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Post by falconquest on Mar 29, 2019 19:27:18 GMT -5
The way this stock has been acting lately is suspicious too.. Looks to me like someone tried to run it up so the warrants would get exercised and maybe they failed.. It seems like they know how to manipulate charts and attract daytraders.. Daytraders screen for stocks with good technical charts.. and if you can set this up you attract money.. Not sure how they do it. I'm guessing .. but this isn't the first time this stock has has acted this way.. Oct. 2017?? I hope I'm wrong.. There is so much here. What about that crazy run up to $6.00 when Kresa purchased? I still think that was all manipulation. Hell. this stock has been manipulated forever! As to the comments from lifebreath, I believe Mike is a hardworking guy but I don't think he is up to the task of piloting a company that threatens to take out the likes of Sanofi & Novo. This is the big time and I think that is why Al Mann expected to turn Afrezza over to a big player once approved. We all know how that turned out. Don't know where we go from here but things never seem to improve. Mike needs to find a headwind.......and soon!
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Post by agedhippie on Mar 29, 2019 19:33:27 GMT -5
Countless people have mentioned shares were about to run out. Why is everyone surprised by this? The real concern is Afrezza sales haven’t done squat despite the commercials. Authorized shares are running out. I was very surprised there was not a request at the ASM to vote to bump up the authorized shares. This is the registration of the already authorized but not registered shares associated with the $1.60 warrants. ... I don't think that is so. They are required to hold shares to meet the issued warrants. This is covered in the 10Q and why, although the float is only 187M, all 280M shares are used. The shares listed in the S3 are all new and in addition to that 280M. The warrants are interesting and I may be completely wrong but I believe they are registering the warrants which means they can be listed and hence easily traded. At the moment the warrants are not registered so they can only be traded outside the market. Registration greatly increases the value of the warrants to the current holders. Right now they have to short the stock to lock the price, exercise the warrant to get the stock, and then settle the short with the stock - after registration they can simply sell the warrant and realize any gain that way.
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Form S-3
Mar 29, 2019 19:36:23 GMT -5
via mobile
peppy likes this
Post by cedafuntennis on Mar 29, 2019 19:36:23 GMT -5
Mike is a very qualified CEO and not one of those book worms. He's done great given no resources and tremendous debt he was burdened with by the previous CEOs who were trully incompetent. i Castagna has not done anything great. The reduction of debt has been accomplished through dilluting shareholders. He is three years into the launch of Afrezza two years as CEO I am not impressed. He just does not have the experience for this job How much can anyone accomplish with no money and flying against the wind? One cannot issue 500 million shares at one time with the stock at $2 so they had to do it in bits and pieces. The previous CEO should have raised capital at $24 at that fine if they had any brains at all. Instead the board paid them millions and golden parachutes to run us into the ground. The BoD and the previous CEOs are to blame. Mike should be supported as he's doing a far better job than expected given the circumstances. Also, the doctors and the market were not ready for Afrezza. We were too early for our good. Many companies with products too revolutionary for their times failed to be picked up by others later. Glad we are not one of them, not yet at least. One question though. They hired a social media director or something a while bank. What's he doing, if anything? Fishing season is not open yet, is it???
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Post by figglebird on Mar 29, 2019 19:37:25 GMT -5
thats interesting
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Post by hellodolly on Mar 29, 2019 19:47:14 GMT -5
Under the EXPLANATORY NOTE:
//a warrant exercise prospectus that covers the offering, issuance and sale by us from time to time of up to 26,666,667 shares of our common stock upon exercise of certain common stock purchase warrants, or the 2018 Common Warrants, issued by us on December 26, 2018, which we refer to as the Warrant Exercise Prospectus// So, I went to the prospectus and this is what I can figure...
They are withdrawing the previous shelf offering for common stock that was issued available on 12/26/18 as warrants priced at $1.60 and placing it into this new offering, from "time to time". Sounds close to an ATM exercise which can be sold at MNKD discretion without any further announcement. The only way to know would be a closer look at the quarterly. I have no problem with this. $500M more dollars in the coffers through the exercise of multiple instruments. Of course IMHO.
