With its focus on men’s health and wellness products, Mangoceuticals, Inc. has made a significant announcement. The company will undertake a reverse stock split of its outstanding shares of common stock. This move comes with a ratio of 1-for-15 and is expected to be effective from October 16, 2024. It will also mean that shares are expected to start trading on the Nasdaq Capital Market on a split-adjusted basis from the given effective date.
One vital aspect of the reverse stock split is that it is aimed at enabling the company to regain compliance with the minimum bid price requirement. This is essential for maintaining its listing on The Nasdaq Capital Market.
The reverse stock split reflects a strategic move by the company which was approved by its stockholders at the Special Meeting of Stockholders held on March 25, 2024. Pursuant to the approval, the company’s board was given the discretion to finalize the ratio within the approved parameters.
Implementation of the reverse stock split will bring an effect on the company’s outstanding common stock. The shares, which stand at 35.5 million as of the announcement date, will be reduced to 2.4 million. This estimate is with due consideration for rounding adjustments and potential additional issuances prior to the effective date of Reverse Stock Split.
This reverse split is encompassing in that it affects all issued and outstanding shares of the common stock. Relevant structures like outstanding options, securities, their holders and the rights in each security are set to be adjusted as necessitated by the reverse split. Additionally, the number of shares which can be awarded under the company’s equity incentive plan will also be suitably adjusted.
One intriguing aspect of this move is that, irrespective of the reverse split, the par value of the Common Stock will remain unaffected at $0.0001 par value per share. There will be no issued in connection with the reverse split, and shareholders who would have been entitled to get a fractional share will instead receive one whole share of common stock.
MangoRx, as Mangoceuticals is known, is engaged in the development of various men’s health and wellness products. The company has pointed out men’s wellness telemedicine services and products as a growing sector and is especially invested in areas such as erectile dysfunction (ED), hair growth, and hormone replacement therapies.
In addition to the above areas, the company is making a mark in telemedicine and using it as an effective platform to deliver its services smoothly. Patients can take advantage of prescription requests, which are reviewed by a physician. Approved prescriptions are fulfilled and discreetly shipped to patient’s doorstep through MangoRx’s partner compounding pharmacy. The company has been instrumental in catering to the evolving health needs of men and is unrelenting in its mission to develop effective solutions.
This forward-thinking company, with its focus on men’s health and wellness ensures that it caters to its investors and customers equally. It continually strives to set the bar high with its innovative approaches and remarkable solutions. With the recent development in place, MangoRx is ready to extend its horizons and continue delivering on its promises. The company’s commitment towards bettering men’s health remains unwavered and it is poised to create newer paths in its journey of providing unmatched wellness solutions.
A unique company in the realm of men’s health, MangoRx, continues to make remarkable strides in the industry. Its focus on men’s health and wellness, combined with a robust strategy for growth, set it apart in the competitive market. With developments underway and a clear vision for the future, the company is carving its place as a leader in health and wellness solutions. The reverse stock split is but one move in its business strategy. It signifies the company’s intentions for growth and a successful future.
