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Post by liane on May 9, 2016 17:33:56 GMT -5
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Post by factspls88 on May 9, 2016 17:35:42 GMT -5
MannKind Announces Pricing of Registered Direct Public Offering of Common Stock and Warrants VALENCIA, Calif., May 09, 2016 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) today announced the pricing of a registered direct public offering of up to 48,543,692 shares of common stock and warrants to purchase up to an aggregate of 48,543,692 shares of common stock to select institutional investors. Each share of common stock is being sold together with a warrant to purchase 0.75 of a share of common stock (A Warrants) and a warrant to purchase 0.25 of a share of common stock (B Warrants) for a combined purchase price of $1.03. The A Warrants will be exercisable at a price of $1.50 per share beginning upon issuance and will expire two years thereafter. The B Warrants will be exercisable at a price of $1.50 per share beginning in May 2017 and expire 18 months thereafter. The shares of common stock and the warrants will be immediately separable and will be issued separately. The offering is expected to close on or about May 12, 2016, subject to customary closing conditions. Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as exclusive placement agent for the offering. The total gross proceeds from the offering are expected to be approximately $50.0 million. After deducting the placement agent's fees, the net proceeds to MannKind are expected to be approximately $47.5 million. MannKind intends to use the net proceeds from the offering for working capital and general corporate purposes. The shares and warrants are being offered pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) and declared effective on April 27, 2016. A final prospectus supplement related to the offering will be filed with the SEC, and will be available on the SEC's website located at www.sec.gov and may also be obtained by contacting MannKind at 25134 Rye Canyon Loop, Suite 300, Valencia, CA 91355, Attn: Investor Relations, or by telephone at (661) 775-5300; or from the placement agent at placements@hcwco.com or by calling 212-356-0500. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. |
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Post by johnnyi2004 on May 9, 2016 17:38:50 GMT -5
Why is this happening to us? 45 minutes after CC ends? I feel sick....
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Post by navpoon on May 9, 2016 17:41:29 GMT -5
What the heck is going on here? Why wouldn't he just discuss this on the call?
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Post by Deleted on May 9, 2016 17:44:34 GMT -5
Close to 100 mil dilution?
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Post by uvula on May 9, 2016 17:46:33 GMT -5
Does this mean we open at $1.05 tomorrow?
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Post by liane on May 9, 2016 17:49:00 GMT -5
Well, for whomever wished to have BK off the table for the rest of the year - here you go.
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Post by _neil on May 9, 2016 17:50:04 GMT -5
What institution in their right mind will buy this offer? They are insane to even put it out there. $0.75 is too rich for this cluster*&*&
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Post by sccrbrg on May 9, 2016 17:58:59 GMT -5
What a spineless bastard.
Decided not to say it on the conference call and then dump the entire shelf offering.
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Post by mnkdfann on May 9, 2016 18:01:17 GMT -5
AF on twitter: "$MNKD 48.5M share + warrants offering through Rodman. Raising $50M Remember when Pfeffer said they didn’t need to use that new S-3?"
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Post by parrerob on May 9, 2016 18:01:31 GMT -5
What does it means select institutionals?
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Post by Deleted on May 9, 2016 18:02:24 GMT -5
What a spineless bastard. Decided not to say it on the conference call and then dump the entire shelf offering. Agreed. Could have atleast waited a week to show it as a new development. Should have just announced it in the cc and press release after market close. They lost my respect and benefit of doubt |
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Post by capnbob on May 9, 2016 18:06:00 GMT -5
What institution in their right mind will buy this offer? They are insane to even put it out there. $0.75 is too rich for this cluster*&*& An institution that sold shares short over the past few weeks, that's who. |
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Post by chuck on May 9, 2016 18:08:38 GMT -5
Generally they do this to close out short positions or just dump the shares on the market and recover their $1.03 investment in full and then hold the warrants for a risk-free way to capitalize on the upside.
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Post by od on May 9, 2016 18:12:11 GMT -5
Anyone familiar with Tom Morris' 'If Aristotle Ran General Motors'? I am not concerned with current (or tomorrow's) share price; I am concerned with the ethics of management. My full trust in MNKD management ends today (trust that had me recently recommend MNKD to my adult children).
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