Mangoceuticals board and preferred shareholder approve new Series D preferred stock
Mangoceuticals, Inc. (MGRX) has announced the approval of its board and the sole holder of its Series B Convertible Preferred Stock for the creation of a new class of 8% Series D Convertible Cumulative Preferred Stock. This move comes as the company's stock trades at $0.19 with a market capitalization of $4.26 million, down 89% over the past year.
The newly approved Series D Preferred Stock would allow the company to offer up to 1,000,000 shares at $10.00 per share through a Regulation A offering, despite the company's current liquidity challenges indicated by a ratio of 0.18.
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