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Post by uvula on Sept 27, 2018 8:33:15 GMT -5
I don't recall seeing "the company and mannkind,llc" previously but I'm too lazy to check. Is this new or do did they always do this? If it is new does it mean anything? How can a public company also be an llc?
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Post by dg1111 on Sept 27, 2018 8:38:59 GMT -5
Why wouldn't the $10.5 million that was converted count towards the $3 million payment that is due?
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Post by xanet on Sept 27, 2018 8:49:54 GMT -5
So is October 13th the latest date MNKD would get the $45 mil in the bank? Based on 10 days after the 30 day waiting period? I wouldn't fret over it. There is plenty of time for the pieces to fall into place, and I can't imagine this being denied. I don't recall them providing the actual filing date. Without that, we don't know what the "latest date" is.
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Post by gamblerjag on Sept 27, 2018 9:11:41 GMT -5
DFLD continues to play nice in the sandbox. deferring the requirement for payment to October 31, 2018 or as soon as the 45M is received if before the 31st and, reducing the amount to be held each quarter from 25M to 20M.
Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on September 3, 2018 MannKind Corporation (the “Company”) entered into an exclusive global license and collaboration agreement (the “License Agreement”) with United Therapeutics Corporation, pursuant to which, among other things, the Company will receive an upfront payment of $45 million within 10 business days following the effectiveness of the License Agreement (the “Upfront Payment”). The effectiveness of the License Agreement is conditioned upon expiration or termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
On September 26, 2018, the Company and MannKind LLC, the Company’s wholly owned subsidiary, entered into a Tenth Amendment to Facility Agreement (the “Deerfield Amendment”) with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (“Deerfield”), pursuant to which the parties amended the Company’s Facility Agreement, dated July 1, 2013, as amended (the “Facility Agreement”), to, among other things, (i) defer the payment of $3.0 million in principal amount of the Tranche 4 Notes issued under the Facility Agreement from September 30, 2018 to the earlier of October 31, 2018 and the first business day following the date the Company or any of its subsidiaries receives the Upfront Payment, (ii) provide that the payment of accrued and unpaid interest on the notes issued under the Facility Agreement (the “Deerfield Notes”) that is due and payable for the quarter ending September 30, 2018 shall be deferred to, and shall be due and payable on, the earlier of October 31, 2018 and the first business day following the date the Company or any of its subsidiaries receives the Upfront Payment and (iii) modify the Company’s financial covenant under the Facility Agreement, which generally obligates the Company to maintain at least $25 million in cash and cash equivalents on the last day of each fiscal quarter, by removing the financial covenant for the fiscal quarter ending September 30, 2018, reducing the amount of cash and cash equivalents required to be maintained as of December 31, 2018 to $20 million, and requiring the Company to maintain at least $20 million in cash and cash equivalents as of October 31, 2018.
The foregoing description of the Deerfield Amendment and the License Agreement does not purport to be complete and is qualified in its entirety by reference to the Deerfield Amendment, a copy of which is attached as Exhibit 99.1 to this report, and the License Agreement, dated as of September 3, 2018, a copy of which will be filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ending September 30, 2018.
Item 8.01 Other Events.
In September 2018, Deerfield converted approximately $10.5 million principal amount of Deerfield Notes into an aggregate of 5,749,500 shares of the Company’s common stock at a weighted-average conversion price of $1.83 per share.
thank you for making that clear and easy to understand and yes nice to have someone play nice in the sandbox Unlike SNY who liked kicking sand in mankind's face
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Post by prcgorman2 on Sept 27, 2018 10:13:53 GMT -5
I don't recall seeing "the company and mannkind,llc" previously but I'm too lazy to check. Is this new or do did they always do this? If it is new does it mean anything? How can a public company also be an llc? LLC cannot issue stock. It says "the company and MannKind LLC, a wholly owned subsidiary..." MannKind Corp issues stock (obviously). I will speculate the LLC may own intellectual property or have some other holding responsibility.
