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Post by barnstormer on Mar 30, 2019 7:42:27 GMT -5
Amazing what a difference few hours can make. MNKD investors (me included) are so gun shy about anything managment does the first thing we want is Mike's head. So now the consensus is he is only replacing an expiring shelf and he is putting the shares at a high enough number to last through the next round of growth. Will there be dilution? Yes and I think we all have expected that all along. So as long as Mike doesn't get addicted to dilution to pay for poor sales performance, lavish recognition events (until after break even) and bonuses to legacy management people who are not truly adding to the success of the company I for one am willing to let Mke live to fight another day.
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Post by sla55 on Mar 30, 2019 7:56:10 GMT -5
A little bit of history (not saying it will repeat itself) : SP 04/18/16 = S-3 $8.50 04/19/16 = $8.05 04/20/16 = $7.75 04/21/16 = $7.90
05/09/16= 2016 1st quarter report + 10Q = $6.60 05/10/16= 8K + Stock Offering = $4.75 05/11/16 = $4.51
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Post by uvula on Mar 30, 2019 8:32:36 GMT -5
Mike C, are you reading this? If this S3 was just replacing the expiring S3 couldn't you have communicated this to us ahead of time? Your long time investors are easily frazzled and we don't like surprises. Thank you.
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Post by sportsrancho on Mar 30, 2019 9:10:34 GMT -5
The market will tell the story on Monday. And we’ll see if this was just this..or not.
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Post by hellodolly on Mar 30, 2019 9:28:26 GMT -5
The market will tell the story on Monday. And we’ll see if this was just this..or not. I think there will be some tree shaking out the weak hands but in the end, maybe a week or two (especially after the ASM) I suspect that the cloud and fog will be lifted and we get a better picture of what this all means to the long term health of MNKD (and the patients). I just saw Nate issued an inter-issue commentary so, I'm going to read what he has to say. I found it interesting that SO comments had some points to ponder and he was accurate in stating that this was coming sooner or later. I even got the feeling that it was a little upbeat on MNKD, so long as they can address their debt, raise more cash and increase scripts (which is what all his articles say) but his writing tone was different yesterday. I'm sure his next piece will be self-congratulatory, but you can't pat yourself on the back when it was obvious something was going to be done. If he continues with the same tone, I suspect that he will see this as a positive for MNKD but, as always he harpoons investors and encourages the traders, right now. The story is far from over...you can take that $500M to the bank!
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Post by sportsrancho on Mar 30, 2019 9:59:40 GMT -5
Oh yes I have read all about the latest head fake by Spencer. IMO the weak hands have already been shaken out, that’s why we’ve been steadily but slowly going up.
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Post by lennymnkd on Mar 30, 2019 10:37:04 GMT -5
Is it the board consensus that this is a straight forward manditory filing replacing shrs or is a buy in partnership still in the works ?
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Post by ktim on Mar 30, 2019 10:37:13 GMT -5
This does not mean that any shares will be sold. Most companies have this avenue to acquire cash if they need it. Smart move if you ask me. But, that's mytakeonit You did see what happened last time we had this discussion right? I remember a certain gecko adamant against authorizing the shares but the overwhelming sentiment around here was... "Trust Mike..." "Oh they won't use the shares unless they need to..." "Oh this is just setting up for an amazing partnership/opportunity..." "Oh Mike said it would be for the next three years..." I think he sometimes posts on the other Mannkind proboards after being banned from here.
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Post by rossomalley on Mar 30, 2019 10:37:17 GMT -5
A little bit of history (not saying it will repeat itself) : SP04/18/16 = S-3 $8.50 04/19/16 = $8.05 04/20/16 = $7.75 04/21/16 = $7.90 05/09/16= 2016 1st quarter report + 10Q = $6.60 05/10/16= 8K + Stock Offering = $4.75 05/11/16 = $4.51 I think a big difference in ‘16 was that $MNKD already had shares authorized when that S3 issued so Market knew the raise was coming soon. This time Mike is doing it backwards, the question is why? Is he holding off asking for proxy authorization to give April warrants chance to exercise (in which case we’ll get an amended proxy filing April 9th or soon thereafter and Mike will earn a lot of enmity)? Or is he gun shy after Xmas Massacre pushback and he’s planning to do a special proxy later this year when shareholders are hopefully in a more forgiving mood? We’ll soon know but I think he’s proven repeatedly that we can’t assume his message yesterday means he won’t turn around and dump an amended proxy on us in 2 weeks.
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Post by rossomalley on Mar 30, 2019 10:45:02 GMT -5
Is it the board consensus that this is a straight forward manditory filing replacing shrs or is a buy in partnership still in the works ? Of course it’s ‘routine’ (like most SEC paperwork), but that doesn’t mean the contents aren’t concerning. It reveals how much additional equity Mike thinks $MNKD might need to sell in next year or two. And it’s a lot. Dilutive financing is also ‘routine’ in biotechs but that doesn’t mean you’re going to like having your shares lose half their value. The other interesting thing in the S3 is why they are registering the Dec warrants, as AgedHippie pointed out.
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Form S-3
Mar 30, 2019 10:48:48 GMT -5
via mobile
sky likes this
Post by cedafuntennis on Mar 30, 2019 10:48:48 GMT -5
Those who are bitter and frustrated are certainly free to either stay or move on. There are plenty of us who will remain here to pick up the pieces. You either have faith that MC knows what he's doing or not. I'm not saying one is right and the other is wrong because I don't know, simply that it appears time for many to make this decision. IMO, Mike is far more qualified than most everyone here to make decisions in the best interest of the future of this company. I'm staying with him and will vote accordingly. I am certainly voting for Mike but not the existing board. Not that it matters in the end but they have been useless to put it kindly.
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Post by mango on Mar 30, 2019 10:51:06 GMT -5
just imagine how much money could be saved if even 30-40% of management's compensation were cut over a 3-5 year span....that would be millions of meaningful dollars. Look at all the new job positions posted, the new pipeline, international expansion, advertising, etc...Mike wants a raise when the pps is crap and when we have all that to pay for?
I still believe Mike has done an unbelievable job, but this chit is not cool.
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Form S-3
Mar 30, 2019 11:05:25 GMT -5
via mobile
Post by sportsrancho on Mar 30, 2019 11:05:25 GMT -5
You did see what happened last time we had this discussion right? I remember a certain gecko adamant against authorizing the shares but the overwhelming sentiment around here was... "Trust Mike..." "Oh they won't use the shares unless they need to..." "Oh this is just setting up for an amazing partnership/opportunity..." "Oh Mike said it would be for the next three years..." I think he sometimes posts on the other Mannkind proboards after being banned from here. Who was banned, and what other MNKD pro boards?
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Post by sportsrancho on Mar 30, 2019 11:06:10 GMT -5
Is it the board consensus that this is a straight forward manditory filing replacing shrs or is a buy in partnership still in the works ? Of course it’s ‘routine’ (like most SEC paperwork), but that doesn’t mean the contents aren’t concerning. It reveals how much additional equity Mike thinks $MNKD might need to sell in next year or two. And it’s a lot. Dilutive financing is also ‘routine’ in biotechs but that doesn’t mean you’re going to like having your shares lose half their value. The other interesting thing in the S3 is why they are registering the Dec warrants, as AgedHippie pointed out. Ross, two very good posts!
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Post by tz on Mar 30, 2019 11:32:04 GMT -5
Easy. I hope they can sell the company for $550million now.
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