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Post by mnkdfann on Sept 14, 2016 23:45:59 GMT -5
With these thoughts, this is what I delivered to SEC, FBI and the White House tip, complaint and suggest lines. Any feed back positive or negative would be appreciated. The current NASDAQ stock market (using the MNKD stock) shows signs of a constructively manipulated market. The ease of share price reduction through relinquishment of shares produces minimum cost. Then the continuous buy back of reduced price of shares give profit to start the process over. The driven lower ASK PPS created by these share owners desire is not a fair market. Long share owners and stock funded corporations are to be protected by SEC protocol and mission statement. If not investors are being misled by a pyramid scheme. The failure to monitor trade actions can be devastating. Stock Long holders support stock funded corporations, and success or failure is being created by the lack of statistics. Trade action without the numbers allows share relinquishment failure to be created and not to monitor is devastating the stock supporters. Every Major operation has monitors. Monitored systems are proven to be successful. Monitored systems gather statistics and the numbers targeted in the operations remove doubts or will show a discrepancy. Monitored systems allow the controller to act quickly and efficiently; providing the tools needed to enforce and fine the rule breakers. A Constructively Manipulated stock market allows the relinquishment of shares in trade actions to form price: which gives advantage toward shorting or lowering current ASK PPS (price per share). The direct lowering comes from Bid and ASK Spread Gaps or Windows into which a Bid (buy) or ASK (sell) order maybe placed. The important key is to understand: BID and ASK need RELINQUISHMENT of shares. These shares are needed to fill each respectfully BID or ASK current page PPS level. At the instant when either the current top BID or ASK page PPS LEVEL has ZERO: the shares in BID (BID page lowers) or the shares in ASK (ASK PAGE RISES) this creates a widen spread. This newly created widen spread allows any new BID or ASK order resulting in a new Current PPS BID and ASK top page. These inserted trades in a widen Spread result in these actions: Bid orders Tighten spread (seldom seen) and Ask orders lower current ASK PPS (constructively manipulated). Very little cost is experienced to those wishing to lower. Owner Relinquishment of shares is the tool to BID create movement with stair step downward shallow page level filling. Gap ASK orders stair step ASK PPS down quickly at no cost to place order while stacking shares block ASK PPS rise. The cost becomes very high toward the stock share supporter who must come up with monies to buyout new lower page levels. It is hard to create statistics without the numbers, and failure to monitor can be devastating. God have mercy on the long term investor and stock supported corporation, I know the trades actions I explained can be created, please try these trade methods. Actions prove the fact that stocks can be constructively manipulated, very difficult to make statistics without numbers, and failure to monitor can be devastating to our freedom as American investors. Patterns bring life to the intentions of the doer. Rest easy, I'm sure they will get right on it. |
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Post by dejude42 on Sept 15, 2016 7:57:37 GMT -5
No, it is government: Which consists of we the people by the people and for the people. A person can be idle, dumbfounded, lackadaisical, sit, stand, except or be empowered by this open fact. The problem American people need to be involved. Never except a less than perfect standard in quality of a product (SEC, FINRA, NASDAQ etc), but take action with initiative and be motivated to follow through to complete a needed change.
Unfortunate, A rest easy mode brings very little progress.
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Post by mnkdfann on Sept 23, 2016 15:27:42 GMT -5
About the grace period (the 180 day extension on top of the first 180 days), this was posted on SA today:
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Read the 8-K very carefully: ". . . if on the last day of the Compliance Period the Company is in compliance with the market value requirement for continued listing, as well as all other standards for initial listing of its common stock on the NASDAQ Capital Market (other than the bid price requirement) . . ."
Have you checked the initial listing standards and compared them to MNKD's metrics? If you do that you will find that there is a minimum standard of $4 million in shareholder equity versus a $367 million deficit in shareholder equity as of the last 10Q. Since MNKD does not meet all the initial listing standards for the NASDAQ Capital Market, they are not eligible to transfer the listing to the Capital Market or to receive a further grace period.
Since the company cannot qualify for the Capital Market, they have a single 180 day period to get back in compliance. That date is Monday, March 13 which means that a reverse split has to become effective on or before February 27.
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Post by matt on Sept 23, 2016 17:11:53 GMT -5
I have had the pleasure(?) of dealing with the NASDAQ Listing Qualifications staff in a prior life. They can grant exceptions to any NASDAQ rule, but they are tough customers to deal with (regulatory lawyers) and they rarely play nice. The second grace period does require that the bid price is the ONLY exception to the continued listing criteria and the company is way deep into negative territory on the shareholder equity so I doubt an exception will be forthcoming.
All of that argues for fixing the problem promptly. The board should have a telephone meeting to approve calling a special meeting for the purpose of reducing the share count. I know it is painful, but not doing the reverse split will be more painful. The longer the issue is allowed to linger, the worse the price erosion will be so just get it over with and minimize the damage. I feel for Matt; at this point he must feel like General Custer at the Little Big Horn.