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Post by traderdennis on Sept 27, 2018 10:19:51 GMT -5
I guess we now know why short interest increased by ~6 million shares in September. As soon as DF converts, they loan them out. No friends to LT shareholders in the near term, but they have and are providing the structural funds and financing adjustments for long term success. I'll be happy when they're out of the debt holder drivers seat. DF typically shorts before conversion to lock in a price and uses the shares as a cover. Retail has purchased those short shares and are available to reshort. Another 3 percent dilution
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Post by brotherm1 on Sept 27, 2018 11:10:56 GMT -5
I guess we now know why short interest increased by ~6 million shares in September. As soon as DF converts, they loan them out. No friends to LT shareholders in the near term, but they have and are providing the structural funds and financing adjustments for long term success. I'll be happy when they're out of the debt holder drivers seat. DF typically shorts before conversion to lock in a price and uses the shares as a cover. Retail has purchased those short shares and are available to reshort. Another 3 percent dilution Ate you saying you believe DF already covered with the shares they shorted and the shares are available for retail purchase?
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Post by traderdennis on Sept 27, 2018 11:20:33 GMT -5
DF typically shorts before conversion to lock in a price and uses the shares as a cover. Retail has purchased those short shares and are available to reshort. Another 3 percent dilution Ate you saying you believe DF already covered with the shares they shorted and the shares are available for retail purchase? They typically cover with the new shares issued. Probably early september when the price was around 2.00 is when they shorted. We will find out on the next short interest report if the short share count goes back closer to 30 million. edit: The shares may not clear the short report until October 15th. T+2 would be October 1st.
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Post by tinkusr8215 on Sept 27, 2018 12:15:16 GMT -5
I guess we now know why short interest increased by ~6 million shares in September. As soon as DF converts, they loan them out. No friends to LT shareholders in the near term, but they have and are providing the structural funds and financing adjustments for long term success. I'll be happy when they're out of the debt holder drivers seat. DF typically shorts before conversion to lock in a price and uses the shares as a cover. Retail has purchased those short shares and are available to reshort. Another 3 percent dilution 96 million shares in Q1 2017 ( rounding to 100 million to be easy on the eyes. This is when split occurred ) and now close to 160 Million ( 153 + this dilution ). so essentially 60% more outstanding shares. by the time all said done including employee stock options , if this ends up at 200 million
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Post by brotherm1 on Sept 27, 2018 12:21:37 GMT -5
Yes, we are extremely undervalued.
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Post by cjc04 on Sept 27, 2018 12:42:32 GMT -5
DF typically shorts before conversion to lock in a price and uses the shares as a cover. Retail has purchased those short shares and are available to reshort. Another 3 percent dilution 96 million shares in Q1 2017 ( rounding to 100 million to be easy on the eyes. This is when split occurred ) and now close to 160 Million ( 153 + this dilution ). so essentially 60% more outstanding shares. by the time all said done including employee stock options , if this ends up at 200 million
and when we’re finally valued where we should be, $2b to $4b, I’ll be just fine with 200 mil shares.
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Post by traderdennis on Sept 27, 2018 13:44:47 GMT -5
96 million shares in Q1 2017 ( rounding to 100 million to be easy on the eyes. This is when split occurred ) and now close to 160 Million ( 153 + this dilution ). so essentially 60% more outstanding shares. by the time all said done including employee stock options , if this ends up at 200 million
and when we’re finally valued where we should be, $2b to $4b, I’ll be just fine with 200 mil shares. 50-75% per share below 2014 post approval price. Not everyone would be happy with that.
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Post by kenken on Sept 27, 2018 14:00:06 GMT -5
And it will be in the year 2025 when my son will be ready to attend the college. 2 Billion? Keep my figures closing.
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Post by cretin11 on Sept 27, 2018 14:04:57 GMT -5
and when we’re finally valued where we should be, $2b to $4b, I’ll be just fine with 200 mil shares. 50-75% per share below 2014 post approval price. Not everyone would be happy with that. It would sure be a nice start and a welcome development, most everyone would be pretty happy with it, after averaging down considerably since that post-approval time.
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Post by awesomo on Sept 27, 2018 14:10:15 GMT -5
and when we’re finally valued where we should be, $2b to $4b, I’ll be just fine with 200 mil shares. 50-75% per share below 2014 post approval price. Not everyone would be happy with that. You know the only way to get to a $10B+ market cap is to go through $2-4B first right? We wouldn't be happy to be 10x where we are now with room to grow?
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