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Post by celo on Jan 3, 2024 9:26:52 GMT -5
Did I hear Mike say they received favorable feedback from the FDA on the MNKD 101 trial at the end of the year? Was that a little Easter Egg or am I just grasping for more good news? "We know the molecule works in the population" Phase 3 starting in the next few months |
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Post by celo on Jan 3, 2024 9:29:14 GMT -5
Hopefully, the effect is to raise the share price over the 5.21 mark to close the debt out. They can start doing that in March of this year. The stock price has been under pressure from these debt holders with their short hedge.
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Post by peppy on Jan 3, 2024 9:37:43 GMT -5
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Post by akemp3000 on Jan 3, 2024 9:49:51 GMT -5
It's nice to hear assurance that this stock is clearly undervalued. This is no longer an opinion but now a quantifiable fact. The question remains when will the market acknowledge this. IMO, we should now be expecting results in months, not years.
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Post by BD on Jan 3, 2024 9:50:51 GMT -5
If the stock were clearly undervalued, management would be scooping up shares.
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Post by boytroy88 on Jan 3, 2024 9:57:27 GMT -5
If the current SP trend is any indication the market doesn't think the company's market value is under valued. š
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Post by sandstorm on Jan 3, 2024 10:12:19 GMT -5
Can someone please explain the exact mechanism how the convertible notes conversion mechanism works?
I am not much smarter from reading the below.
In particular, who decides if the bond gets repaid in cash or via MNKD equity? Is it the bind holders or MNKD?
Thank you!
03/02/21
PDF Version
WESTLAKE VILLAGE, Calif., March 02, 2021 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today announced the pricing of $200.0 million aggregate principal amount of 2.50% Convertible Senior Notes due 2026 (the "notes") in a private placement (the "offering") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). MannKind also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $30.0 million aggregate principal amount of notes. The sale of the notes is expected to close on March 4, 2021, subject to customary closing conditions.
The notes will be general unsecured obligations of MannKind and will accrue interest at a rate of 2.50% per annum, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. The notes will mature on March 1, 2026, unless earlier converted, redeemed or repurchased.
Before December 1, 2025, holders will have the right to convert their notes only upon the occurrence of certain events. From and after December 1, 2025, until the close of business on the business day immediately preceding the maturity date, holders will have the right to convert all or any portion of their notes at their election. Upon conversion, MannKind will pay or deliver, as the case may be, cash, shares of MannKindās common stock or a combination of cash and shares of MannKindās common stock, at its election. The initial conversion rate is 191.8281 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $5.21 per share of common stock. The initial conversion price represents a premium of approximately 30% over the last reported sale of $4.01 per share of MannKindās common stock on March 1, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.
MannKind may not redeem the notes prior to March 6, 2024. MannKind may redeem for cash all or any portion of the notes (subject to certain limitations), 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 MannKindās common stock has been at least 130% of the conversion price 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 MannKind 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.
If a āfundamental changeā (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, holders may require MannKind to repurchase their notes for cash. The repurchase price would be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
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Post by uvula on Jan 3, 2024 10:13:05 GMT -5
Did I hear Mike say they received favorable feedback from the FDA on the MNKD 101 trial at the end of the year? Was that a little Easter Egg or am I just grasping for more good news? I also liked the clarification on the insulin purchase agreement, which I am guessing they feel the market had overlooked - $50mm savings over four years. That will drop directly to the bottom line. The graph of future insulin purchases before and after the amended agreement shows the huge difference between actual Afrezza sales and what mnkd was expecting. |
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Post by neil36 on Jan 3, 2024 10:25:01 GMT -5
Uvula,
That trend has been quite clear for years. Think back to Al's comments back around the launch where he claimed this was going to be the best-selling drug in the history of the world. I also remember the first conference call after launch when Al's aging voice said that they were ramping up production because demand is exceeding expectations.
