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Post by Deleted on Jul 13, 2018 10:04:03 GMT -5
So Deerfield took 7,397,839 shares in exchange for cancelling $12mm in debt which means they got shares for $1.622. Anyone think the SP will get driven up to the 6s anytime soon so Deerfield can short these newly acquired shares?
Does the $20mm at the end of each quarter covenant from Deerfield still apply?
At close of business today, fair assumption that Mannkind will have $30 mm in cash? Monthly burn is around $8mm so 2 weeks from today, Friday July 27 cash will be down to around $26mm?
As I write this, SP is $1.72 and Yahoo shows market cap of $240,843,000 so 140,025,000 shares outstanding.
Thoughts on the above in terms of accuracy and are we not in need of some cash shortly? Todays filing shows extension of the $3mm payment due Deerfield from 7-18 to 8-31-18 ; anyone care to read into this?
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Post by mannmade on Jul 13, 2018 10:04:25 GMT -5
Please correct me if I am wrong, but as I understand it we now owe Deerfield $25m and The Mann Foundation $90m for a total of $115m in Debt.
If I am accurate I would say this is progress for the balance sheet.
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Post by standup on Jul 13, 2018 10:17:09 GMT -5
Please correct me if I am wrong, but as I understand it we now owe Deerfield $25m and The Mann Foundation $90m for a total of $115m in Debt. If I am accurate I would say this is progress for the balance sheet. It looks to me to be $50m to Deerfield and $72m to Mann Group.
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Post by mannmade on Jul 13, 2018 10:23:57 GMT -5
Thank you. Still seems that balance sheet is getting better and with less debt and slowly rising but continuously trending upward revenue it seems positive. Now where is MN’s hockey stick?
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Post by agedhippie on Jul 13, 2018 10:52:19 GMT -5
Please correct me if I am wrong, but as I understand it we now owe Deerfield $25m and The Mann Foundation $90m for a total of $115m in Debt. If I am accurate I would say this is progress for the balance sheet. I am not sure how it's shown, but I believe there is still a liability from the milestones Deerfield own. This hasn't been an issue to date because we haven't reached the first sales milestone yet (the first milestone if $5 million due at $50 million sales)
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Post by peppy on Jul 13, 2018 10:59:32 GMT -5
Thank you. Still seems that balance sheet is getting better and with less debt and slowly rising but continuously trending upward revenue it seems positive. Now where is MN’s hockey stick?
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Post by traderdennis on Jul 13, 2018 11:00:16 GMT -5
Since the short interest is up by about seven million shares over the last period Deerfield most likely already sold short on June 22 for 1.85 to 2.06 per share. So do you guess that they will close that short postion by the end of next week? I believe that with delivery of the shares from the company the short position is closed. Deerfield made about 20 plus cents per share waiting for the company to close the financing deal.
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Post by joeypotsandpans on Jul 13, 2018 11:01:18 GMT -5
Please correct me if I am wrong, but as I understand it we now owe Deerfield $25m and The Mann Foundation $90m for a total of $115m in Debt. If I am accurate I would say this is progress for the balance sheet. Let's just say MNKD is in a lot better shape than Greece and a host of other countries..., and yes that is what Mike is systematically doing (making progress) with what he currently has to work with
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Post by traderdennis on Jul 13, 2018 11:02:01 GMT -5
Is it safe to say this 7 million shares represents the 7 million rise in our monthly short interest ?? If so, it’s already priced in ?? I think it is safe to assume that most if not all of the 7 million shares was Deerfield.
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Post by traderdennis on Jul 13, 2018 11:05:16 GMT -5
Please correct me if I am wrong, but as I understand it we now owe Deerfield $25m and The Mann Foundation $90m for a total of $115m in Debt. If I am accurate I would say this is progress for the balance sheet. Don't forget the $100 Million commitment in 2021(?) to purchase insulin from Amphastar.
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Post by traderdennis on Jul 13, 2018 11:12:06 GMT -5
One significance is that it makes it highly unlikely the last round of warrants will be exercised because they are priced at $2.38. If the stock price increases above $2.00 look for Deerfield to exercise their option to convert at $1.80 and immediately sell the shares, bringing the price down again. It is unlikely that Deerfield can be paid off in full using $1.80 stock before the $2.38 warrants expire in early April next year. Effectively, this deal puts a ceiling on the market price for the next year or two. Short term ceiling sure, a year or two? Kind of ridiculous claim for less than 6 million shares potentially converted. Its close to 17 million shares for their total debt. Awesomo what you do not take into consideration was the warrants bringing in 33 million dollars in cash for 14 million share dilution. Now their will be at least one if not two fund raises between now and April because the warrants are not very likely to be converted. At as estimated price 1.50 per share due to market discounting another pipe offering, that is an additional 22 Million shares to get the same amount of cash the 14 million in warrants would of brought in.
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Post by awesomo on Jul 13, 2018 11:55:24 GMT -5
Short term ceiling sure, a year or two? Kind of ridiculous claim for less than 6 million shares potentially converted. Its close to 17 million shares for their total debt. Awesomo what you do not take into consideration was the warrants bringing in 33 million dollars in cash for 14 million share dilution. Now their will be at least one if not two fund raises between now and April because the warrants are not very likely to be converted. At as estimated price 1.50 per share due to market discounting another pipe offering, that is an additional 22 Million shares to get the same amount of cash the 14 million in warrants would of brought in. The warrants not likely being converted has very little to do with "this deal".
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Post by pengiep on Jul 13, 2018 12:00:08 GMT -5
And if you've been to Greece, it's an awesome place, even with their horrible economy.
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Post by traderdennis on Jul 13, 2018 12:06:51 GMT -5
Its close to 17 million shares for their total debt. Awesomo what you do not take into consideration was the warrants bringing in 33 million dollars in cash for 14 million share dilution. Now their will be at least one if not two fund raises between now and April because the warrants are not very likely to be converted. At as estimated price 1.50 per share due to market discounting another pipe offering, that is an additional 22 Million shares to get the same amount of cash the 14 million in warrants would of brought in. The warrants not likely being converted has very little to do with "this deal". Exactly, except the warrants not being converted translates to much worse pipe financing in the next 9 months.
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Post by awesomo on Jul 13, 2018 12:24:26 GMT -5
The warrants not likely being converted has very little to do with "this deal". Exactly, except the warrants not being converted translates to much worse pipe financing in the next 9 months. I was specifically referring to matt calling out "this deal" as putting a ceiling on the share price for the next year or two, not the other outstanding financial issues MannKind is under.
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