|
Post by silentknight on Dec 14, 2016 9:35:04 GMT -5
You're confusing the Nasdaq exchange with the Nasdaq Biotech Index. They aren't the same.
MNKD's delisting notice gave them 180 days from September, so they have a few more months to get the share price above $1.00. Whether or not that can be done without drastic measures is another question all together.
|
|
|
Post by kbrion77 on Dec 14, 2016 9:45:52 GMT -5
I'm starting to feel for board administrators. Things are starting to get a bit out of control with new threads and bizarre posts. A lot of new handles coming out of the word works................ Keep up the good work Liane & Co.
|
|
|
Post by slugworth008 on Dec 14, 2016 19:08:11 GMT -5
You're confusing the Nasdaq exchange with the Nasdaq Biotech Index. They aren't the same. MNKD's delisting notice gave them 180 days from September, so they have a few more months to get the share price above $1.00. Whether or not that can be done without drastic measures is another question all together. I also believe they can file for a 6 month extension as well -
|
|
|
Post by mnkdfann on Dec 14, 2016 20:57:33 GMT -5
You're confusing the Nasdaq exchange with the Nasdaq Biotech Index. They aren't the same. MNKD's delisting notice gave them 180 days from September, so they have a few more months to get the share price above $1.00. Whether or not that can be done without drastic measures is another question all together. I also believe they can file for a 6 month extension as well - This seems to come up again every week. I suppose they can FILE for it, but it would be denied as they are not eligible for an extension. See this thread and the NASDAQ requirements: mnkd.proboards.com/thread/6235/nasdaq-share-price-compliance-notice
|
|
|
Post by slugworth008 on Dec 14, 2016 22:33:46 GMT -5
|
|
|
Post by mnkdfann on Dec 14, 2016 22:52:37 GMT -5
No, it is not. Keep reading the thread, look at ALL of page 2. A company will only get the extra 180 days if they are ALSO still in compliance with the other initial listing requirements. Mannkind acknowledged this in its own 8-K! And look at the NASDAQ link(s) I provided in that thread, in case you do not believe Mannkind or I.
Anyway, as others have observed, I think it is a moot point. Seems probable (IMO) the share price will be over $1 for the necessary length of time by then. One way or another.
|
|
|
Post by cjm18 on Dec 15, 2016 0:27:01 GMT -5
No, it is not. Keep reading the thread, look at ALL of page 2. A company will only get the extra 180 days if they are ALSO still in compliance with the other initial listing requirements. Mannkind acknowledged this in its own 8-K! And look at the NASDAQ link(s) I provided in that thread, in case you do not believe Mannkind or I. Anyway, as others have observed, I think it is a moot point. Seems probable (IMO) the share price will be over $1 for the necessary length of time by then. One way or another. Early February isn't far away.
|
|
|
Post by silentknight on Dec 15, 2016 7:06:40 GMT -5
No, it is not. Keep reading the thread, look at ALL of page 2. A company will only get the extra 180 days if they are ALSO still in compliance with the other initial listing requirements. Mannkind acknowledged this in its own 8-K! And look at the NASDAQ link(s) I provided in that thread, in case you do not believe Mannkind or I. Anyway, as others have observed, I think it is a moot point. Seems probable (IMO) the share price will be over $1 for the necessary length of time by then. One way or another. Early February isn't far away. February is plenty of time to plan and execute a reverse split....
|
|
|
Post by matt on Dec 15, 2016 8:04:36 GMT -5
Early February isn't far away. February is plenty of time to plan and execute a reverse split.... I would disagree with that assertion. The company can do a forward split based on a resolution by the board of directors, but they must obtain the consent of shareholders to do a reverse split. That is not a NASDAQ rule, that is a matter of state law. Obtaining shareholder consent requires calling a special meeting which in turn requires filing of a proxy statement, and for the proxies to be valid the SEC requires that they be mailed out no less than 21 days prior to the special meeting. If you consider that the board must pass a resolution to call a special meeting, a preliminary proxy must be filed with the SEC for approval, the final proxies printed and mailed out, the meeting actually held, and the exchange / brokerages given a required five days notice of the change, the total elapsed time is slightly more than a month if nothing goes wrong. If the deadline is early February, the process has to start, at the latest, by the first week in January. With the holiday soon upon us, that is shaving it close!
