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Post by uvula on Mar 5, 2021 9:41:28 GMT -5
So you're saying I haven't really lost money on mnkd because I am still holding my shares? That isn't how investing works. Aww, please explain it to me then, I have been wrong all my life..
You sound like these shorts boasting how much money they made shorting the stock under $2 last year .. How much did you loose before you sell and how much money did they make so far?
Good grief. Not worth the effort to respond in detail. |
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Post by longliner on Mar 5, 2021 10:58:04 GMT -5
It sure feels good to have $200,000,000. in the bank!  |
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Post by celo on Mar 5, 2021 12:43:03 GMT -5
Did JPM and BTIG do the 200 million deal with MNKD? Anyone find that anywhere? Only anonymous, correct?
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Post by jlaw277 on Mar 5, 2021 13:51:46 GMT -5
Did JPM and BTIG do the 200 million deal with MNKD? Anyone find that anywhere? Only anonymous, correct? “Initial Purchasers” means J.P. Morgan Securities LLC, SVB Leerink LLC, RBC Capital Markets, LLC, BTIG, LLC, H.C. Wainwright & Co., LLC. www.sec.gov/Archives/edgar/data/899460/000119312521070265/d45565dex41.htmThe Initial Purchasers take the underwriting risk which means they agree to take the temporary balance sheet risk by guaranteeing that the deal gets executed. They t hen turnaround and place it with Qualified Institutional Buyers. The fact that JPM lead the deal is notable. This offering also means that the company passed a thorough level of due diligence. The credit guys really pick things apart. Depending on who ends up purchasing the notes from these banks, we will probably not know who owns the notes unless it is necessarily disclosable for some reason. |
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Post by longliner on Mar 5, 2021 14:05:46 GMT -5
So begins the long crawl up while they try to massage all the new buyers out of their shares....now where have we seen this before?  It's pretty clear to the long share holders that we are close to (or at) our last opportunity to buy down here. I believe they are now going to find out just how stubborn this cult is.  I know when I woke up this morning it was like a load had been lifted off my shoulders, a 200 million dollar load. |
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Post by mymann on Mar 5, 2021 14:27:17 GMT -5
I think bank of America had 11 million shares shorted in the past.
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Post by pat on Mar 5, 2021 14:36:39 GMT -5
Did JPM and BTIG do the 200 million deal with MNKD? Anyone find that anywhere? Only anonymous, correct? “Initial Purchasers” means J.P. Morgan Securities LLC, SVB Leerink LLC, RBC Capital Markets, LLC, BTIG, LLC, H.C. Wainwright & Co., LLC. www.sec.gov/Archives/edgar/data/899460/000119312521070265/d45565dex41.htmThe Initial Purchasers take the underwriting risk which means they agree to take the temporary balance sheet risk by guaranteeing that the deal gets executed. They t hen turnaround and place it with Qualified Institutional Buyers. The fact that JPM lead the deal is notable. This offering also means that the company passed a thorough level of due diligence. The credit guys really pick things apart. Depending on who ends up purchasing the notes from these banks, we will probably not know who owns the notes unless it is necessarily disclosable for some reason. Thanks for posting this link. Couldn’t find it earlier. Agreed on what you’ve written here. |
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Post by buyitonsale on Mar 5, 2021 15:36:44 GMT -5
One thing that surprised me and was not disclosed before today is the fact that holders can convert starting in Q3 of this year if 6.77 price holds in the same quarter for 20 out of 30 days...
"The Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding December 1, 2025, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock, par value $0.01 per share (“Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day;"
I expect the share price to reach these levels Q4 or sooner, but most likely the holders will not convert this year, they will probably wait until Tyvaso DPI approval and commercialization starting in 2022.
Bottom line is they will definitely convert at 5.21 at some point before MNKD can redeem in cash, which will cost company about 38M shares.
Good deal for them but also provides solid financial position until CFBE for us.
Thoughts ?
