|
Post by sweedee79 on Feb 1, 2017 23:01:33 GMT -5
It's true that the other shoe (stock offering/dilution) may drop. It seems to me that the primary concern at the moment is not being delisted from NASDAQ. I'm not trying to sugar-coat this by saying a R/S won't happen because MNKD will get an extension or sales will pick up...or whatever.
But this action MUST be taken in the event that an extension will not be granted, IMO. there is still a small chance that an extension could be granted..?? A tiny bit of hope that this wont happen ...
|
|
|
Post by username on Feb 2, 2017 1:20:32 GMT -5
Yes, it could still be granted. But the RS is not the problem, it is just a symptom. The problem is sales or rather lack of sales.
|
|
|
Financing
Feb 2, 2017 7:46:56 GMT -5
via mobile
Post by kc on Feb 2, 2017 7:46:56 GMT -5
This is a long shot and for many reasons it may be a stupid idea but I am going to put it out there anyway. I know many that post here on this board loan out their shares. I do also, over 170,000 shares on loan. What impact would it have on the share price if all the investors who have shares out on loan, withdrew their loaned shares at the same time, say Valentines Day. Could this drive the share price up significantly, even over a dollar? I know the retail shareholder is a very small piece of the pie and if the Major Institutions and Holders are also loaning shares, I am sure they would not be on board even there were no legality issues. As I understand it needs to be over a dollar for 10 consecutive days to reset the clock. Please don't bash me too much. Just grasping for straws to avoid a reverse split. The other question would be do you have voting rights to the shares with them out on loan. If not you probably need to call them back in. Somehow we need to research this issue very quickly.
|
|
|
Post by op2778 on Feb 2, 2017 8:02:31 GMT -5
It doesn`t matter our vote. They have the necessary votes just with Mann Family.....
|
|
|
Post by matt on Feb 2, 2017 8:46:31 GMT -5
The other question would be do you have voting rights to the shares with them out on loan. If not you probably need to call them back in. Somehow we need to research this issue very quickly. When you loan shares you still own them, and you still have all voting and economic rights. Any shares on loan will get a proxy statement. However, is it not correct that the Mann trusts have enough votes to effect this change; they do not. Most shareholder votes are decided by a majority of the shares VOTED while for a reverse split it is a majority of the shares OUTSTANDING. Mathematically that means that any vote not cast is equivalent to a "No" vote, and with so many retail holders who are not paying attention to what is happening a lot of proxy cards will go in the waste basket. Similarly, any shares held in street name cannot be voted by the brokers on this type of issue; the shareholders must vote the proxy. The Mann trusts own roughly 30% of MNKD and it certainly helps that those votes can be counted on to support management, but that leaves 20% more to be found. MNKD would not be the first company faced with a delisting that failed to get a qualified majority on the first attempt.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Feb 2, 2017 8:55:24 GMT -5
The other question would be do you have voting rights to the shares with them out on loan. If not you probably need to call them back in. Somehow we need to research this issue very quickly. When you loan shares you still own them, and you still have all voting and economic rights. Any shares on loan will get a proxy statement. However, is it not correct that the Mann trusts have enough votes to effect this change; they do not. Most shareholder votes are decided by a majority of the shares VOTED while for a reverse split it is a majority of the shares OUTSTANDING. Mathematically that means that any vote not cast is equivalent to a "No" vote, and with so many retail holders who are not paying attention to what is happening a lot of proxy cards will go in the waste basket. Similarly, any shares held in street name cannot be voted by the brokers on this type of issue; the shareholders must vote the proxy. The Mann trusts own roughly 30% of MNKD and it certainly helps that those votes can be counted on to support management, but that leaves 20% more to be found. MNKD would not be the first company faced with a delisting that failed to get a qualified majority on the first attempt. If the RS goes through, and after the shorts get done beating the hell out of the new share price, at that point, will the board issue new options to Matt, Mike et al? Said another way, while us long term share holders will take an economic beating, are Matt and Mike going to get a bunch of new options post dilution that make them partially or fully whole while we get the short (pun intended) end of the stick?
|
|
|
Financing
Feb 2, 2017 8:57:37 GMT -5
via mobile
Post by mnkdnewb on Feb 2, 2017 8:57:37 GMT -5
When you loan shares you still own them, and you still have all voting and economic rights. Any shares on loan will get a proxy statement. However, is it not correct that the Mann trusts have enough votes to effect this change; they do not. Most shareholder votes are decided by a majority of the shares VOTED while for a reverse split it is a majority of the shares OUTSTANDING. Mathematically that means that any vote not cast is equivalent to a "No" vote, and with so many retail holders who are not paying attention to what is happening a lot of proxy cards will go in the waste basket. Similarly, any shares held in street name cannot be voted by the brokers on this type of issue; the shareholders must vote the proxy. The Mann trusts own roughly 30% of MNKD and it certainly helps that those votes can be counted on to support management, but that leaves 20% more to be found. MNKD would not be the first company faced with a delisting that failed to get a qualified majority on the first attempt. If the RS goes through, and after the shorts get done beating the hell out of the new share price, at that point, will the board issue new options to Matt, Mike et al? Said another way, while us long term share holders will take an economic beating, are Matt and Mike going to get a bunch of new options post dilution that make them partially or fully whole while we get the short (pun intended) end of the stick? Scotta, I'm curious why you continue to hold your long position even now when you are predicting this will take a beating?
|
|
|
Post by kc on Feb 2, 2017 9:05:21 GMT -5
It may be an insurmountable task to locate all those shareholders. I hope not. While I don't like the reverse split idea. It does send a message to the street that we are dealing with our issues and this probably will also smoke out naked shorts Perhaps not.
I would assume that most people hold their shares at a brokerage house but do not pay attention to proxy statements that are sent electronically or by mail. Again this ignorance of people to vote their shares may provide an insurmountable problem. I sure hope not.
The other issue the proxy will say shareholders as of a record date February 1. We will see what kind of churning we have because of that date,since it has passed.
|
|