Proceeds from at the market offering

[celo]

Proceeds from the at the market offering were 19,790,000 for 2022 at 5,060,000 shares.
For 2021 they were 1,886,000 at 578,000 shares
For 2020 they were 23,450,000 at 11,853,000 shares
For 2019 they were 3,199,000
For 2018 they were 2,089,000
(Page 69 of latest 10Q)
(2018 and 2019 were taken from-age 57 of the 10Q for 2019)
Adding up all of these equals:  50,414,000 of proceeds

In February 2018, we entered into a controlled equity offering sales agreement (the “CF Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”), as sales agent, pursuant to which we may offer and sell, from time to time, through Cantor Fitzgerald, shares of our common stock. Under the 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. In February 2022, we filed a sales agreement prospectus under a registration statement on Form S-3 (File No. 333-262981) covering the sale of up to $50.0 million of our common stock through Cantor Fitzgerald under the CF Sales Agreement.  (Page 48 of 10Q)

Is this what the at the market offerings consist of?  And if so, due to it being based on a total sale amount, has Mannkind maxed out it's proceeds with CF?

Thanks for any input in advance

[prcgorman2]

I don't know about "maxed out" proceeds with Cantor Fitzgerald. I assume the "market offerings" are auctions where the shares are sold in a block to a bidder at a discount (and vigorish for CF).

[celo]

50 million available and they have used 50,400,000.  The 400,000 could be a margin in error of reporting.

[ktim]

Wasn't this Cantor agreement a replacement for another similar arrangement for at the market offering? Perhaps the other $400,000 was in the early part of 2018 through the prior arrangement. This is going off of memory, which ain't what it used to be.

I could also believe that perhaps when a sale is triggered by MNKD they might fix the shares based on current price and then Cantor ended up getting a little better price leading to higher aggregate amount. Actually seems odd they'd fix a max dollar amount rather than max shares.