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Post by alethea on Apr 3, 2023 11:40:06 GMT -5
Thank you Diski. So in the three years following, despite the increase in shares issued, the PPS has more than tripled, indeed almost quadrupled?
Doesn't seem like the Increase in Authorized Shares harmed us at all last time.
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Post by ktim on Apr 3, 2023 13:48:31 GMT -5
hellodolly , nobody would be talking dilution now if not for the company's apparent belief in needing to DOUBLE the number of shares. The reason they must bring that to shareholder vote is exactly because it's not a nothing issue. They likely have enough support, so I have no illusion my vote against it will be anything other than symbolic. You make my point. Registrations are abundant and share authorizations are necessary, not because "nothing is happening" but rather, in support of being be prepared if something happens. Nobody can say with any certainty how, when and if they will be used in accordance to the prospectus. It's absolutely necessary, for the reasons in my above Op. I don't at all see me making your point. There are already 52 MILLION shares available. To that will be added 400 MILLION. 452 MILLION shares at today's share price is $1.86 BILLION*. It's "absolutely necessary" to anticipate the need for that much money? No, a prudent company that wanted to finally get some credibility with investors, especially with a track record of dilution like MNKD, would not come up with some ridiculous blank check type number. I guess in your world they might have well put to vote for a billion shares. By your reasoning shouldn't companies just allow management to create unlimited shares without any vote. Couldn't that likewise be judged "absolutely necessary" by your reasoning. Seems to be your reasoning is "whatever management wants" is necessary. Or correct me if I'm misinterpreting. It seems you're simply ok with any number. If not give me your reasoning for needing 452 MILLION shares available for new uses. And if there really were some sort of merger of equals with MNKD issuing shares, the shares can always be authorized as part of the vote on the transaction. *Of course there is no way they could get $1.86B with these shares because the dilution if they tried using any significant number would tank the share price. I have no desire to beat a dead horse, but just making clear in no way is my view in line with yours. Will be my last post on this topic. |
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Post by longliner on Apr 3, 2023 13:52:10 GMT -5
Thank you Diski. So in the three years following, despite the increase in shares issued, the PPS has more than tripled, indeed almost quadrupled? Doesn't seem like the Increase in Authorized Shares harmed us at all last time. I'll have another three years of the same please!  |
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Post by prcgorman2 on Apr 3, 2023 14:31:21 GMT -5
You make my point. Registrations are abundant and share authorizations are necessary, not because "nothing is happening" but rather, in support of being be prepared if something happens. Nobody can say with any certainty how, when and if they will be used in accordance to the prospectus. It's absolutely necessary, for the reasons in my above Op. I don't at all see me making your point. There are already 52 MILLION shares available. To that will be added 400 MILLION. 452 MILLION shares at today's share price is $1.86 BILLION*. It's "absolutely necessary" to anticipate the need for that much money? No, a prudent company that wanted to finally get some credibility with investors, especially with a track record of dilution like MNKD, would not come up with some ridiculous blank check type number. I guess in your world they might have well put to vote for a billion shares. By your reasoning shouldn't companies just allow management to create unlimited shares without any vote. Couldn't that likewise be judged "absolutely necessary" by your reasoning. Seems to be your reasoning is "whatever management wants" is necessary. Or correct me if I'm misinterpreting. It seems you're simply ok with any number. If not give me your reasoning for needing 452 MILLION shares available for new uses. And if there really were some sort of merger of equals with MNKD issuing shares, the shares can always be authorized as part of the vote on the transaction. *Of course there is no way they could get $1.86B with these shares because the dilution if they tried using any significant number would tank the share price. I have no desire to beat a dead horse, but just making clear in no way is my view in line with yours. Will be my last post on this topic. So you're not arguing against an authorization of new shares, but just the amount of new shares then. Given the reasons they outlined, including defense from hostile takeover, what in your opinion is the right amount of shares to ask for? Also, if you could reply without UPPERCASE when you spell MILLION, that would be APPRECIATED. Most of us are adults here and will understand if you're emphasizing a point. |
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Post by sportsrancho on Apr 3, 2023 14:34:55 GMT -5
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Post by alethea on Apr 3, 2023 14:36:51 GMT -5
You make my point. Registrations are abundant and share authorizations are necessary, not because "nothing is happening" but rather, in support of being be prepared if something happens. Nobody can say with any certainty how, when and if they will be used in accordance to the prospectus. It's absolutely necessary, for the reasons in my above Op. I don't at all see me making your point. There are already 52 MILLION shares available. To that will be added 400 MILLION. 452 MILLION shares at today's share price is $1.86 BILLION*. It's "absolutely necessary" to anticipate the need for that much money? No, a prudent company that wanted to finally get some credibility with investors, especially with a track record of dilution like MNKD, would not come up with some ridiculous blank check type number. I guess in your world they might have well put to vote for a billion shares. By your reasoning shouldn't companies just allow management to create unlimited shares without any vote. Couldn't that likewise be judged "absolutely necessary" by your reasoning. Seems to be your reasoning is "whatever management wants" is necessary. Or correct me if I'm misinterpreting. It seems you're simply ok with any number. If not give me your reasoning for needing 452 MILLION shares available for new uses. And if there really were some sort of merger of equals with MNKD issuing shares, the shares can always be authorized as part of the vote on the transaction. *Of course there is no way they could get $1.86B with these shares because the dilution if they tried using any significant number would tank the share price. I have no desire to beat a dead horse, but just making clear in no way is my view in line with yours. Will be my last post on this topic. I s trongly disagree with your above post. MNKD took this same action 3 years ago. The Shares Authorized were raised from 280M to 400M. Today at 264 shares million issued we are STILL below the Authorized Shares ceiling from BEFORE the last increase. In other words we have not even reached the limit from BEFORE the authorized share raise three years ago . And yet the stock price has tripled, almost quadrupled.
