Mnkd Announces Dual Listing on the Tel Aviv Stock Exchange

[mnholdem]

I don't understand either. Float is simply the number of shares available for trading (outstanding - insider = float). Perhaps some of you meant to write that introduction of MNKD trading to TASE may result in less shares available for short interests - if millions of shares of MNKD are bought up and held long by Israeli institutions/mutual/funds?

[jbe]

Yes, sorry, I did mean the number of shares available for shorting in one of the markets on a single day, sorry for the confusion.

The float is not reduced the availability of shares in either market is reduced for a given day.

[derek2]

Oct 25, 2015 9:47:16 GMT -5 jbe said:

Does anyone know if this is actually a crosslisting or a dual listing? from what I read, dual listing is usually about two companies merging, while a cross listing is one company listed on multiple stock markets, so this sounds like a cross listing, but all I know about this stuff is from googling.

Looks like it might slow short action, as you cannot move shares from one market to the other in the same day.
Also, this might accelerate any short squeeze, in the event MNKD actually reports good news ..shares spread across two markets reduces the float available on NASDAQ on a single day...

It may improve share price if mnkd ends up in some Israeli index funds.

Don't see how it improves any sales of Afrezza, nor do I see it improve chances of collaboration between mnkd and other companies.

I am curious about how share price functions on two markets...will they have the same share price, or a difference share price on each market? I suppose currency exchange rates will always keep the two share prices off a bit...so there will always be arbitrage plays daily....

One positive I see is, MNKD is actually trying to do something themselves to improve the company as opposed to being passively at the mercy of Sanofi...I wonder what Sanofi thinks of this move?

I share the same confusion, jbe. Although TASE refers to it as a dual listing, their requirements do not seem to include two corporate entities or two sets of shareholders, so it sounds more like a cross listing.

Time will tell, I guess.

[kc]

Same listing but additional market with another day to be open as the TASE is open on Sunday. Plus their market is open like 2:00 am EST . This will hurt the shorts.

Great move.

[blindhog1]

Oct 25, 2015 12:59:42 GMT -5 kc said:

Same listing but additional market with another day to be open as the TASE is open on Sunday. Plus their market is open like 2:00 am EST . This will hurt the shorts.

Great move.

Don't you love it when a plan starts coming together.

[peppy]

Oct 25, 2015 13:10:00 GMT -5 blindhog1 said:

Oct 25, 2015 12:59:42 GMT -5 kc said:

Same listing but additional market with another day to be open as the TASE is open on Sunday. Plus their market is open like 2:00 am EST . This will hurt the shorts.

Great move.

Don't you love it when a plan starts coming together.

More institutional buyers as points out on another thread.

screencast.com/t/IDsKfPmcuQvm

[peppy]

regarding the discussion on dual markets.
here is a look at Nokia.
the list of tickers it trades under and the index that ticker represents.
screencast.com/t/5qQGsRV6wITS
NOK NYSE
Nokia.HE Helsinki
NOK.BK SET = Thialand
NOA3.DE Xetra= Dax (Germany)

[in search of the truth]

Dual listing on the Tel Aviv stock exchange seems to preclude the sale of MNKD (either the Afrezza piece or the TS piece or both) to anyone in the near term, since the effort to obtain dual listing would have been a short lived accomplishment, so it looks like we are in for a steady climb to blockbuster status, instead of the meteoritic jump many expect when Sanofi unleashes a world wide launch using the CLAMP studies for an improved label that show Afrezza's superiority to current injectable mealtime insulins. Any counter-arguments? And I don't really understand how MNKD management can say that they are happy with the marketing efforts for Afrezza of their partner, Sanofi, since Afrezza continues to languish with very little marketing effort 16 months after FDA approval, while Toujeo, approved in February of 2015 is selling like hot cakes and has significant TV advertisement exposure (yes, I realize that the two products do not compete, but Sanofi could corner the prandial insulin market if they would just turn Afrezza loose on the world). I really hope that someday, I will understand why MNKD partnered with Sanofi, but for now, it seems like any one of the other large Pharma could have done more for those of us who have invested in MNKD during the past year.

[peppy]

Oct 25, 2015 16:34:49 GMT -5 in search of the truth said:

Dual listing on the Tel Aviv stock exchange seems to preclude the sale of MNKD (either the Afrezza piece or the TS piece or both) to anyone in the near term, since the effort to obtain dual listing would have been a short lived accomplishment, so it looks like we are in for a steady climb to blockbuster status, instead of the meteoritic jump many expect when Sanofi unleashes a world wide launch using the CLAMP studies for an improved label that show Afrezza's superiority to current injectable mealtime insulins. Any counter-arguments? And I don't really understand how MNKD management can say that they are happy with the marketing efforts for Afrezza of their partner, Sanofi, since Afrezza continues to languish with very little marketing effort 16 months after FDA approval, while Toujeo, approved in February of 2015 is selling like hot cakes and has significant TV advertisement exposure (yes, I realize that the two products do not compete, but Sanofi could corner the prandial insulin market if they would just turn Afrezza loose on the world). I really hope that someday, I will understand why MNKD partnered with Sanofi, but for now, it seems like any one of the other large Pharma could have done more for those of us who have invested in MNKD during the past year.