|
|
|
Post by silentknight on Dec 15, 2016 8:17:46 GMT -5
February is plenty of time to plan and execute a reverse split.... I would disagree with that assertion. The company can do a forward split based on a resolution by the board of directors, but they must obtain the consent of shareholders to do a reverse split. That is not a NASDAQ rule, that is a matter of state law. Obtaining shareholder consent requires calling a special meeting which in turn requires filing of a proxy statement, and for the proxies to be valid the SEC requires that they be mailed out no less than 21 days prior to the special meeting. If you consider that the board must pass a resolution to call a special meeting, a preliminary proxy must be filed with the SEC for approval, the final proxies printed and mailed out, the meeting actually held, and the exchange / brokerages given a required five days notice of the change, the total elapsed time is slightly more than a month if nothing goes wrong. If the deadline is early February, the process has to start, at the latest, by the first week in January. With the holiday soon upon us, that is shaving it close! I guess we'll see shortly then. Seeing the price action of the stock since the conference call, no change in sales numbers in several weeks, and admissions by Mike that new sales personnel and marketing changes are months out, then I don't foresee anything pushing the stock above $1.00 before February, barring a big positive development from RLS or other news. By most estimates, even RLS news would likely not bring more than $25 million which probably wouldn't push it over $1.00 either. In short, I don't see anything else that solves the delisting issue by February unless its a reverse split. They either need to get to work quickly to make it happen, or let the stock fall of the Nasdaq, which would be even more disastrous than a reverse split, in my opinion.
|
|
|
Post by lakon on Dec 15, 2016 8:36:54 GMT -5
I would disagree with that assertion. The company can do a forward split based on a resolution by the board of directors, but they must obtain the consent of shareholders to do a reverse split. That is not a NASDAQ rule, that is a matter of state law. Obtaining shareholder consent requires calling a special meeting which in turn requires filing of a proxy statement, and for the proxies to be valid the SEC requires that they be mailed out no less than 21 days prior to the special meeting. If you consider that the board must pass a resolution to call a special meeting, a preliminary proxy must be filed with the SEC for approval, the final proxies printed and mailed out, the meeting actually held, and the exchange / brokerages given a required five days notice of the change, the total elapsed time is slightly more than a month if nothing goes wrong. If the deadline is early February, the process has to start, at the latest, by the first week in January. With the holiday soon upon us, that is shaving it close! I guess we'll see shortly then. Seeing the price action of the stock since the conference call, no change in sales numbers in several weeks, and admissions by Mike that new sales personnel and marketing changes are months out, then I don't foresee anything pushing the stock above $1.00 before February, barring a big positive development from RLS or other news. By most estimates, even RLS news would likely not bring more than $25 million which probably wouldn't push it over $1.00 either. In short, I don't see anything else that solves the delisting issue by February unless its a reverse split. They either need to get to work quickly to make it happen, or let the stock fall of the Nasdaq, which would be even more disastrous than a reverse split, in my opinion. Disastrous, how? Who would be most affected? What would the consequences be?
|
|
|
Post by cjm18 on Dec 15, 2016 10:04:08 GMT -5
Early January starting the process? The arithmetic agrees. My guess is they will get the process started but back out if the stock price jumps and allows them?