Increasing shares CAN of course be dilutive. But for a retail long, a smaller percentage of ownership of a much, MUCH larger pie is of course a very good thing. And this is exactly what we have seen over the last few years. I say go ahead and increase the Authorized Shares and use them wisely (raising capital, R & D, plant expansion to meet the rapidly growing Sales of DPI, etc.) and triple our Stock Price again. Just like you did last time. |
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Post by cretin11 on Apr 3, 2023 15:30:14 GMT -5
Thank you sports and ktim for posting facts. Much appreciated! Although the imaginative speculation is fun too. My favorite is the notion that we need another 400 million i mean MILLION shares to defend against a hostile takeover. I look forward to a year from now when somebody says "we have not been hostilely taken over, see the doubling of shares worked!"
And i really can't wait for our share price to triple so somebody can say "the extra 400 shares was brilliant, let's do that again for another triple!"
(Actually, if our share price can triple from here in a year or two, i won't care what fantastical theories folks will throw around.)
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Post by alethea on Apr 3, 2023 15:46:32 GMT -5
Share price HAS tripled, almost quadrupled since the last time MNKD raised the number of Authorized Shares.
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Post by cretin11 on Apr 3, 2023 15:52:55 GMT -5
Share price HAS tripled, almost quadrupled since the last time MNKD raised the number of Authorized Shares. Are you conflating correlation with causation? If so, then why the heck has it taken us so long to authorize more shares? If it were that easy, we should do it every year. However, the link posted above (by sports) wouldn't support that theory. |
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Post by alethea on Apr 3, 2023 15:56:34 GMT -5
Share price HAS tripled, almost quadrupled since the last time MNKD raised the number of Authorized Shares. Are you conflating correlation with causation? If so, then why the heck has it taken us so long to authorize more shares? If it were that easy, we should do it every year. However, the link posted above (by sports) wouldn't support that theory. Respectfully, I think you are the one confused. |
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Post by prcgorman2 on Apr 3, 2023 16:10:08 GMT -5
Thank you sports and ktim for posting facts. Much appreciated! Although the imaginative speculation is fun too. My favorite is the notion that we need another 400 million i mean MILLION shares to defend against a hostile takeover. I look forward to a year from now when somebody says "we have not been hostilely taken over, see the doubling of shares worked!" And i really can't wait for our share price to triple so somebody can say "the extra 400 shares was brilliant, let's do that again for another triple!" (Actually, if our share price can triple from here in a year or two, i won't care what fantastical theories folks will throw around.) It is interesting that you ascribe "fun" "imaginative speculation" to MannKind CFO Steven Binder and the Board of Directors which requested the 400 MILLION shares, as well as the investors at BlackRock, Vanguard, et cetera, which will presumably vote for the 400 MILLION share increase authorization.
Nobody on this board attempted to claim the previous authorization of additional shares was the cause of MNKD share price rising from around $1 per share to $4 per share. You implied that was the case, but that is simply indulging in an absurd twisting of words in an insulting attempt to mock and ridicule investors who are not upset or dismayed by the Board's request for additional shares.
I don't assume these posters who are not upset are fools, or having "fun" with "imaginative speculation". I assume they are generally pleased with the performance of MannKind management, and willing to give them the benefit of the doubt.
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Post by cretin11 on Apr 3, 2023 16:28:08 GMT -5
Glad you seem to be walking back your speculation about the 400M share authorization being needed to defend against a hostile takeover. And yes, that was fun and imaginative speculation, just like those (mostly on ST not here) claiming this authorization to be evidence of impending buyout or merger.
I could’ve just called it outlandish speculation, but decided to be nicer and softer with my adjectives. See I’ve mellowed in my old age, being a MNKD long teaches that!
