Mangoceuticals partners with T7X to offer tokenized preferred stock
MGRX•Mangoceuticals partnered with T7X to offer up to 1 million shares of Series D preferred stock at $10 each, potentially raising $10 million, subject to SEC qualification. The shares carry an 8% cumulative annual dividend and become convertible three years after issuance under a stated pricing formula.
1. Proposed stock offering
Mangoceuticals partnered with T7X to issue tokenized preferred stock on-chain. The proposed offering is for up to 1 million Series D Cumulative Convertible Preferred Stock shares at $10 each, subject to SEC qualification. The shares carry 8% cumulative, noncompounding annual dividends, payable quarterly in cash when declared by the board. No common stock would be issued at closing, and proceeds would fund general corporate purposes and working capital.
2. Conversion terms
Conversion would begin three years after issuance at 300% of the 10-trading-day pre-qualification volume-weighted average Nasdaq closing price, subject to a floor.