|
|
|
Post by silentknight on Dec 15, 2016 10:09:50 GMT -5
I guess we'll see shortly then. Seeing the price action of the stock since the conference call, no change in sales numbers in several weeks, and admissions by Mike that new sales personnel and marketing changes are months out, then I don't foresee anything pushing the stock above $1.00 before February, barring a big positive development from RLS or other news. By most estimates, even RLS news would likely not bring more than $25 million which probably wouldn't push it over $1.00 either. In short, I don't see anything else that solves the delisting issue by February unless its a reverse split. They either need to get to work quickly to make it happen, or let the stock fall of the Nasdaq, which would be even more disastrous than a reverse split, in my opinion. Disastrous, how? Who would be most affected? What would the consequences be? In either scenario, delisting or reverse split, the stock is going to be crushed and you'll see another sell off on weakness. Falling off the Nasdaq will only further fuel the narrative that MNKD is a dying stock, unworthy of a major exchange, and will result in even less instiutional investors than we have now, likely less volume, and will most assuredly make any potential financing much more difficult to obtain without the selling point that MNKD is a part of the Nasdaq. Ask yourself: If you were a potential investor or finance executive and a company was requesting financing, would you be more inclined to work with a Nasdaq traded company or one on the OTCBB or Pink Sheets? To reduce risk, you'd likely choose the Nasdaq traded company as the Nasdaq provides at least some assurance that the stock is worthy of investment. If Nasdaq is the majors, think of OTCBB as double A. It's a place that MNKD doesn't want to be as it tells the investing world that the company is washed up and on its way out. Perception is reality. If the stock falls from Nasdaq, it will be written off even more than it already has been. Sure, the company survives in the dungeons of the investment world but that's not where I'd like to be. I don't think MNKD or any investor wants that. The company has a better chance of recovery on the Nasdaq than OTCBB or Pink Sheets in my opinion. Granted, in a reverse split, individual investment amounts do not change, only existing share counts, but it too will support the idea that the company is operating from a position of weakness, which would also probably result in a sell off. But, at least the sell off results in maintaining Nasdaq compliance and gives the company a chance to rebound if things ever turn around. It would also allow the company to potentially raise more funds, if they so choose, due to a higher share price. All would be to the detriment of shareholders but creating shareholder value isn't something MNKD has been able to do for several years now. They're fighting for survival and success of their products. Shareholders have taken a backseat through this whole thing, understandably so, so I expect that to continue until delisting is dealt with.
It boils down to erosion of shareholder value WITH Nasdaq or erosion of shareholder value WITHOUT Nasdaq. I'll take the former. This is only my humble opinion, and nobody can say for sure as we can't predict the future. If I could do that, I would have shorted after Adcom and been headed to an early retirement.
|
|
|
Post by Chris-C on Dec 15, 2016 11:41:06 GMT -5
It might be worthwhile for those who keep pounding on this issue to go back to the November 10 earnings call transcript where Matt addressed the delisting issue specifically. Here is a quote by Matt about delisting from the transcript:
"One of the most frequently asked questions has to do with delisting. I am not sure what exactly to say about that. I am not terribly concerned about delisting. I think, with the news today we’re a long way to solving that problem. It’s not going to be an issue until sometime in the second quarter of next year by which point we have -- we expect to have-- a lot of this [referring to the various marketing,label change, samples, dosing, provider education, sales rep and insurance reimbursement strategies underway] accomplished that will make this whole issue go away."
If you review the transcript you can examine the details of these various initiatives, but Matt clearly thinks that progress is being made and will continue, especially in the new year, which increases the probability that delisting will become a non-issue.
It's also also useful to be reminded of the comments the company made about script numbers, and the explanation for the modest growth in new scripts. Mannkind is now concentrating on retention of existing script holders, and thus looking at growth of total script numbers. They expect to see minimal new script growth until after the new year, when they expand the sales force and hire Mannkind sales reps rather than relying on contracted sales people (even though they are dedicated exclusively to Afrezza). They noted that some of their larger prescribers had pulled back during the transition from Sanofi because of uncertainty about the availability of Afrezza. As they change samples, titration packs and dosing instructions, they expect to see greater retention. They noted at the time that requests for samples had been increasing as interest was rekindled and marketing, experience and word of mouth gained traction.
Enjoy the holidays!
Chris C
|
|
|
Post by cjm18 on Dec 15, 2016 11:51:47 GMT -5
It might be worthwhile for those who keep pounding on this issue to go back to the November 10 earnings call transcript where Matt addressed the delisting issue specifically. Here is a quote by Matt about delisting from the transcript: "One of the most frequently asked questions has to do with delisting. I am not sure what exactly to say about that. I am not terribly concerned about delisting. I think, with the news today we’re a long way to solving that problem. It’s not going to be an issue until sometime in the second quarter of next year by which point we have -- we expect to have-- a lot of this [referring to the various marketing,label change, samples, dosing, provider education, sales rep and insurance reimbursement strategies underway] accomplished that will make this whole issue go away." If you review the transcript you can examine the details of these various initiatives, but Matt clearly thinks that progress is being made and will continue, especially in the new year, which increases the probability that delisting will become a non-issue. Enjoy the holidays! Chris C Not an issue until 2q17 he says. Wait. Isn't the general consensus on this board that mnkd does not qualify for the 180 day extension?
|
|