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Post by figglebird on Sept 7, 2018 13:33:29 GMT -5
In my three years as a mnkd long, I believe the partnership with UTHR partnership represents the most important development with respect to my own investment thesis - which in turn has lead to a new and significant buying opportunity that I am trying to line up with deerfield's implicit, ongoing desire to create as much value from their debt/equity as they can.
By extending out the next debt payment another month, a convert at around 1.87 capped at 10m shares? and potential share of warrants(unconfirmed), what other or current entanglements am I missing? What if any would be guesses on the highest share count/float due to all dilutive measure getting executed with the exception of any direct or atm offerings? Over the next year. I don't see the float going over 200m at most, would anyone differ based on ONLY DEERFIELD/WARRANTS and near term stock options.
I know this may seem unclear or broad but essentially I am trying to line up purchases against deerfields nearterm(2018) ability/capacity to dilute.
tx
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Post by tinkusr8215 on Sept 7, 2018 13:38:14 GMT -5
the extension was done so Mannkind can get the $$$ from UTHR and then pay to DF as the deal needs to be cleared by FTC and only then UTHR will wire the $.
If they were to convert, they must have filed that in the 8K.
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Post by traderdennis on Sept 7, 2018 13:56:18 GMT -5
In my three years as a mnkd long, I believe the partnership with UTHR partnership represents the most important development with respect to my own investment thesis - which in turn has lead to a new and significant buying opportunity that I am trying to line up with deerfield's implicit, ongoing desire to create as much value from their debt/equity as they can. By extending out the next debt payment another month, a convert at around 1.87 capped at 10m shares? and potential share of warrants(unconfirmed), what other or current entanglements am I missing? What if any would be guesses on the highest share count/float due to all dilutive measure getting executed with the exception of any direct or atm offerings? Over the next year. I don't see the float going over 200m at most, would anyone differ based on ONLY DEERFIELD/WARRANTS and near term stock options. I know this may seem unclear or broad but essentially I am trying to line up purchases against deerfields nearterm(2018) ability/capacity to dilute. tx Don't forget about the 20 million shares allocated for the ESOP at 1.05 per share. Bet those will go fast. |
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Post by peppy on Sept 7, 2018 14:00:04 GMT -5
In my three years as a mnkd long, I believe the partnership with UTHR partnership represents the most important development with respect to my own investment thesis - which in turn has lead to a new and significant buying opportunity that I am trying to line up with deerfield's implicit, ongoing desire to create as much value from their debt/equity as they can. By extending out the next debt payment another month, a convert at around 1.87 capped at 10m shares? and potential share of warrants(unconfirmed), what other or current entanglements am I missing? What if any would be guesses on the highest share count/float due to all dilutive measure getting executed with the exception of any direct or atm offerings? Over the next year. I don't see the float going over 200m at most, would anyone differ based on ONLY DEERFIELD/WARRANTS and near term stock options. I know this may seem unclear or broad but essentially I am trying to line up purchases against deerfields nearterm(2018) ability/capacity to dilute. tx yahoo is saying 153 million with a float of 140 million. the employee plan 22 million? finance.yahoo.com/quote/MNKD/key-statistics?p=MNKD |
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Post by cjm18 on Sept 7, 2018 14:57:15 GMT -5
The esop is dilution?
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Post by tinkusr8215 on Sept 7, 2018 14:59:34 GMT -5
The employees have to pay for shares but they dont get to be share holders.  |
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Post by liane on Sept 7, 2018 15:08:00 GMT -5
Huh???
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Post by matt on Sept 7, 2018 15:16:13 GMT -5
Yep, the employee plan can be dilutive if the employees can buy below market, which they typically can whether via option grants or an employee purchase plan. The 10-K should show the number of employee options and their strike prices. Most employee purchase plans let the employees subscribe at a 15% discount to market for some period, usually 27 months. If the stock price rises, the employees buy at the discounted subscription price and if the stock price falls they buy at 85% of the then current stock price. You would have to read the plan to sort out the details.
Deerfield has a covenant not to convert so many shares as to account for more than 10% of the outstanding shares, but given the remaining balance on the note 10% of the shares would cover the remainder of the note. There is also a "conversion cap" in the original note that you would have to research what those terms are, but given the declining balance it probably doesn't matter.
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Post by mnholdem on Sept 7, 2018 21:25:43 GMT -5
The employees have to pay for shares but they dont get to be share holders. Did you mean that employees will be shareholders but with no voting rights? |
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Post by tinkusr8215 on Sept 8, 2018 8:53:58 GMT -5
The employees have to pay for shares but they dont get to be share holders. Did you mean that employees will be shareholders but with no voting rights? I posted that as a response to some one asking if ESOP is dilution. I am not sure of the voting rights and voting rights never matter in the big picture unless there is a fight with activists and MNKD is in no way close to that.
What I originally intended or meant to say was- Every share issued - whether through RSU's , Bonus, Employee purchase in discount or shares given as employee performance awards or given away to charity -- will be counted towards outstanding share count and hence is dilution.
I asked the poster a question followed by to answer so he/she will know the answer to his original question. |
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Post by babaoriley on Sept 8, 2018 10:10:13 GMT -5
the extension was done so Mannkind can get the $$$ from UTHR and then pay to DF as the deal needs to be cleared by FTC and only then UTHR will wire the $. If they were to convert, they must have filed that in the 8K. Not sure about the FTC, they may see this combination as creating a monopoly in the business! LOL - can't imagine it's more than a rubber stamp. |
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Post by peppy on Sept 8, 2018 10:28:57 GMT -5
the extension was done so Mannkind can get the $$$ from UTHR and then pay to DF as the deal needs to be cleared by FTC and only then UTHR will wire the $. If they were to convert, they must have filed that in the 8K. Not sure about the FTC, they may see this combination as creating a monopoly in the business! LOL - can't imagine it's more than a rubber stamp. agreed baba. Mike talked about input from the FDA regarding. If I got the list correctly, interested and will fast track. |
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Post by mnholdem on Sept 8, 2018 17:03:04 GMT -5
We will have the FTC’s decision in three weeks or less. $$$ in the bank 10 days after that if FTC doesn’t nix the deal, which they won’t.
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Post by spudspud on Sept 9, 2018 22:37:20 GMT -5
all esops are dilution and lots of companies have them. The intredasting thing about mnkd’s esop... will be seeing (if we can?) to what level employees take advantage of it .... High levels of purchases by the employees would be pretty nice to see, really |
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