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Mangoceuticals (NASDAQ:MGRX), a marketer of men’s health products, saw its stock tumble nearly 20% in afternoon trading Tuesday following at $5M mini-IPO.
Shares of Mangoceuticals recently changed hands at $3.30 at approximately 3:30 p.m. ET after being priced at $4 per share. The stock reached a high of $4.37 in early trading before sinking to a low of $2.96 in early afternoon.
Mangoceuticals offered 1.25M shares priced at $4 per share to raise $5M. Underwriters were granted a 45-day option to buy up to 188K additional shares at the IPO price. Boustead Securities is acting as sole underwriter for the deal.
The company first filed for the IPO in January.
Based in Dallas, Mangoceuticals has developed a quick-dissolving tablet for erectile dysfunction that contains same active ingredient found in Cialis, also known as tadalafil. The company plans to market the product directly through its website www.mangoRx.com.
Mangoceuticals also plans to offer telehealth services for men’s health issues through its platform. Services will be offered by Brighter MD, which does business as Doctegrity.
For more on Mangoceuticals, check out Donovan Jones’s “Mangoceuticals Aims for $5M Micro-IPO.”
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Image and article originally from seekingalpha.com. Read the original article here.