Mangoceuticals, Inc. Announces Pricing of $1,200,000 Public Offering

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 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 [e-mail] 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.