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Post by Clement on Mar 23, 2019 7:54:58 GMT -5
May 14, 2019 New York City
Here's a new thread to focus on the upcoming ASM.
Edit: ...less than two months from today.
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Post by sportsrancho on Mar 23, 2019 9:21:57 GMT -5
May 14, 2019 New York City Here's a new thread to focus on the upcoming ASM. Edit: ...less than two months from today. Do you think Conor will be there?
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Post by bigchungus91354 on Mar 25, 2019 10:59:41 GMT -5
If Mike is looking for more shares, we should expect to see proxy by next week for an ASM vote. I suspect this might drop until we get closer to April 5, if no proxy could spring back up. If vote for more shares, will drop proportionally to the number of new shares requested. My guess is he will ask for 200M shares, if he does, that would slam us below 1.50. If not, and we get cash from UTHR or other source, we could see 2.50.
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Post by uvula on Mar 25, 2019 11:26:27 GMT -5
And if MC says he wants the shares just so that they will be available in case he needs them in the future but he doesn't plan on using them anytime soon, NO ONE WILL BELIEVE HIM THIS TIME.
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Post by sportsrancho on Mar 25, 2019 11:29:49 GMT -5
And if MC says he wants the shares just so that they will be available in case he needs them in the future but he doesn't plan on using them anytime soon, NO ONE WILL BELIEVE HIM THIS TIME. That is correct and it sucks!!
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Post by awesomo on Mar 25, 2019 12:19:49 GMT -5
And if MC says he wants the shares just so that they will be available in case he needs them in the future but he doesn't plan on using them anytime soon, NO ONE WILL BELIEVE HIM THIS TIME. True, but unfortunately it doesn't matter if we believe him or not. If he "asks" for more authorized shares, he will get them. We really have no say in this as bottom tier retail investors.
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Post by ltta on Mar 25, 2019 13:27:01 GMT -5
And if MC says he wants the shares just so that they will be available in case he needs them in the future but he doesn't plan on using them anytime soon, NO ONE WILL BELIEVE HIM THIS TIME. True, but unfortunately it doesn't matter if we believe him or not. If he "asks" for more authorized shares, he will get them. We really have no say in this as bottom tier retail investors.
This is true, but we can send him a message and vote "no".
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ASM 2019
Mar 25, 2019 13:29:18 GMT -5
via mobile
Post by sugarland on Mar 25, 2019 13:29:18 GMT -5
True, but unfortunately it doesn't matter if we believe him or not. If he "asks" for more authorized shares, he will get them. We really have no say in this as bottom tier retail investors.
This is true, but we can send him a message and vote "no".
Been through that rodeo before. Makes no difference. End result the same.
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Post by sportsrancho on Mar 25, 2019 13:32:10 GMT -5
I am sure he knows most of us are voting no; and he knows why! I’m hoping he doesn’t care because he has something else coming down the pike.
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Post by uvula on Mar 25, 2019 13:40:08 GMT -5
Just to be clear, this is all speculation from bigchungus at this point. AFAIK, there is no proxy asking for more shares.
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Post by phantomfj on Mar 25, 2019 14:13:31 GMT -5
If those warrants in April are not exercised, are the shares not already authorized? Why would they want more authorized shares now if they could sell those un exercised warrant shares?
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Post by buyitonsale on Mar 25, 2019 14:40:38 GMT -5
From current 10K: investors.mannkindcorp.com/static-files/8f7fe0ba-e654-48b8-8a46-ad895c9c14eaOn December 13, 2017, the Company amended its Amended and Restated Certificate of Incorporation to increase the authorized number of shares of the Company’s common stock from 140,000,000 to 280,000,000 shares. The Company is authorized to issue 280,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of undesignated preferred stock, par value $0.01 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. As of December 31, 2018 and 2017, 187,029,967 and 119,053,414 shares of common stock, respectively, were issued and outstanding and no shares of preferred stock were outstanding. Even if all warrants are exercised (26M + 14M shares), we would still have about 50M shares left. Why do we need more shares this year? If you don't think we do, neither does CEO.
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Post by awesomo on Mar 25, 2019 14:59:25 GMT -5
Check out the 10K page 91, there are 78M shares that are currently (as of EoY) tied up. That leaves about 15M shares left over, 29M if the 2.38 warrants don't exercise.
Potentially dilutive securities outstanding that are considered antidilutive, in the periods noted below, are summarized as follows (in shares): December 31, 2018 Vesting of restricted stock units 691,266 Employee stock purchase plan 307,395 Exercise of common stock options 10,976,118 Conversion of convertible notes into common stock 3,629,627 Conversion of convertible notes payable to related party into common stock 21,909,541 Exercise of common stock warrants 31,851 Exercise of warrants associated with public offering 26,666,667 Exercise of warrants associated with direct placement 14,000,000 Total shares 78,212,465
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Post by traderdennis on Mar 25, 2019 15:13:44 GMT -5
If those warrants in April are not exercised, are the shares not already authorized? Why would they want more authorized shares now if they could sell those un exercised warrant shares? Assuming the worst case Because if shares are not authorized, then DF and others will need to be paid in cash. SO has a list of the 2019 payments the company needs to make. Then if the 2.38 warrants go unexercised, a cash raise will be needed sometime between now and early 4th quarter to keep the company within its cash covenants. Last if the 1.60 warrants go unexercised, then a cash raise in 1st qrt 2020 will absolutely be necessary, you don't want to authorize shares at that point. MC will do it now. The company shares are maxed out, only 14 million shares will be returned.
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Post by buyitonsale on Mar 25, 2019 15:57:23 GMT -5
Would anyone in their right mind NOT exercise 1.60 warrants?
Would BOD ask for more authorized shares now, before all or most 2019 catalysts materialize?
No.
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