Mangoceuticals (NASDAQ:MGRX) Enters $150,000 Promissory Note Agreement with Cohen Enterprises

On October 18, 2024, Mangoceuticals, Inc. (NASDAQ:MGRX) finalized a significant financial agreement through a promissory note with Cohen Enterprises, Inc. The note, termed as the “Cohen Note,” outlines a $150,000 principal sum to be repaid to Cohen Enterprises, owned by Jacob D. Cohen, the Chairman and CEO of Mangoceuticals.

This note encompasses two previous loans, one amounting to $50,000 disbursed on March 18, 2024, and another of $100,000 provided on April 1, 2024. Both sums were interest-free and payable on demand. The new agreement carries an 8% annual interest rate, escalating to 12% in the event of default, with interest accruing monthly and due either on January 2, 2025, or earlier if accelerated by Cohen Enterprises under specified circumstances.

Terms of the promissory note also allow for prepayment without penalties, declare the note unsecured, and include customary representations and covenants of Mangoceuticals. Default provisions and remedies for Cohen Enterprises in case of default are outlined, subject to certain curative measures.

The filing further disclosed that Mangoceuticals recently unveiled plans to explore strategic alternatives aimed at enhancing shareholder value. The company’s Board of Directors initiated this assessment, as announced in a press release dated October 22, 2024, with the objective of maximizing the company’s worth.

This maneuver, which seeks to unlock potential value for shareholders, indicates Mangoceuticals’ proactive approach to financial optimization. The full details of these agreements and strategic initiatives can be accessed through the respective exhibits attached to the Form 8-K filing with the Securities and Exchange Commission.

Investors and stakeholders are advised to approach forward-looking statements with caution, as outlined in the filing, recognizing potential risks, uncertainties, and variations that may impact future financial performance and operational outcomes. The Company’s disclosed material can be further reviewed on the SEC’s website or the Company’s official page at www.mangoceuticals.com.

The Company, as per regulatory requirements, has duly acknowledged and approved the submission of this report, signed by Jacob D. Cohen, the Chief Executive Officer, on behalf of Mangoceuticals, Inc.

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.

About Mangoceuticals

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.