warrants are immediately exercisable and may be exercised at any time until fully exercised.
The net proceeds from the offerings, together with existing cash, are expected to be used for general corporate purposes and working capital.
Aegis Capital Corp. acted as exclusive placement agent. Lucosky Brookman LLP acted as company counsel to Mangoceuticals, Inc.