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Post by liane on Apr 18, 2016 5:28:34 GMT -5
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Post by peppy on Apr 18, 2016 5:32:14 GMT -5
dumb it down for me please. pep
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Post by boytroy88 on Apr 18, 2016 5:38:54 GMT -5
Dilution?
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Post by peppy on Apr 18, 2016 5:44:23 GMT -5
I am not seeing the dilution.  ? DESCRIPTION OF CAPITAL STOCK
General
Our authorized capital stock consists of 550,000,000 shares of common stock, $0.01 par value, and 10,000,000 shares of preferred stock, $0.01 par value. As of March 31, 2016, we had a total of 429,138,685 shares of common stock that were authorized but unissued, and we have currently reserved a significant number of these shares for future issuance pursuant to outstanding equity awards, our equity plans and convertible notes.
The following summary description of our capital stock is based on the provisions of our certificate of incorporation and bylaws and the applicable provisions of the Delaware General Corporation Law, or DGCL. This information is qualified entirely by reference to the applicable provisions of our certificate of incorporation, bylaws and the Delaware General Corporation Law. For information on how to obtain copies of our certificate of incorporation and bylaws, which are exhibits to the registration statement of which this prospectus is a part, see “Where You Can Find More Information” and “Incorporation by Reference.”
I am seeing takeover protection. ??
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Post by matt on Apr 18, 2016 6:03:00 GMT -5
A shelf registration is a preliminary step before any shares can be sold. Almost every public company qualified by the rules to file an S-3 has filed an S-3 because it allows them to move quickly if the financial markets become favorable.
Dilution can happen if three things are true:
A. If the company has freely issuable authorized shares,
B. An effective registration statement, AND
C. The board has elected to issue new shares
Most every public company goes through the motions of steps A and B "just in case" because there isn't much cost to doing so. Companies that need cash pull the trigger on step C, and that can be in whole or in part (i.e. if there are 100 million shares authorized but unissued, the company can issue the full 100 million or some lesser amount, say 20 million). Also be aware that the price shown in shelf registration is not the price the shares will sell for; it is just a hypothetical price used to compute the registration fee. The actual price is whatever the market says on the days the shares are sold, which could be significantly higher or lower.
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Post by boytroy88 on Apr 18, 2016 6:10:44 GMT -5
I don't understand the part where it says they have 429M shares authorizes but uninssued. Then it says the offering is for 550M?
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Post by peppy on Apr 18, 2016 6:45:40 GMT -5
The market may see this positively. The market is not totally stupid. Afrezza is a excellent insulin and an excellent insulin delivery system. The phase 1 large insulin hit to the liver, stopping neoglucogenesis, stopping blood glucose from going up in the first place, has not escaped this market. Then the phase two, the diomer etc that form... break down.. sweet. www.nasdaq.com/symbol/mnkd/premarket
so, consider, MNKD can do this. weehaw. let's see what price does today. Also, MNKD = technosphere. Licensing.
investors.mannkindcorp.com/secfiling.cfm?filingid=1193125-16-543484&CIK=899460 |
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Post by mnholdem on Apr 18, 2016 7:10:43 GMT -5
I don't understand the part where it says they have 429M shares authorizes but uninssued. Then it says the offering is for 550M? I think you misread. 429M shares of common stock have already been issued.
In a nutshell, several years ago MannKind shareholders approved the authorization of 550M shares of common stock and 10M shares of preferred stock. Prior to and since then, approximately 429M total shares of common stock have been issued to shareholders, as referenced by the term "outstanding shares". The remainder of the 550M authorized shares sit in MannKind's treasury.
Therefore, MannKind currently has 121 million shares of common stock and 10 million shares of preferred stock in the treasury that it may issue to public or private parties in order to raise cash, although a portion of those shares are tied to an employee stock incentive plan.
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In addition MannKind has recently filed a proxy statement, for a vote by shareholders at the upcoming annual shareholders meeting, to increase the number of authorized shares of common stock to 750M.
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Post by mnkdnewbie on Apr 18, 2016 7:20:16 GMT -5
It does say as of 3/31/16 429mil unissued, gotta be a typo?
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Post by peppy on Apr 18, 2016 7:42:56 GMT -5
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Post by mnholdem on Apr 18, 2016 7:50:13 GMT -5
I just sent off an email to MannKind management to see if that is the case.
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Post by jerrys on Apr 18, 2016 7:55:36 GMT -5
I don't understand the part where it says they have 429M shares authorizes but uninssued. Then it says the offering is for 550M? |
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Post by papanigon on Apr 18, 2016 7:56:18 GMT -5
"AFREZZA ® , MedTone ® , Dreamboat™ and Technosphere ® are our trademarks in the United States. We have also applied for and have registered company trademarks in other jurisdictions, including Europe and Japan. This document also contains trademarks and service marks of other companies that are the property of their respective owners."
Is this for use, or just protection of the product?
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Post by matt on Apr 18, 2016 7:57:09 GMT -5
I don't understand the part where it says they have 429M shares authorizes but uninssued. Then it says the offering is for 550M? A registration statement is for a stated amount of money while authorized shares are for a stated number of shares. The maximum size of the offering, practically speaking, is the share price multiplied by the remaining unissued shares. The fact that a company registers a $500 million offering does not mean that they can legally sell that much if they don't have enough unissued shares to sell. For example, if the share price is $1 and the unissued shares are 100 million, the company can only complete a $100 million offering despite what the registration statement says.
If the registration goes through at $500 million and the company later increases the authorized shares (as MNKD has requested) or if the price per share increases, then the full amount of the registration can be used. It all comes down to the market values on the day the deal is done; either the price per share, authorized shares, or face value of the registration statement will limit the size of the offering but you can't know which of those is the binding constraint until it actually happens.
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Post by hankscorpio7 on Apr 18, 2016 7:59:22 GMT -5
It does say as of 3/31/16 429mil unissued, gotta be a typo? Agreed here or the same flawed reading. Definitely relating to 429m, unless lot of naked shares out there. Implies they might be going for dilution before the vote to authorize 700m outstanding? It could be a head fake to make wannabe partners cough up the cash or there aren't any suitable partners. The $500m is interesting, how do you get that figure with only 110m shares left in outstanding? Must be anticipating a hell of a speech tomorrow. Google? Apple? China? Trump... |
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