Characterized that way, the results you are looking for could come out around these earnings reports.

No earnings report date press release at the mannkind website for this quarter end.

screencast.com/t/4Z31u0K22lRm

screencast.com/t/z1xhuvJT2jWJ

It was not clear to me these studies would prove superiority.

[mdcenter61]

What effect this has on the float, short interest, or even BO is beyond my pay grade; however, it seems to me to represent a positive move for longs, potentially bringing more long holders and demand, which is always good. I would also say that this move should stifle the discussion held on a few threads around here that Al and his group were wanting to take the company private - why in the world would they make this move if senior management/insiders wanted to take it private?

[parrerob]

Dual listing sound to me like the space, for big players, to manipulate stock price will be strongly reduced.

With these kind of presence in more then 1 market all dirty games on our PPS will be reduced a lot.

More order and clarity is required (Sure stocks must be granted and available for the new market and Wall Street MMs will loose part of their freedom).

Wall Street historic, and exposed, MannKind players used to park the "car" on friday and find it in the exactely place on monday.

Now they know that on monday the car can be in a different place.

[mbseeking]

Oct 26, 2015 5:41:34 GMT -5 parrerob said:

Dual listing sound to me like the space, for big players, to manipulate stock price will be strongly reduced.

With these kind of presence in more then 1 market all dirty games on our PPS will be reduced a lot.

More order and clarity is required (Sure stocks must be granted and available for the new market and Wall Street MMs will loose part of their freedom).

Wall Street historic, and exposed, MannKind players used to park the "car" on friday and find it in the exactely place on monday.

Now they know that on monday the car can be in a different place.

Isn't that an interesting thought , you may be on to something here..   The HFT traders likely have been walking MNKD down , hidden in the dark pools located in the US..  To do this they only  need a small volume of  extra shorts , so largely they burn through whatever they need intraday / intraweek  to protect the big short overhang position...   We've seen this happen time and time again when there seems to be a little demand come back in to the equation the HFTs kick in and over days, weeks and months walk the price back down.  Now let's introduce Israel.  I'm pretty sure there are no dark pools operating there - so this  more like a market they'd we'd already recognise from 5-10 years ago.. transparent , arms length.   And its disconnected by a different time zone.   What's to stop a friendly buyer / buyers piling in Israel on a Sunday and driving the price up out of reach of the HFTs - it will also  likely be relatively thinly traded.  If nothing else that is going to make it much more expensive (i.e. they are going to have to use far more shorts to protect their position)  for the HFTs/Hedgies  to walk down the price again  when the US opens.

Folks , what we have here is an levelling of the playing field.   The shorts have have the advantage in this asymmetric battle from the get go.  Listing in Israel finally starts to tilt it back toward the Longs and the people who have a desire for MNKD to succeed. 

[kball]

I'm uncertain what to make of it honestly, but i have to wonder if its importance lies less in its actually having been done than in what it could mean if its the initial very visible step of many in their global marketing plans for 2016 as has been mentioned in other threads?

Perhaps we will hear more on insulin factories in foreign markets or some such in the next quarter or two.
In any case, nice news coming on the heels of the downsizing news that was hard to hear in general

[derek2]

One thing I haven't seen mentioned:

MNKD has been cross-listed for years on the Frankfurt exchange (Ticker NNF1)

More info: www.bloomberg.com/quote/NNF1:GR

I can't see any negative in this TASE listing, and it might give some positive exposure.

[mbseeking]

Oct 26, 2015 7:25:05 GMT -5 derek2 said:

One thing I haven't seen mentioned:

MNKD has been cross-listed for years on the Frankfurt exchange (Ticker NNF1)

More info: www.bloomberg.com/quote/NNF1:GR

I can't see any negative in this TASE listing, and it might give some positive exposure.

Ok.. so that is interesting.. still some debate on usefulness of TASE listing but believe that fact that it bring more demand via 4 or 5 index funds.    They simply have to buy it due to their rules of setup and the market cap of MNKD - relatively larger on TASE.   Presumably if its been dual or crossed listed in Frankfurt for a while we would have already seen any incremental demand built in from that source.  


My theory here is that Al is just looking for a bit more demand to tip this.  In the US the funds and indices have already taken their position (increased quarter on quarter slightly) so arent likely to increase now.   The negative articles in the street , yahoo etc are keeping fresh retail investors out = it amazes me how many are written in the first person tell me , as if I was their friend , not to invest.  But the shorts have been caught up by their own success. They have borrowed almost every share they can  (The fail to deliver monitor is starting to trigger again , indicating that a plentiful supply of shares for shorting is running out).  Confirming, we are seeing commensurate MM activity out of hours as they scramble to rebalance for this.  We last saw this in May in the run up then.

But if some funds in Israel now buy in (because they have to , not they chose to, as MNKD is  listed there now) there is suddenly new demand.  No guarantees of success.  But Al and team are certainly trying to fend off these shorts.  Who knows Al might have seen this happening in May, figured his trap and now set it.