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Post by derek2 on Sept 23, 2016 17:13:34 GMT -5
About the grace period (the 180 day extension on top of the first 180 days), this was posted on SA today: --- Read the 8-K very carefully: ". . . if on the last day of the Compliance Period the Company is in compliance with the market value requirement for continued listing, as well as all other standards for initial listing of its common stock on the NASDAQ Capital Market (other than the bid price requirement) . . ." Have you checked the initial listing standards and compared them to MNKD's metrics? If you do that you will find that there is a minimum standard of $4 million in shareholder equity versus a $367 million deficit in shareholder equity as of the last 10Q. Since MNKD does not meet all the initial listing standards for the NASDAQ Capital Market, they are not eligible to transfer the listing to the Capital Market or to receive a further grace period. Since the company cannot qualify for the Capital Market, they have a single 180 day period to get back in compliance. That date is Monday, March 13 which means that a reverse split has to become effective on or before February 27. The company simply has to come back into continuing listing compliance. There are 3 different standards, and the company has to comply with only one, and one of the three simply looks at the market value of securities, (plus the $1 bid price, of course) and does not concern itself with shareholder equity or revenue. listingcenter.nasdaq.com/assets/continuedguide.pdf |
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Post by mnkdfann on Sept 23, 2016 17:27:58 GMT -5
About the grace period (the 180 day extension on top of the first 180 days), this was posted on SA today: --- Read the 8-K very carefully: ". . . if on the last day of the Compliance Period the Company is in compliance with the market value requirement for continued listing, as well as all other standards for initial listing of its common stock on the NASDAQ Capital Market (other than the bid price requirement) . . ." Have you checked the initial listing standards and compared them to MNKD's metrics? If you do that you will find that there is a minimum standard of $4 million in shareholder equity versus a $367 million deficit in shareholder equity as of the last 10Q. Since MNKD does not meet all the initial listing standards for the NASDAQ Capital Market, they are not eligible to transfer the listing to the Capital Market or to receive a further grace period. Since the company cannot qualify for the Capital Market, they have a single 180 day period to get back in compliance. That date is Monday, March 13 which means that a reverse split has to become effective on or before February 27. The company simply has to come back into continuing listing compliance. There are 3 different standards, and the company has to comply with only one, and one of the three simply looks at the market value of securities, (plus the $1 bid price, of course) and does not concern itself with shareholder equity or revenue. listingcenter.nasdaq.com/assets/continuedguide.pdfYou may be ultimately be correct but it seems you missed the point of the original post (which was a comment by another on SA). That is, the 8K says Mannkind also must ALSO satisfy "all other standards for INITIAL listing of its common stock on the NASDAQ Capital Market". That IS what the 8K says. investors.mannkindcorp.com/secfiling.cfm?filingID=1193125-16-716458&CIK=899460Those initial listing requirements are given in a different guide than the one you linked to. They are found here: listingcenter.nasdaq.com/assets/initialguide.pdfThere ARE stockholder equity standards listed in there. |
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Post by me on Sept 23, 2016 17:28:18 GMT -5
About the grace period (the 180 day extension on top of the first 180 days), this was posted on SA today: --- Read the 8-K very carefully: ". . . if on the last day of the Compliance Period the Company is in compliance with the market value requirement for continued listing, as well as all other standards for initial listing of its common stock on the NASDAQ Capital Market (other than the bid price requirement) . . ." Have you checked the initial listing standards and compared them to MNKD's metrics? If you do that you will find that there is a minimum standard of $4 million in shareholder equity versus a $367 million deficit in shareholder equity as of the last 10Q. Since MNKD does not meet all the initial listing standards for the NASDAQ Capital Market, they are not eligible to transfer the listing to the Capital Market or to receive a further grace period. Since the company cannot qualify for the Capital Market, they have a single 180 day period to get back in compliance. That date is Monday, March 13 which means that a reverse split has to become effective on or before February 27. The company simply has to come back into continuing listing compliance. There are 3 different standards, and the company has to comply with only one, and one of the three simply looks at the market value of securities, (plus the $1 bid price, of course) and does not concern itself with shareholder equity or revenue. listingcenter.nasdaq.com/assets/continuedguide.pdfBut wait a minute...that's not what those wonderful folks over at SA said (as helpfully pointed out to us by mnkdfann)! Maybe mnkdfann can elaborate on his reasoning behind giving credence to this SA post. |
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Post by mnkdfann on Sept 23, 2016 17:29:32 GMT -5
I just did. Look up, above yours. derek2 misread my earlier post. As did you, it seems. Try again.  |
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Post by derek2 on Sept 23, 2016 17:47:33 GMT -5
I just did. Look up, above yours. derek2 misread my earlier post. As did you, it seems. Try again. I was talking about the initial 180 days. I should have been more clear. (Which I guess means that I agree with what was posted) Thanks for pointing out the ambiguity. If MNKD regains $1 share price for 10 continuous days within 180 calendar days, they only have to satisfy ongoing listing requirements, NOT initial listing requirements If, however, they fail to bring the share price above $1 for 10 continuous trading days in that 180 days, THEN they also have to satisfy initial listing requirements, which include the shareholder equity requirement. I think we would both agree that it's in their best interest, then, to get that SP above $1 within the 180 days, since they would simply have no chance of qualifying during the extension period. |
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Post by gamblerjag on Sept 23, 2016 18:19:09 GMT -5
lets stop talking delisting.. we have at least a year.. lets move on. if you want to talk about something relevant over the next 3-6 months talk possible dilution.
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Post by gamblerjag on Sept 23, 2016 18:19:47 GMT -5
Mike C.. doesn't sound like a guy that is tooooo worried. |
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Post by tayl5 on Sept 23, 2016 22:57:59 GMT -5
I don't think we have six months to coast regardless. If there isn't enough script growth by the end of the year to restore investor confidence and raise the stock price, Matt should just turn out the lights. If nothing else, the sales force will get discouraged and start to drift away. I still expect MannKind to succeed, though, and look forward to better days soon.
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Post by audiomr on Sept 23, 2016 23:22:14 GMT -5
I don't think we have six months to coast regardless. If there isn't enough script growth by the end of the year to restore investor confidence and raise the stock price, Matt should just turn out the lights. If nothing else, the sales force will get discouraged and start to drift away. I still expect MannKind to succeed, though, and look forward to better days soon. Exactly. If the fundamentals don't improve enough by March to bring the PPS over $1, the company is toast anyway. I think it will work out, but we'll see. |
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