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Post by jlaw277 on Mar 29, 2019 19:47:52 GMT -5
An s-3 is a shelf registration. It has a term of 3 years. The last time MNKD filed an s-3 was April 18, 2016. The old one is expiring on April 18, 12019. This is a renewal that will also allow up to $500mm to be issued and for the exercising of the $1.60 warrants. I think this is standard procedure. See page 24 media2.mofo.com/documents/faqshelfofferings.pdf
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Form S-3
Mar 29, 2019 19:48:35 GMT -5
via mobile
peppy likes this
Post by sportsrancho on Mar 29, 2019 19:48:35 GMT -5
• MannKind (NASDAQ:MNKD) has filed a $500M mixed shelf registration to offer up to that amount in any combination of common stock, preferred stock, debt securities and warrants. • The filing also has a warrant exercise prospectus to cover up to 26.7M shares. • The warrants covered by that prospectus are the 2018 Common Warrants issued on Dec. 26, exercisable at a price of $1.60 any time before Dec. 26, 2019. • Shares are currently down 2% after hours, to $1.93.
MannKind files $500M mixed shelf, warrant exercise prospectus Sorry can’t post the link
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Post by hellodolly on Mar 29, 2019 19:49:48 GMT -5
An s-3 is a shelf registration. It has a term of 3 years. The last time MNKD filed an s-3 was April 18, 2016. The old one is expiring on April 18, 12019. This is a renewal that will also allow up to $500mm to be issued and for the exercising of the $1.60 warrants. I think this is standard procedure. See page 24 media2.mofo.com/documents/faqshelfofferings.pdfYep...from tome to time with =out having to get them constantly authorized or without any further announcement of dilution coming. It will only show up in their quarterly and when it does, it will reflect more cash on the balance sheet.
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Post by hellodolly on Mar 29, 2019 19:51:25 GMT -5
• MannKind (NASDAQ:MNKD) has filed a $500M mixed shelf registration to offer up to that amount in any combination of common stock, preferred stock, debt securities and warrants. • The filing also has a warrant exercise prospectus to cover up to 26.7M shares. • The warrants covered by that prospectus are the 2018 Common Warrants issued on Dec. 26, exercisable at a price of $1.60 any time before Dec. 26, 2019. • Shares are currently down 2% after hours, to $1.93. MannKind files $500M mixed shelf, warrant exercise prospectus Sorry can’t post the link Yes, so the covered shares got placed back into the pot and not another 26M more but as part of the 3 year plan to raise 500million dollars. Like they recalled their shares back and will reissue them through the new S-3.
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Post by morfu on Mar 29, 2019 19:53:10 GMT -5
Under the EXPLANATORY NOTE: //a warrant exercise prospectus that covers the offering, issuance and sale by us from time to time of up to 26,666,667 shares of our common stock upon exercise of certain common stock purchase warrants, or the 2018 Common Warrants, issued by us on December 26, 2018, which we refer to as the Warrant Exercise Prospectus// So, I went to the prospectus and this is what I can figure... They are withdrawing the previous shelf offering for common stock that was issued available on 12/26/18 as warrants priced at $1.60 and placing it into this new offering, from "time to time". Sounds close to an ATM exercise which can be sold at MNKD discretion without any further announcement. The only way to know would be a closer look at the quarterly. I have no problem with this. $500M more dollars in the coffers through the exercise of multiple instruments. Of course IMHO. Aww.. can anyone put this into Laymen terms please.. What is a S3, are the 1.60$ Warrants still executed? What about the 2.38$ ones? Where do these shares come from? Is a dilution of this magnitude not put to a vote by the shareholders? Does management need any justification before stealing our property? (the 20% dilution before Christmas was already criminal in my opinion) Whats going on here?
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Post by letitride on Mar 29, 2019 20:01:09 GMT -5
So you thought changing the world with an inhaled insulin was going to be quick, cheap, and easy. Try long, expensive and hard. If your in deep and its been long and expensive meet hard because from my perspective Mike is going deep and its going to need be hard. This is about to get real. You dont offer a 500 mill shelf because your going to tease the world and quit.