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Post by longliner on Apr 3, 2023 17:02:39 GMT -5
It is interesting that you ascribe "fun" "imaginative speculation" to MannKind CFO Steven Binder and the Board of Directors which requested the 400 MILLION shares, as well as the investors at BlackRock, Vanguard, et cetera, which will presumably vote for the 400 MILLION share increase authorization.
Nobody on this board attempted to claim the previous authorization of additional shares was the cause of MNKD share price rising from around $1 per share to $4 per share. You implied that was the case, but that is simply indulging in an absurd twisting of words in an insulting attempt to mock and ridicule investors who are not upset or dismayed by the Board's request for additional shares.
I don't assume these posters who are not upset are fools, or having "fun" with "imaginative speculation". I assume they are generally pleased with the performance of MannKind management, and willing to give them the benefit of the doubt.
This is a two thumbs up post for MNKD long investors. Generally pleased or we would be invested elsewhere.
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Post by prcgorman2 on Apr 3, 2023 17:07:37 GMT -5
The following is page 22 of the PRE 14A. investors.mannkindcorp.com/node/18861/html#proposal2APPROVAL OF INCREASE IN NUMBER OF AUTHORIZED SHARES OF COMMON STOCK MannKind’s Board of Directors is requesting stockholder approval of an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the Company’s authorized number of shares of common stock from 400,000,000 shares to 800,000,000 shares. The form of amendment is attached to this proxy statement as Appendix A. The additional common stock to be authorized by adoption of the amendment would have rights identical to the currently outstanding common stock of the Company. Although at present the Board of Directors has not approved any plans or proposals to issue any of the additional shares of the Company’s common stock that would become authorized for issuance if this proposal is approved, the Board of Directors desires to have the shares available to provide additional flexibility to use the Company’s common stock for financing and business purposes in the future. Adoption of the proposed amendment and issuance of the common stock would not affect the rights of the holders of currently outstanding common stock of the Company, except for, with respect to the issuance of additional shares, effects incidental to increasing the number of shares of the Company’s common stock outstanding, such as dilution of the earnings per share and voting rights of current holders of common stock. If the amendment is adopted, it will become effective upon filing of a Certificate of Amendment of the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware. As of March 23, 2023, in addition to the 264,248,864 shares of common stock outstanding, the Board had reserved 83,954,732 of the remaining authorized and unissued shares of the Company for issuances under the Company’s equity compensation plans, upon the exercise of outstanding warrants, or upon the conversion of the Mann Group convertible note or 2024 convertible notes. Thus, as of March 23, 2023, the Company had only 51,796,404 unissued and unreserved authorized shares of common stock.Unless further stockholder approval is required for a proposed issuance of additional shares by the rules of Nasdaq or other applicable laws or regulations, the additional shares may be used for various purposes without further stockholder approval. These purposes may include: raising capital; providing equity incentives to employees, officers and directors; establishing strategic relationships with other companies; expanding the Company’s business or product lines through the acquisition of other businesses or products; and other purposes. The additional shares of common stock that would become available for issuance if the proposal is adopted could also be used by the Company to oppose a hostile takeover attempt or to delay or prevent changes in control or management of the Company. For example, without further stockholder approval, the Board could strategically sell shares of common stock in a private transaction to purchasers who would oppose a takeover or favor the current Board. Although this proposal to increase the authorized common stock has been prompted by business and financial considerations and not by the threat of any hostile takeover attempt (nor is the Board currently aware of any such attempts directed at the Company), stockholders should be aware that approval of the proposal could facilitate future efforts by the Company to deter or prevent changes in control of the Company, including transactions in which the stockholders might otherwise receive a premium for their shares over then current market prices. If this proposal is not approved by our stockholders, our financing alternatives will likely be limited by the lack of sufficient unissued and unreserved authorized shares of common stock, and stockholder value may be harmed by this limitation. In addition, our future success depends upon our ability to attract, retain and motivate highly-skilled scientific, commercial and managerial employees, and if this proposal is not approved by our stockholders, the lack of sufficient unissued and unreserved authorized shares of common stock to provide future equity incentive opportunities as the Board or the Compensation Committee thereof deems appropriate could adversely impact our ability to achieve these goals. In short, if our stockholders do not approve this proposal, we may not be able to access the capital markets, complete corporate collaborations, partnerships or other strategic transactions, attract, retain and motivate employees, and pursue other business opportunities integral to our growth and success. - in case you missed why I was saying you were inferring CFO Steven Binder, the MannKind Board of Directors, and BlackRock, Vanguard, etc., investors were engaging in "fun" "imaginative speculation". |
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Post by awesomo on Apr 3, 2023 18:02:45 GMT -5
So of the 135M remaining authorized shares, 84M are locked into equity compensation plans (62%). And now they are going to authorize 400M more…
More free shares and crazy bonuses for BoD, management, and friends!
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