Mangoceuticals, Inc., a company specializing in men's health and wellness products, has announced a reverse stock split of its common stock at a ratio of 1-for-15, effective October 16, 2024. This strategic move aims to comply with Nasdaq's minimum bid price requirement for continued listing on the Nasdaq Capital Market. The decision follows a deficiency letter from Nasdaq on October 30, 2023, indicating that the company's stock had been trading below the $1.00 minimum bid price for 30 consecutive business days. The reverse stock split was approved by stockholders at a special meeting on March 25, 2024, and the final ratio was determined by the Board. As a result of the reverse split, the number of outstanding common shares will decrease from approximately 35.5 million to...Show More

Mangoceuticals, Inc., a company specializing in men's health and wellness products, has announced a reverse stock split of its common stock at a ratio of 1-for-15, effective October 16, 2024. This strategic move aims to comply with Nasdaq's minimum bid price requirement for continued listing on the Nasdaq Capital Market. The decision follows a deficiency letter from Nasdaq on October 30, 2023, indicating that the company's stock had been trading below the $1.00 minimum bid price for 30 consecutive business days. The reverse stock split was approved by stockholders at a special meeting on March 25, 2024, and the final ratio was determined by the Board. As a result of the reverse split, the number of outstanding common shares will decrease from approximately 35.5 million to about 2.4 million. The company's common stock will continue to trade under the symbol 'MGRX'. No fractional shares will be issued; stockholders who would have received a fractional share will instead receive one whole share. The reverse stock split is also expected to increase the number of shares available for issuance and will not alter the par value or the voting rights of the common stock.