Talk about a letdown. Mangoceuticals, Inc. (MGRX), which sells an ED (erectile dysfunction) pill and offers telehealth services, ended its first day of NASDAQ trading today (Tuesday, March 21, 2023) at $4.00 – the same as its IPO price. Volume for the day: 701,809 shares. Mangoceuticals – the first IPO of spring – rose 20 cents to open at $4.20 – up 5 percent at the first tick at 11:10 a.m. EDT. By 11:30 a.m. EDT, though, the thrill was gone. Mangoceuticals’ stock broke issue price and slipped 10 percent from its IPO price to trade at $3.60 on volume of more than 460,000 shares.
“It lasted 19 minutes,” a veteran IPO trader says of Mangoceuticals’ gain. “That’s about as long as those (ED) drugs last.”
Mangoceuticals priced its micro-cap IPO on Monday night, the first night of spring (March 20, 2023) at $4.00 – as expected – on the full 1.25 million shares in the prospectus. The mini IPO raised $5.0 million.
Boustead Securities LLC was the sole book-runner.
Mangoceuticals’ orange Rapid Dissolving Tablet, sold under the Mango brand, is not approved by the FDA, the prospectus says. The mango-flavored pill includes an ingredient found in the FDA-approved ED drug Cialis, according to the prospectus.
The Dallas, Texas-based company plans to sell its Mango pill and connect men with licensed health professionals for telehealth services through its website – https://www.mangorx.com/ – the prospectus says. Its website features its marketing slogan: “Orange is the New Blue.”
At 19 minutes, the flight of Mangoceuticals’ stock in its NASDAQ debut today barely lasted as long as the smoldering looks and the love scenes in the gorgeous Netflix remake of “Lady Chatterley’s Lover.”
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