ATM

[anderson]

Anyone know what the current at the market facility is at?  With the share price rising I have a feeling they will be using it.

[agedhippie]

Nov 12, 2020 10:07:01 GMT -5 anderson said:

Anyone know what the current at the market facility is at?  With the share price rising I have a feeling they will be using it.

Nobody knows. Tou only find out at the next 10Q unless the company wants to tell you, and they seldom do because it's not seen as a sign of strength.

[jlaw277]

Nov 12, 2020 10:07:01 GMT -5 anderson said:

Anyone know what the current at the market facility is at?  With the share price rising I have a feeling they will be using it.

They are capped at $50 million.  With $2 million raised in 2018 plus the $15.6 they had done by the end of September 2020, they have about $32 million of availability.  My feeling is that they definitely executed some of it, especially given where the share price is relative to where it was when they used it in the past.

Most Recent 10-Q:

In February 2018, the Company entered into a controlled equity offering sales agreement (the “CF Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Cantor Fitzgerald, shares of the Company’s common stock having an aggregate offering price of up to $50.0 million or such other amount as may be permitted by the CF Sales Agreement. Under the CF Sales Agreement, Cantor Fitzgerald may sell shares by any method deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended. For the nine months ended September 30, 2020, the Company sold an aggregate of 9,401,827 shares of the Company’s common stock at a weighted average purchase price of $1.66 per share for an aggregate gross proceeds of approximately $15.6 million pursuant to the CF Sales Agreement.


Cantor Fitzgerald Controlled Equity Offering

[casualinvestor]

I think I'd actually be pretty annoyed if they didn't use it once the pps went above 3. Cash is still an issue, and avoiding warrants that come with a raise is a good thing

Sadly, I'm also off the opinion that people can't be trusted. So what are the odds that someone at Cantor called a buddy and told them MNKD is using the ATM, resulting in shorts jumping on board

[sportsrancho]

Nov 13, 2020 11:12:16 GMT -5 casualinvestor said:

I think I'd actually be pretty annoyed if they didn't use it once the pps went above 3. Cash is still an issue, and avoiding warrants that come with a raise is a good thing

Sadly, I'm also off the opinion that people can't be trusted. So what are the odds that someone at Cantor called a buddy and told them MNKD is using the ATM, resulting in shorts jumping on board

I agree about using the ATM ..but Cantor is the one that actually does it.

Oh wait I just read what you said again yeah you’re probably right.
And I’m all for avoiding warrants!

[matt]

Nov 13, 2020 9:53:04 GMT -5 jlaw277 said:

Nov 12, 2020 10:07:01 GMT -5 anderson said:

Anyone know what the current at the market facility is at?  With the share price rising I have a feeling they will be using it.

They are capped at $50 million.  

They are capped until they aren't.  While Cantor signed up to a $50 million facility, if a company blows through that facility there is not much paperwork required to set-up another $50 million facility, either with Cantor or somebody else.  The only legal limit to a company raising money is the lack of authorized shares, and at September 30 there were 400 million shares authorized against 231 million shares issued and outstanding.  That leaves a lot of wiggle room for additional funding via the ATM or otherwise.

[pat]

Nov 13, 2020 14:44:16 GMT -5 matt said:

Nov 13, 2020 9:53:04 GMT -5 jlaw277 said:

They are capped at $50 million.  

They are capped until they aren't.  While Cantor signed up to a $50 million facility, if a company blows through that facility there is not much paperwork required to set-up another $50 million facility, either with Cantor or somebody else.  The only legal limit to a company raising money is the lack of authorized shares, and at September 30 there were 400 million shares authorized against 231 million shares issued and outstanding.  That leaves a lot of wiggle room for additional funding via the ATM or otherwise.

Blows through! Good visual.

[georgethenight2]

Nov 13, 2020 15:10:22 GMT -5 pat said:

Nov 13, 2020 14:44:16 GMT -5 matt said:

They are capped until they aren't.  While Cantor signed up to a $50 million facility, if a company blows through that facility there is not much paperwork required to set-up another $50 million facility, either with Cantor or somebody else.  The only legal limit to a company raising money is the lack of authorized shares, and at September 30 there were 400 million shares authorized against 231 million shares issued and outstanding.  That leaves a lot of wiggle room for additional funding via the ATM or otherwise.

Blows through! Good visual.

And while this dilutes current shareholders, this gives us a near 170m shares x varying share price worth of room to operate. If MC could tap a larger ATM at opportune times, we could see ourselves to profitable quarter when TrepT is debuted. Am I missing something? It seems to easy.

[letitride]

I dont see the ATM as dilutive but percentage wise I have added more shrs than MNKD. So
Lets Go!

[pat]

Nov 14, 2020 8:42:38 GMT -5 georgethenight2 said:

Nov 13, 2020 15:10:22 GMT -5 pat said:

Blows through! Good visual.

And while this dilutes current shareholders, this gives us a near 170m shares x varying share price worth of room to operate. If MC could tap a larger ATM at opportune times, we could see ourselves to profitable quarter when TrepT is debuted. Am I missing something? It seems to easy.

No, you’re not missing anything. I was suggesting the phrase “blow through” had negative connotations, perhaps unintentionally?