Mangoceuticals Enters Debt Conversion Agreement with Mill End Capital Ltd

Dallas, Texas – January 15, 2025 – Mangoceuticals, Inc. (NASDAQ:MGRX) announced today the signing of a Debt Conversion Agreement with Mill End Capital Ltd. The agreement revolves around a previous outstanding Promissory Note dating back to October 18, 2024, currently amounting to $150,000. This note, originally issued to Cohen Enterprises, Inc., was acquired by Mill End from Cohen Enterprises for the same value in December 2024.

Per the terms of the Debt Conversion Agreement, Mangoceuticals and Mill End have opted to convert the entire $150,000 debt owed by Mangoceuticals into 100,000 shares of the company’s restricted common stock. This conversion is set at an agreed price of $1.50 per share.

The specifics of the Debt Conversion Agreement also detail that the issuance of common stock serves as complete settlement for the converted note. A comprehensive view of the agreement can be accessed in Exhibit 10.1 of the Current Report.

Additionally, Mangoceuticals announced the appointment of Mr. Antonios Isaac as a board member and President of the company. This appointment comes with a Consulting Agreement, wherein Mr. Isaac will fulfill the role of President and provide relevant services upon request for a period of 12 months. As remuneration, Mr. Isaac will receive $10,000 monthly alongside expense reimbursements.

The Consulting Agreement holds provisions for potential terminations and includes clauses on non-solicitation, bonuses, and compensation adjustment guidelines. Full details of this agreement are documented in Exhibit 10.2 of the filing.

The Company has claimed exemptions under 4(a)(2) and Rule 506 of Regulation D of the Securities Act for these unregistered equity securities transactions.

Moreover, in alignment with the conversion of the Promissory Note under the Debt Conversion Agreement, conversion prices of common stock warrants and Series B Preferred Stock have been automatically adjusted to $1.50 per share, as detailed in the filing.

The full extent of these developments and agreements are documented in the January 15, 2025, 8-K filing submitted by Mangoceuticals to the Securities and Exchange Commission.

This report is indicative of Mangoceuticals’ strategic financial decisions and its emphasis on restructuring financial obligations alongside executive appointments, contributing to its continued business trajectory.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mangoceuticals’s 8K filing here.

Mangoceuticals Company Profile

Mangoceuticals, Inc develops, markets, and sells various men's wellness products and services through a telemedicine platform in the United States. It offers erectile dysfunction (ED) products under the Mango brand and hair loss products under the Grow brand name. The company markets and sells these branded ED and hair loss products online through its website at MangoRx.com.