Summary by Futu AI
Mangoceuticals, Inc., a Texas-based pharmaceutical company, reported the sale of an additional 250 shares of Series B Convertible Preferred Stock to an institutional accredited investor on September 26, 2024. This sale, part of a partial fourth closing under a Securities Purchase Agreement (SPA) dated April 4, 2024, and amended on April 28, 2024, was for a total consideration of $250,000. With this transaction, the company has now sold 750 out of the 1,000 Series B Preferred Stock shares available under the fourth closing of the SPA. The remaining 250 shares are still available for future sale to the Purchaser. The Series B Preferred Stock was sold at a 10% discount to its stated value of $1,100 per share. The issuance of these shares was approved by the company's stockholders at the...Show More