145  0 Kommentare Mangoceuticals Granted 180-Day Extension to Meet Nasdaq Minimum Bid Price Requirement and Conditional Approval of Compliance with Nasdaq’s Minimum Stockholders’ Equity Requirement

Dallas, Texas, May 02, 2024 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (NASDAQ: MGRX) (“MangoRx” or the “Company”), a company focused on developing, marketing, and selling a variety of men’s health and wellness products in the area of erectile dysfunction (ED), hair growth and hormone replacement therapies, today announced that the Company received written notification from the Listing Qualification Department of The Nasdaq Stock Market LLC (“Nasdaq”) granting the Company’s request for a 180-day extension to regain compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Company now has until October 24, 2024 to meet the requirement. On the same date, Nasdaq provided notice to the Company that based on the Company’s April 25, 2024, Current Report on Form 8-K filing, Nasdaq has determined that the Company complies with Nasdaq Listing Rule 5550(b)(1) (the “Rule”) which requires companies listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000. However, Nasdaq also advised that if the Company fails to evidence compliance with the Rule upon filing its next periodic report it may be subject to delisting.

The Company was first notified by Nasdaq of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rule 5550(a)(2) on November 1, 2023, and was given until April 29, 2024, to regain compliance. At any time during the additional 180-day extension, if the bid price of the Company’s common stock closes at, or above, $1.00 per share for a minimum of ten consecutive business days, the Nasdaq staff will provide the Company with a written confirmation of compliance and the matter will be closed.

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The Company will continue to monitor the closing bid price of its common stock and will, if necessary, implement a reverse stock split of its outstanding securities, to regain compliance with the Minimum Bid Price Requirement. The stockholders of the Company, at the March 25, 2024, special meeting of stockholders previously approved an amendment to our Certificate of Formation, as amended, to effect a reverse stock split of our issued and outstanding shares of our common stock, by a ratio of between one-for-two to one-for-fifty, inclusive, with the exact ratio to be set at a whole number to be determined by our Board of Directors or a duly authorized committee thereof in its discretion, at any time after approval of the amendment and prior to March 25, 2025.