|
Post by mnkdfann on May 10, 2016 17:43:57 GMT -5
Nice job by Matt; he didn't have to write this letter. IMO, s hows he's sincere about transparency. Mahalo to Matt and to you for posting this!He didn't HAVE to write the letter, but then again with a massive sell off like today (over 31 million shares) it IS sort of his job to try and staunch the flow and reassure the market.
|
|
|
Post by kbrion77 on May 10, 2016 17:44:55 GMT -5
"The most important ingredient of a successful business is having enough capital....." - Al Mann
|
|
|
Post by nylefty on May 10, 2016 17:49:27 GMT -5
I guess Matt's definition of 'minimally dilutive' is different than mine. Currently, the secondary, if executed, will be about 12.5% of the current float, and that's if they get 1.03 per share, which I doubt. Given that, his mistake was to give investors hope that cash could be raised without a secondary, when it was apparent that one was coming. He said that was his goal, but that circumstances prevented him from reaching his goal. Nowhere did he call the secondary "minimally dilutive." My goal was to realize one of those options which would be minimally dilutive or not dilutive at all. But such deals, including several on-going international discussions that I have mentioned before, take time to structure and negotiate, none of which were able to meet our timeline to close and announce by our first quarter earnings call.
|
|
|
Post by nylefty on May 10, 2016 17:59:22 GMT -5
Can anyone give me Matt's email? Honestly I dont know how he does this job. A good portion of shareholders of this company have the intelligence of a fruit fly. He must be like WTF from some of these emails. Does anyone else appreciate the irony of this posting? I don't. What are you talking about? I agree with reverselo.
|
|
|
Post by LosingMyBullishness on May 10, 2016 18:21:33 GMT -5
Can anyone give me Matt's email? Honestly I dont know how he does this job. A good portion of shareholders of this company have the intelligence of a fruit fly. He must be like WTF from some of these emails. He is running a company and he has to play therapist because so many investors from the community thought they were getting rich with a $500 share price. Its mind boggling that they just extended the life of the company and we dropped 30%. I was a buyer today. May come down more tomorrow and will buy more. I am swinging for the fences and possibly a divorce if this goes the wrong way lol Bought today as well. Nice price.
|
|
|
Post by gamblerjag on May 10, 2016 18:22:03 GMT -5
really.... over 1 buck.. that is your concern? we have had a a clean slate of over a buck since March.. the clock starts ticking again today.. basically we have a year including extensions to be over a buck.. I think that will be pretty darn easy!!
|
|
|
Post by babaoriley on May 10, 2016 18:44:58 GMT -5
I was able to get a hold of a prior draft of Matt's statement, with a few of his notes and some comments that he decided to leave out at the last minute:
On May 9, we announced a common stock financing of MannKind. We timed this financing to [fool everyone? no, better not say that] coincide with the first quarter earnings call [and a completely unrelated crash of the share price, coincidences are so great!], so that we could announce and discuss it live . A last minute change to the document [turns out, we needed to include at the end of the prospectus, "no, we're not kidding"] just prior to the start of the call caused the signoff to occur shortly after the call ended, despite our attorney’s efforts [he took a long lunch that day, but darn near made the deadline anyway].
Over the past several months, we have been open about our financial condition [but hardly anyone listened] and the many avenues being explored to obtain financing. My goal was to realize one of those options which would be minimally dilutive or not dilutive at all [like, convince someone other than Al to extend us credit]. But such deals, including several on-going international discussions that I have mentioned before, take time to [concoct, even though we hired four Imagineers from close-by Disney Studios] structure and negotiate, none of which were ["was" "were" ? damn subject-verb agreement always gave me fits] able to meet our timeline to close and announce by our first quarter earnings call.
Our decision to execute the financing announced yesterday was in line with the company’s priority to ensure financial runway [runaway?] for our commercial strategy and product development efforts. In parallel, we continue to pursue a multinational expansion strategy [remember to ask legal counsel if "two" qualifies as "multinational" - whoops, he's still at lunch] for Afrezza, in particular with countries who offer attractive funding opportunities and potential for the product [yes, I believe we've all received many favorable funding opportunities from the good folk in Nigeria - they email me all the time]. With funding to aggressively execute on our commercial strategy in 2016 [but not one minute beyond], we can engage in these other discussions with more flexibility [those yoga classes Mike and I are taking are gonna come in plenty handy].
The important messages from yesterday’s call, which were [subliminal and] overshadowed by news of our financing, are that, in what I am sure is unprecedented time, we successfully transferred Afrezza back to MannKind [gosh, SNY couldn't wait to punt that sucker back to us], initiated product manufacturing of our new MannKind branded product, and began building a world class commercial organization ["world" - hell, we could have sold more Afrezza on Mars than Sanofi did right here]. We have also done extensive work with insurers and believe [tooth fairy, check, Easter Bunny, check, Santa Claus, check] we are on a path to greatly improve access for patients [and, in the process, I nailed a great new individual plan under the ACA!]. We have listened carefully to supportive doctors [can't let the public know how short an endeavor that was] and patients and begun to introduce new packaging to better address their needs and make it easier for them to be successful with Afrezza from the start [Affrezauser and Spiro's cell phone numbers now appear on the package]. We announced that our team of diabetes nurse educators [are these diabetic people than educate nurses, I keep forgetting] will be in the field as quickly as this month, and that we would be attending ADA in force [does this sound like a macho commando raid or what?] with a booth [two twenty millimeter cannons] and six important presentations [should we show them the sign we're planning on hanging on our booth, "Afrezza and Jack Daniels Samples, Suck 'em Down!"]. We announced that our field sales force [farce or force? is there a difference?] would be calling on doctors as soon as the end of June, and that our own MannKind branded product would start to be available as quickly as July [we can't mean 2016, can we?].
I believe all our accomplishments [this phrase will slide right by our shareholders], and the speed with which we have accomplished them, are truly amazing [of course, I'm truly amazed by those cat-cucumber videos]. I applaud the many MannKind employees whose hard work has made this possible and am looking forward to reporting our progress [but not anytime soon].
Included with our formal presentation at the shareholder meeting next week, there will be a special tribute to our founder, namesake, and inspiration, Al Mann. I am certain he would be proud of what we have accomplished, and where we are going with Afrezza. [or would he be wondering how in the hell we've ended up here?]
I LIKE MATT, I LIKE THE COMPANY, THE ABOVE IS PURELY FOR FUN, WHICH WE DO NOT HAVE ENOUGH OF AROUND HERE.
|
|
|
Post by nylefty on May 10, 2016 18:55:46 GMT -5
I stopped reading the above after the first three paragraphs. A waste of time and not funny.
|
|
|
Post by centralcoastinvestor on May 10, 2016 18:58:21 GMT -5
I stopped reading the above after the first three paragraphs. A waste of time and not funny. I thought it was funny.
|
|
|
Post by me on May 10, 2016 19:02:02 GMT -5
I guess Matt's definition of 'minimally dilutive' is different than mine. Currently, the secondary, if executed, will be about 12.5% of the current float, and that's if they get 1.03 per share, which I doubt. Given that, his mistake was to give investors hope that cash could be raised without a secondary, when it was apparent that one was coming. Hey, rvc, I'll bet you a burger and a beer that the "secondary" does get executed, and I'll go so far as to say it will be at $1.03 a share. How about it? (To the rest of the board, I know, I know, I shouldn't be such a jerk...sorry, but I couldn't resist.)
|
|