Mangoceuticals, Inc. (NASDAQ:MGRX) shares soared 49.24% to $0.64 after the bell Wednesday following news that Nuclea Energy USA Inc., a subsidiary of Mangoceuticals’ merger partner Nuclea Energy Inc., signed a memorandum of understanding with Utah’s Office of Energy Development.
Nuclea Energy is an Ontario-based advanced nuclear technology startup founded in August 2023. The company is developing the Morpheus microreactor, a transportable, factory-built micro-modular reactor that uses lead cooling and graphite moderation to deliver clean, off-grid power.
Merger Deal Adds Weight to the News
According to Wednesday’s announcement, the MOU explores siting a nuclear test reactor at the Utah San Rafael Energy Lab to advance the Morpheus microreactor’s development.
Mangoceuticals and Nuclea entered a definitive business combination agreement on Jul. 30, intended to give Nuclea a Nasdaq listing via Mangoceuticals.
Mangoceuticals’ CEO Jacob Cohen called the MOU “meaningful progress” for the merger.
The merger remains subject to stockholder and regulatory approval.
Mangoceuticals has 17.17 million outstanding shares.
What You Should Know
On Tuesday, Mangoceuticals also received a 180-day Nasdaq extension, until Feb. 1, 2027, to regain compliance with the exchange’s $1 minimum bid price rule.
Appreciating Nasdaq’s decision, Cohen said, “We further look forward to bringing meaningful value to shareholders through exposure to the advanced nuclear sector and the commercialization potential of the Morpheus microreactor.”
Trading Metrics, Technical Analysis
Mangoceuticals has a market capitalization of $7.27 million, a 52-week high of $2.75 and a 52-week low of $0.16.
The Relative Strength Index (RSI) of MGRX stands at 48.35.
The stock’s price has fallen by 76.88% over the past 12 months.
Currently, MGRX is trading close to its annual low.
Price Action: The small-cap stock closed the regular session on Wednesday at $0.43, down 7.10%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate that MGRX is experiencing long-term consolidation along with medium and short-term upward movement.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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