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Post by jay1ajay1a on Nov 9, 2015 16:23:06 GMT -5
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Post by cfield23 on Nov 9, 2015 16:27:35 GMT -5
As I thought -- I know it's dilutive, but we need cash. I'm ok with this. It'd raise $140M. |
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Post by Deleted on Nov 9, 2015 16:30:11 GMT -5
I saw this coming too. Just wondering from where. Now have an answer. Rough times here. Longing for the future. Cheers.
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Post by wmdhunt on Nov 9, 2015 16:38:21 GMT -5
Well, there it is, a stock offering of 50,000,000 shares in Tel Aviv. That is apparently the "survival plan". I don't really know what else they could do. Good luck with that boys.
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Post by cfield23 on Nov 9, 2015 16:39:00 GMT -5
Correct me if I'm wrong, but this isn't nearly as bad as a secondary offering type of dilution. They're not being offered to the public, but rather ONLY to long-term-holding ETFs, no?
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Post by EveningOfTheDay on Nov 9, 2015 16:40:54 GMT -5
And there you have it, as many predicted, a secondary offering in the Israeli market. One that perhaps will be preceding a domestic one a few months down the road, unless the situation improves considerably, that is.
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Post by peppy on Nov 9, 2015 16:41:55 GMT -5
As I thought -- I know it's dilutive, but we need cash. I'm ok with this. It'd raise $140M. 140 million dollar survival plan works for me |
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Post by Deleted on Nov 9, 2015 16:42:25 GMT -5
Up to 50mm shares at a price = to 97% of the closing price on 11-12-15 on TASE
So if it gets pushed to $2.50 then $2.43/share in proceeds for the entire 50mm is $121mm and share count goes from around 413mm to 463mm
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Post by longstocking on Nov 9, 2015 16:46:03 GMT -5
Up to 50mm shares at a price = to 97% of the closing price on 11-12-15 on TASE So if it gets pushed to $2.50 then $2.43/share in proceeds for the entire 50mm is $121mm and share count goes from around 413mm to 463mm I can live with that. Now let's get back to the business of selling Afrezza and developing TS apps. |
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Post by blindhog1 on Nov 9, 2015 16:48:30 GMT -5
Form 8-K for MANNKIND CORP
9-Nov-2015
Entry into a Material Definitive Agreement, Other Events, Financial Statements and
Item 1.01 Entry into a Material Definitive Agreement.
The description of the stock purchase agreements and escrow agreements under Item 8.01 of this report are incorporated by reference under this Item 1.01.
Item 8.01 Other Events.
On November 9, 2015, MannKind Corporation (the "Company") entered into a series of stock purchase agreements to sell up to an aggregate of 50,000,000 shares of its common stock in a registered direct offering to selected investment funds (the "purchasers") in Israel that hold securities included within certain stock indexes of the Tel Aviv Stock Exchange (the "TASE"). Pursuant to the stock purchase agreements, the shares of common stock will be sold at a price per share equal to 97% of the closing price of the Company's common stock on the TASE on November 12, 2015, which is the trading day immediately preceding the first day on which the Company's common stock will enter specified TASE stock indexes. The actual number of shares to be sold in the offering will be based on the number of shares of the Company's common stock the purchasers are required to hold upon the Company's common stock entering into the specified indexes on the TASE, subject to reduction on a pro rata basis among the purchasers based on their respective purchase commitments if the aggregate number of shares to be sold in the offering would otherwise exceed 50,000,000 shares.
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Post by EveningOfTheDay on Nov 9, 2015 16:49:57 GMT -5
The fact that anybody would look at this and says "yeah, why not? this works" or if your prefer the unofficial translation "Yay, we live for a few more months, that was close", proves per se how borderline desperate the feeling of the posts in this board have become.
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Post by hankscorpio7 on Nov 9, 2015 16:52:27 GMT -5
But let's not take it out on management.... Promise no dilution after FDA approval when most biotech historically dilute, no wait till stock price is abysmal. So the future of MNKD is so bright, we sell 10% of it for $100M? Kick in the teeth for anyone believing Al Mann could get on his horse and save MNKD again. Management out!
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Post by bill on Nov 9, 2015 16:53:11 GMT -5
Up to 50mm shares at a price = to 97% of the closing price on 11-12-15 on TASE So if it gets pushed to $2.50 then $2.43/share in proceeds for the entire 50mm is $121mm and share count goes from around 413mm to 463mm What's to stop the shorts from driving the stock price down to about $0.10 or lower by the 12th of November? They only have to drive it down there for a day and then MNKD doesn't raise any cash at all. |
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Post by caveintemptor on Nov 9, 2015 16:53:14 GMT -5
Explains the trashing of the last few days.
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Post by Deleted on Nov 9, 2015 16:56:40 GMT -5
Correct, Cave. Makes more sense now, although I no like! Aloha.
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