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Post by hellodolly on Mar 29, 2019 20:04:53 GMT -5
So you thought changing the world with an inhaled insulin was going to be quick, cheap, and easy. Try long, expensive and hard. If your in deep and its been long and expensive meet hard because from my perspective Mike is going deep and its going to need be hard. This is about to get real. You dont offer a 500 mill shelf because your going to tease the world and quit. Exactly what I was thinking..$500M raise! Holy shit Batman. There is more going on here....
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Post by sweedee79 on Mar 29, 2019 20:11:21 GMT -5
So you thought changing the world with an inhaled insulin was going to be quick, cheap, and easy. Try long, expensive and hard. If your in deep and its been long and expensive meet hard because from my perspective Mike is going deep and its going to need be hard. This is about to get real. You dont offer a 500 mill shelf because your going to tease the world and quit. You know.. I saw the writing on the wall years ago how hard this was going to be when I took my dad in for his first appointment . Docs knew squat about it.. Insurance didn't want to cover.. SNY dropped us.. Heck even the labeling on the box was wrong.. said same dose for dose as injectable... It's just been freaking CRAZY.. and yet I'm still here. Cuz I believe in Afrezza. We have the best damned insulin in the world.. !!!!!!
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Post by morfu on Mar 29, 2019 20:27:25 GMT -5
So you thought changing the world with an inhaled insulin was going to be quick, cheap, and easy. Try long, expensive and hard. If your in deep and its been long and expensive meet hard because from my perspective Mike is going deep and its going to need be hard. This is about to get real. You dont offer a 500 mill shelf because your going to tease the world and quit. Exactly what I was thinking..$500M raise! Holy shit Batman. There is more going on here.... "There is more going on here...." Yeah and I start suspecting what it is.. Management and friends are trying to steal my money! 20% dilution in December was not enough?
I am a shareholder and I am opposing the 20% dilution in December and I am opposing this dilution as well!
Wake up shareholders!!!
there was no need for this measures in December, there is no need for it now!
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Post by agedhippie on Mar 29, 2019 20:36:26 GMT -5
Under the EXPLANATORY NOTE: //a warrant exercise prospectus that covers the offering, issuance and sale by us from time to time of up to 26,666,667 shares of our common stock upon exercise of certain common stock purchase warrants, or the 2018 Common Warrants, issued by us on December 26, 2018, which we refer to as the Warrant Exercise Prospectus// So, I went to the prospectus and this is what I can figure... They are withdrawing the previous shelf offering for common stock that was issued available on 12/26/18 as warrants priced at $1.60 and placing it into this new offering, from "time to time". Sounds close to an ATM exercise which can be sold at MNKD discretion without any further announcement. The only way to know would be a closer look at the quarterly. I have no problem with this. $500M more dollars in the coffers through the exercise of multiple instruments. Of course IMHO. Aww.. can anyone put this into Laymen terms please.. What is a S3, are the 1.60$ Warrants still executed? What about the 2.38$ ones? Where do these shares come from? Is a dilution of this magnitude not put to a vote by the shareholders? Does management need any justification before stealing our property? (the 20% dilution before Christmas was already criminal in my opinion) Whats going on here?
This whole thing revolves around registration. To sell shares (or warrants) publicly they need to be registered and then they can be sold through the exchanges. There are a lot of restrictions around selling unregistered shares. The S3 is the authorization to register up to a certain value of these. The $1.60 warrants are still executing, however registration means they can be publicly traded as well (currently they can only be privately traded). This makes the warrants a lot more valuable. This does nothing with the $2.38 warrants. These are not shares, this is the authority to sell shares up to a certain value. Right now it's immaterial because the shares don't exist to sell, other than the likely return of the shares underpinning the $2.38 warrants. Yes, the management requires your one time authorization. Later it will require you to ok the number of shares in the company so it has something to sell. The existing shelf filing is expiring, these things have a fixed life and value, and this filing resets both the clock and the available value. This excerpt from the Dec 2018 PR might help, " The securities described above are being offered by MannKind pursuant to a shelf registration statement on Form S-3 (No. 333-210792) previously filed by MannKind with the Securities and Exchange Commission (SEC) on April 18, 2016 and declared effective on April 27, 2016." That is Mannkind giving the source of their authority to sell the shares, they already had the actual shares from within the 280M cap.
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