Mangoceuticals closes $500K initial tranche of Series B Preferred Stock and 3.3M warrants

MANGOCEUTICALS, INC.

Initial closing: $500,000 for 500 Series B shares (stated value $1,100 each, 10% discount) plus warrants for 3.3M shares at $0.26.
Second closing of $250,000 and third closing of $750,000 subject to stockholder approval and SEC effectiveness.
Series B Preferred: 10% cumulative dividend, convertible at lower of $0.40 or 90% of three lowest VWAPs in prior 10 days, floor $0.035.
Warrants exercisable from Oct 4, 2024 for 5 years; cashless if no effective registration after 120 days.
Company must hold stockholder meeting within 30 days to waive 19.99% exchange cap and increase authorized shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MANGOCEUTICALS, INC. entered into Securities Purchase Agreement with an institutional accredited investor valued at $1,650,000 (effective 2024-04-05).

Action: entry
Agreement: equity purchase
Counterparty: an institutional accredited investor
Value: $1,650,000
Effective: 2024-04-05

Exact text from the filing

Effective on April 5, 2024 (the " Initial Closing Date "), Mangoceuticals, Inc., a Texas corporation (the " Company ", " we " and " us "), agreed to definitive terms on a Securities Purchase Agreement dated April 4, 2024 (the " SPA "), with an institutional accredited investor (the " Purchaser "), pursuant to which the Company agreed to sell to the Purchaser, and the Purchaser agreed to purchase from the Company, 1,500 shares of Series B Convertible Preferred Stock (" Series B Preferred Stock ") of the Company for $1,650,000, and warrants

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MANGOCEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-014330

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