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Post by buyitonsale on Mar 5, 2021 15:59:04 GMT -5
"The Company may not redeem the Notes prior to March 6, 2024. The Company may redeem for cash all or any portion of the Notes, at its option, on or after March 6, 2024 and prior to the 36th scheduled trading day immediately preceding the maturity date, if the last reported sale price of Common Stock has been at least 130% of the conversion price for the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date." Holders are betting that share price will be at least 6.77 within 3 years. That's about 100% return from current levels for all of you "no position" analysts  |
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Post by awesomo on Mar 5, 2021 16:29:43 GMT -5
"The Company may not redeem the Notes prior to March 6, 2024. The Company may redeem for cash all or any portion of the Notes, at its option, on or after March 6, 2024 and prior to the 36th scheduled trading day immediately preceding the maturity date, if the last reported sale price of Common Stock has been at least 130% of the conversion price for the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date." Holders are betting that share price will be at least 6.77 within 3 years. That's about 100% return from current levels for all of you "no position" analysts And we were at 6.14 two weeks ago so... |
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Post by Chris-C on Mar 5, 2021 17:30:16 GMT -5
"The Company may not redeem the Notes prior to March 6, 2024. The Company may redeem for cash all or any portion of the Notes, at its option, on or after March 6, 2024 and prior to the 36th scheduled trading day immediately preceding the maturity date, if the last reported sale price of Common Stock has been at least 130% of the conversion price for the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date." Holders are betting that share price will be at least 6.77 within 3 years. That's about 100% return from current levels for all of you "no position" analysts And we were at 6.14 two weeks ago so... Well, except for the fact that when we were at 6.14 two weeks ago MNKD did not have a balance sheet that gave investors confidence that it would get to profitability without dilution, not to mention the constraints of restrictive debt covenants and greatly limited resources for significantly advancing other pipeline projects while it treaded water waiting for UTHR royalty revenues a year from now. |
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Post by geomean on Mar 5, 2021 17:49:01 GMT -5
The Conversion Rate for the Mannkind 2021 Senior Notes is subject to material adjustments not specifically detailed in the news releases. Initially, the Indenture provides for a conversion at the maturity date in 2026 as follows: “immediately preceding the Maturity Date, in each case, at an initial conversion rate of 191.8281 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”).” See excerpt Initial Senior Note Conversion Rate provisionThe Adjustments to the Conversion Rate just mentioned generally require that additional shares be issued to the note holders as the MNKD stock price increases (but the number of additional shares decline as the price increases) (as per a table set forth on pg 70), at least until the final months of the term just before the loan matures. I have yet to do the math regarding the total number of additional shares which might be required at each price level and would also note that the Table of Adjustments decreases the number of additional shares required over time and as the stock price increases. I invite others to try their hand at it. I would think an Excel Spreadsheet of the total number of shares required for each price level and time period would be the best presentation format for that analysis. Suffice it to say it appears that these potential Conversion Rate Adjustments are a material part of the consideration to be received by the note holders and increase the complexity (at least for me) of how to gauge the overall financial impact(s) of the transaction. 2021 Mannkind Senior Notes Conversion Adjustment Table |
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Post by buyitonsale on Mar 5, 2021 17:50:21 GMT -5
I second that (Chirs-C post above).
And if there was ever a good time to recommend MNKD stock to friends and family, today is the day, as the company has never been in a better position.
Longs don't need luck.
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Post by buyitonsale on Mar 5, 2021 18:17:03 GMT -5
The Conversion Rate for the Mannkind 2021 Senior Notes is subject to material adjustments not specifically detailed in the news releases. Initially, the Indenture provides for a conversion at the maturity date in 2026 as follows: “immediately preceding the Maturity Date, in each case, at an initial conversion rate of 191.8281 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”).” See excerpt Initial Senior Note Conversion Rate provisionThe Adjustments to the Conversion Rate just mentioned generally require that additional shares be issued to the note holders as the MNKD stock price increases (as per a table set forth on pg 70), at least until the final months of the term just before the loan matures. I have yet to do the math regarding the total number of additional shares which might be required at each price level and would also note that the Table of Adjustments decreases the number of additional shares required over time. I invite others to try their hand at it. Suffice it to say it appears that these potential Conversion Rate Adjustments are a material part of the consideration to be received by the note holders and increase the complexity (at least for me) of how to gauge the overall financial impact(s) of the transaction. 2021 Mannkind Senior Notes Conversion Adjustment TableI was looking at this table today, and it seemed to me that this table would apply only when there is a Fundamental Change or Make Whole condition in effect. I could be wrong as I did not determine that conclusively. In any case, the significant additional shares mostly apply to stock prices under $10 and do not alter conversion rate by much. For example, if in March 2022 share price is $10, the additional shares would be 7 (192+7) and conversion rate would be 1000 / 199 = 5.02. The additional shares number goes down from there in the table as the share price increases or effective date is further down the line... So, most likely the conversion rate will be between 5 and 5.21 IMO. |
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Post by letitride on Mar 6, 2021 5:04:43 GMT -5
I second that (Chirs-C post above). And if there was ever a good time to recommend MNKD stock to friends and family, today is the day, as the company has never been in a better position. Longs don't need luck. But will take it to. Lets Go! |
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