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Mangoceuticals (NASDAQ:MGRX), a marketer of men’s health products, saw its shares plunge nearly 20% Tuesday afternoon after a $5 million mini-IPO.
Mangoceuticals shares recently changed hands at around 3:30 pm ET at $3.30 after being priced at $4 a share Share. The stock hit a high of $4.37 in early trade before falling to a low of $2.96 in early afternoon.
Mangoceuticals offered 1.25 million shares at $4 per share to raise $5 million. The underwriters were granted a 45-day option to purchase up to 188,000 additional shares at the IPO price. Boustead Securities is acting as sole underwriter for the transaction.
The company first applied for an IPO in January.
Dallas-based Mangoceuticals has developed a fast-dissolving erectile dysfunction tablet that contains the same active ingredient as Cialis, also known as Tadalafil. The Company plans to market the product directly through its website, www.mangoRx.com.
Mangoceuticals also plans to offer telemedicine services for men’s health issues through its platform. The Services are offered by Brighter MD doing business as Doctegrity.
For more information on Mangoceuticals, see Donovan Jones’ “Mangoceuticals Aims for $5M Micro-IPO”.
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