Summary by Moomoo AI
On April 24, 2024, Mangoceuticals, Inc., a Texas-based corporation, completed a significant transaction by entering into a Patent Purchase Agreement with Intramont Technologies, Inc. The agreement involved Mangoceuticals' acquisition of patents and patent applications related to the prevention of infections, including the common cold, respiratory diseases, and HPV, for a total consideration of $20 million. The payment was structured as $19.6 million in newly designated 6% Series C Convertible Preferred Stock and $400,000 in cash, to be paid in installments by November 30, 2024. The transaction closed on the same day as the agreement, with the issuance of the Series C Shares. Mangoceuticals plans to leverage the acquired patents through its subsidiary, MangoRx IP Holdings, LLC, by developing products such as an oral dissolvable tablet, lozenge, toothpaste...Show More