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Post by alethea on Dec 23, 2019 11:35:48 GMT -5
another sh*t sandwich from Mike for Christmas..... AGAIN.
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Post by mnholdem on Dec 23, 2019 11:39:05 GMT -5
Spencer Osborne on stocktwits seems to suggest they did it to raise the 5 million needed to pay Deerfield its milestone payment on 50 million revenues. Is that a fair assessment? It better be to pay DF, the timing and price just make it look like they’re trying to kill the 2019 calls again. Shit, no way I would’ve done this before OPEX, I would’ve given DF an IOU. Those calls are as good as gone, right?. The premiums on those Jan-2020 Call Options are tanking this morning so, basically, it seems that yes is your answer.
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Post by apidistra on Dec 23, 2019 11:44:26 GMT -5
spencer osborne said this is essentially tapping the ATM without really tapping it. It takes some of the warrants out, creating a smaller overhang for June. The new overhang is 7.25m shares st $1.60. This provides enough capital to pay $5m due to Deerfield their milestone on $50m aggregate Afrezza net revenue sales. The midcap covenants require sales targets AND a minimum cash on hand. That $5m could be important in q2 of next year. IMO the company will need to seek authorization of additional shares at next ASM to provide flexibility. Warrant holder now has wiggle room to play its game, while company preserves relationship for possible future offering. But, when Mike said there's enough cash until end of 2020, presumably that $5M was included in the calculus. I am thoroughly confused by this.
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Post by goyocafe on Dec 23, 2019 11:59:51 GMT -5
spencer osborne said this is essentially tapping the ATM without really tapping it. It takes some of the warrants out, creating a smaller overhang for June. The new overhang is 7.25m shares st $1.60. This provides enough capital to pay $5m due to Deerfield their milestone on $50m aggregate Afrezza net revenue sales. The midcap covenants require sales targets AND a minimum cash on hand. That $5m could be important in q2 of next year. IMO the company will need to seek authorization of additional shares at next ASM to provide flexibility. Warrant holder now has wiggle room to play its game, while company preserves relationship for possible future offering. But, when Mike said there's enough cash until end of 2020, presumably that $5M was included in the calculus. I am thoroughly confused by this. MC, et al, simply overlooked the Deerfield requirement. Wouldn’t be the first time they were caught asleep at the wheel.
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Post by awesomo on Dec 23, 2019 12:45:54 GMT -5
Like I just said a few days ago, Mike walks back on his word again. "I hope the warrants expire."
He is certainly good at hooking himself and his Wall Street cronies up. A lot of you complain about how the whole world is out to get MannKind but defend Castagna to the grave. I think the biggest snake lies among us.
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Post by falconquest on Dec 23, 2019 12:54:41 GMT -5
God bless us, every one!
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Post by bababooey on Dec 23, 2019 12:56:24 GMT -5
When are you people going to realize Mike C is working for the shorts? Once again this guy trolls investors for Christmas. We need to oust him and get Bill and Mnholdem on the board. Heck, how about getting me a seat as well? I can be the appointed heckler.
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Post by buyitonsale on Dec 23, 2019 13:00:44 GMT -5
There were 23M warrants to be exercised by 26th.
12M warrants outside of new amendment are coming back or can still be exercised, most likely former.
Big picture is intact with company marching toward CFBE in 2021.
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Post by hellodolly on Dec 23, 2019 13:15:18 GMT -5
This was not negotiated just Friday. It has been in the works and presumably when the share price was at 1.31. They are not telegraphing anything so people stop making BS up. You can post that on ST! So give us a reasonable explination if you've got one. We really don't care when it was negotiated. It should have been based on market price the day of the transaction. Anyone with savy should have made that a term of the agreement to support the extension. Negotiations are a two way street, not a one way. That is a reasonable explanation.
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Post by hellodolly on Dec 23, 2019 13:16:22 GMT -5
This was not negotiated just Friday. It has been in the works and presumably when the share price was at 1.31. They are not telegraphing anything so people stop making BS up. You can post that on ST! Then how is this a good thing for us? Nobody said anything about 'good' OR '"bad".
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Post by awesomo on Dec 23, 2019 13:20:46 GMT -5
So give us a reasonable explination if you've got one. We really don't care when it was negotiated. It should have been based on market price the day of the transaction. Anyone with savy should have made that a term of the agreement to support the extension. Negotiations are a two way street, not a one way. That is a reasonable explanation. How exactly is this a two way street for us? Mike just bent over for CVI.
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Post by hellodolly on Dec 23, 2019 13:25:36 GMT -5
Negotiations are a two way street, not a one way. That is a reasonable explanation. How exactly is this a two way street for us? Mike just bent over for CVI. MNKD got $5.9M for something they needed to use it for. I've read balance sheet requirements, payment to DFLD on $50M Afrezza sales milestones or some other need. CVI get's what they want, MNKD got what they felt they needed. IMHO
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Post by wgreystone on Dec 23, 2019 13:26:12 GMT -5
On December 26, 2018, MannKind Corporation (the “Company”) issued a warrant (the “Warrant”) to purchase 11,750,000 shares of the Company’s common stock (the “Warrant Shares”) to CVI Investments, Inc. (“CVI”) in connection with an underwritten public offering of the Company’s common stock and warrants to purchase shares of its common stock, which was made pursuant to the Company’s registration statement on Form S-3 (Registration Statement No. 333-210792), previously filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC on April 27, 2016, and a prospectus supplement thereunder. On December 23, 2019, the Company and CVI agreed to amend the Warrant (the “Warrant Amendment”) to provide that (i) commencing immediately following the Company’s filing of this Current Report on Form 8-K with the SEC, and ending at 9:30 a.m. (New York City time) on December 23, 2019, the exercise price per share for 4,500,000 Warrant Shares will be equal to $1.311 but only with respect to a cash exercise under Section 2(a) of the Warrant and (ii) if and only if CVI purchases at least 4,500,000 Warrant Shares pursuant to a cash exercise of the Warrant under Section 2(a) of the Warrant prior to 5:00 p.m. (New York City time) on December 26, 2019, the termination date of the Warrant will be extended to June 26, 2020. Seems MC is fully controlled by the warrant holders. What can you expect? When he can't drive sales growth, the warrant holders are his life savers.
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Post by mytakeonit on Dec 23, 2019 13:36:58 GMT -5
This was just to give me time to get my $$$ in my account before the pps runs away. Ha! (pps is where we were less than 2 weeks ago)
This is probably also due to the Brazil revenues being delayed for a couple of months.
But, that's mytakeonit
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Post by awesomo on Dec 23, 2019 13:41:53 GMT -5
How exactly is this a two way street for us? Mike just bent over for CVI. MNKD got $5.9M for something they needed to use it for. I've read balance sheet requirements, payment to DFLD on $50M Afrezza sales milestones or some other need. CVI get's what they want, MNKD got what they felt they needed. IMHO One side acted in desperation (Castagna), the other side took full advantage.
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