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Post by sla55 on Oct 2, 2017 7:20:27 GMT -5
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Post by peppy on Oct 2, 2017 7:24:59 GMT -5
Item 1.01 Entry into a Material Definitive Agreement. Warrant Exchange Agreements On September 29, 2017, MannKind Corporation (the “Company”) and the four holders of all outstanding Series A Common Stock Purchase Warrants and Series B Common Stock Purchase Warrants of the Company (collectively, the “Warrants”) entered into separate, privately-negotiated exchange agreements (the “Exchange Agreements”), pursuant to which the Company agreed to issue to such holders an aggregate of 1,292,508 shares of the Company’s common stock (the “Exchange Shares”) in exchange for the Warrants. The closings of the exchanges contemplated by the Exchange Agreements are expected to occur on October 3, 2017, subject to the satisfaction of certain closing conditions. The foregoing description of the Exchange Agreements is qualified in its entirety by reference to the form of Exchange Agreement, a copy of which is attached as Exhibit 99.1 to this report. Item 3.02 Unregistered Sales of Equity Securities. The information set forth under Item 1.01 of this report is incorporated by reference into this Item 3.02. The Company offered the Exchange Shares in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended. This report does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
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Post by kite on Oct 2, 2017 7:26:53 GMT -5
Item 1.01 Entry into a Material Definitive Agreement. Warrant Exchange Agreements On September 29, 2017, MannKind Corporation (the “Company”) and the four holders of all outstanding Series A Common Stock Purchase Warrants and Series B Common Stock Purchase Warrants of the Company (collectively, the “Warrants”) entered into separate, privately-negotiated exchange agreements (the “Exchange Agreements”), pursuant to which the Company agreed to issue to such holders an aggregate of 1,292,508 shares of the Company’s common stock (the “Exchange Shares”) in exchange for the Warrants. The closings of the exchanges contemplated by the Exchange Agreements are expected to occur on October 3, 2017, subject to the satisfaction of certain closing conditions. The foregoing description of the Exchange Agreements is qualified in its entirety by reference to the form of Exchange Agreement, a copy of which is attached as Exhibit 99.1 to this report. Item 3.02 Unregistered Sales of Equity Securities. The information set forth under Item 1.01 of this report is incorporated by reference into this Item 3.02. The Company offered the Exchange Shares in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended. This report does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. What does that mean Peppy?
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Post by madog365 on Oct 2, 2017 7:28:10 GMT -5
I suspect there is more coming today on the financials front. This just looks like a private holder converting warrants into common shares before more news is announced
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Post by peppy on Oct 2, 2017 7:29:36 GMT -5
Item 1.01 Entry into a Material Definitive Agreement. Warrant Exchange Agreements On September 29, 2017, MannKind Corporation (the “Company”) and the four holders of all outstanding Series A Common Stock Purchase Warrants and Series B Common Stock Purchase Warrants of the Company (collectively, the “Warrants”) entered into separate, privately-negotiated exchange agreements (the “Exchange Agreements”), pursuant to which the Company agreed to issue to such holders an aggregate of 1,292,508 shares of the Company’s common stock (the “Exchange Shares”) in exchange for the Warrants. The closings of the exchanges contemplated by the Exchange Agreements are expected to occur on October 3, 2017, subject to the satisfaction of certain closing conditions. The foregoing description of the Exchange Agreements is qualified in its entirety by reference to the form of Exchange Agreement, a copy of which is attached as Exhibit 99.1 to this report. Item 3.02 Unregistered Sales of Equity Securities. The information set forth under Item 1.01 of this report is incorporated by reference into this Item 3.02. The Company offered the Exchange Shares in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended. This report does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. What does that mean Peppy? I think it means the dilution has been taken care of. Money for continuing operations. Any one else have a take? What is your take Kite?
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Post by kbrion77 on Oct 2, 2017 7:35:12 GMT -5
What does that mean Peppy? I think it means the dilution has been taken care of. Money for continuing operations. Any one else have a take? What is your take Kite? My opinion but just a way to clean up balance sheet and some financial overhang for current and future shareholders.
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Post by celo on Oct 2, 2017 7:37:35 GMT -5
They exchanged stock for warrants. How many warrants were available? To me it looks like they cleared the deck of warrants for 1.3 million shares of stock. It's only dilution because the warrants hadn't been exercised.
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Post by rossomalley on Oct 2, 2017 7:37:45 GMT -5
I think it means the dilution has been taken care of. Money for continuing operations. Any one else have a take? What is your take Kite? My opinion but just a way to clean up balance sheet and some financial overhang for current and future shareholders. Or for a partnership?
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Post by kbrion77 on Oct 2, 2017 7:41:23 GMT -5
My opinion but just a way to clean up balance sheet and some financial overhang for current and future shareholders. Or for a partnership? If we want to see green today that is what it will take. If this call is just about the label and the 8-K and they leave it with we are still considering capital options the market will eat it alive today.
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Post by derek2 on Oct 2, 2017 7:48:42 GMT -5
AFAIK, it means that now MNKD doesn't need to set aside stock for those way-out-of-the-money warrants or count the potential warrant execution in diluted share count.
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Form 8-K
Oct 2, 2017 8:04:50 GMT -5
via mobile
Post by cjm18 on Oct 2, 2017 8:04:50 GMT -5
AFAIK, it means that now MNKD doesn't need to set aside stock for those way-out-of-the-money warrants or count the potential warrant execution in diluted share count. Frees up stock to be issued?
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Post by me on Oct 2, 2017 8:33:03 GMT -5
They exchanged stock for warrants but didn't receive any money? Am I reading that correctly? And just a million shares? Doesn't seem to make much sense. The warrant exchange did two things: 1. Freed up an additional 8.4 million shares of common, bringing the total to 22.4 million. 2. It removed the ATM restriction of $10 million and restored the original $50 million limit. The exchange was 0.133 shares per warrant.
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Post by mnkdfann on Oct 5, 2017 11:05:44 GMT -5
What were the terms of those warrants?
I'm wondering because I wonder whether the warrant holders are feeling good or bad about now.
Though I suppose it is complicated, insomuch as the share price might not have jumped so much without the shares for warrant swap in the first place.
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Form 8-K
Oct 5, 2017 16:27:18 GMT -5
via mobile
Post by straightly on Oct 5, 2017 16:27:18 GMT -5
What were the terms of those warrants? I'm wondering because I wonder whether the warrant holders are feeling good or bad about now. Though I suppose it is complicated, insomuch as the share price might not have jumped so much without the shares for warrant swap in the first place. That depends on the strick price of these warrants. I have learned that I do not need to worry about these people with money. They seemed to be always come up ahead.
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Post by mnkdfann on Oct 5, 2017 16:33:34 GMT -5
What were the terms of those warrants? I'm wondering because I wonder whether the warrant holders are feeling good or bad about now. That depends on the strick price of these warrants. Hence why I asked about the terms of the warrants.
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