Mangoceuticals, Inc. (NASDAQ: MGRX) announced on October 11, 2024, that it will conduct a 1-for-15 reverse stock split of its outstanding common stock. The reverse stock split is scheduled to become effective on October 16, 2024, at 12:01 a.m. Eastern Time, with shares expected to begin trading on a split-adjusted basis at market open on the same day.
This action is part of the company's plan to regain compliance with the Nasdaq Capital Market's minimum bid price requirement of $1.00 per share. The reverse split will reduce the number of outstanding common shares from approximately 35.5 million to about 2.4 million, subject to adjustments for rounding and potential additional issuances.
The reverse stock split was approved by the company's stockholders at a Special Meeting held on March 25, 2024, with the final ratio determined by the Board. All outstanding options and other securities will be adjusted accordingly, and no fractional shares will be issued, with stockholders receiving one whole share in lieu of any fractional share.
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