It's been a decade of cognitive dissonance as the over-the-top expectations that were set, have played out to be only a tiny fraction of what was envisioned. Even if pediatrics is wildly successful, I don't think we will ever see anything that ever approaches the level of sales that Afrezza was initially expected to produce.
After a near brush with bankruptcy, the pivot to royalties and a pipeline saved the company. If not for that, all of us would most likely have ridden Afrezza into the ground.
Here's to better prospects ahead.
Regards,
Neil
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Post by akemp3000 on Jan 3, 2024 10:46:30 GMT -5
If the stock were clearly undervalued, management would be scooping up shares. Seriously? Look how many shares management already owns. Not everyone has mountains of investment cash lying around...or might be involved in a divorce settlement  |
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Post by standup on Jan 3, 2024 11:00:23 GMT -5
If the stock were clearly undervalued, management would be scooping up shares. Seriously? Look how many shares management already owns. Not everyone has mountains of investment cash lying around...or might be involved in a divorce settlement I wonder what he does with his salary?
If he was really convinced of the undervalued issue, he and other management/directors would be accumulating shares, period.
Oh, that's right, he already gives himself a ton of shares each year in one form or another.
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Post by hopingandwilling on Jan 3, 2024 11:04:40 GMT -5
United Therapeutic obtained FDA approval in June 2022 for their Tyvaso DPI product. A year and a half later (June 2022) to January 2024, MannKindās stock is trading for $3.74 a share. This represents a whopping increase of $0.44 cents over the last 52 weeks (one year). This is very telling when you consider they are generating revenue from Afrezza, V-Go, and Tyvaso DPI. Yet the constant posting about Afrezza is that they (MannKind) need to do more testing, the pediatric test is going to solve the problem, MNKD 101 is a winner, etc. Has anyone invested in MannKind ever thought about retesting the thesis for why they invested their money in MannKind? MannKind executives held a news conference today and the stock tanks. What gives? Iām just asking!
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Post by uvula on Jan 3, 2024 11:16:58 GMT -5
I retest my thesis all the time which is why I have not bought any new shares in a long time.
The question I have not been able to answer is whether or not I should sell everything now or wait a year or two so that I end up losing less.
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Post by hellodolly on Jan 3, 2024 11:25:03 GMT -5
United Therapeutic obtained FDA approval in June 2022 for their Tyvaso DPI product. A year and a half later (June 2022) to January 2024, MannKindās stock is trading for $3.74 a share. This represents a whopping increase of $0.44 cents over the last 52 weeks (one year). This is very telling when you consider they are generating revenue from Afrezza, V-Go, and Tyvaso DPI. Yet the constant posting about Afrezza is that they (MannKind) need to do more testing, the pediatric test is going to solve the problem, MNKD 101 is a winner, etc. Has anyone invested in MannKind ever thought about retesting the thesis for why they invested their money in MannKind? MannKind executives held a news conference today and the stock tanks. What gives? Iām just asking! Ask WS why the SP moved only .44 cents? MC obviously has mentioned MNKD being undervalued and they're doing what they're supposed to do as executives to distinguish the old MNKD from the new MNKD, the stages and prospects of their pipeline, the technology and IP which is the basis for the future of the pipeline as they execute with their latest focus on the cleaning up of the balance sheet. As to the decrease in SP today on 740,000 shares tells me that the buyers all got in yesterday on larger volume of 7.77M shares. Yesterday, today and tomorrow's share price is a short term view and obviously on the radar at HQ. Seems they are making this a priority. |
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Post by mango on Jan 3, 2024 12:13:23 GMT -5
Overall a fine deal MannKind has found themselves able to ink.
Someone in the thread, I believe aged, mentioned that the valuation of the royalties was based on the expected *lifetime* of the royalties. Did I interprete that correctly? There is not a royalty timeline from my understanding it's ongoing for as long as Tyvaso DPI is on the market and the agreement between UT and MNKD is never violated or broken.
Anyways, it's nice we have succulent capital for important matters and I'm sure the shorts are not pleased with this fine deal.
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