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Post by kball on Feb 8, 2017 21:49:28 GMT -5
well said KC.. I think we forget about how cash strapped they were, how they were stronghold to not do much under SNY and how much they have accomplished. I guess it's hard for many to see some upside from the previous CC get their excited about the future only to hear the latest CC and possible R/S.... I think some people felt 1 step forward 2 steps back kind of thing. I do believe it will get better. I have to.. GL One giant leap (backwards) for Mannkind? (btw as an interesting aside, I once read Neil Armstrong actually flubbed the line a little...was supposed to be One giant leap for ALL Mankind)
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Post by mnholdem on Feb 8, 2017 22:06:39 GMT -5
I suspect that getting authorization for a reverse split is one of the conditions that NASDAQ is setting in order to for them to approve a 180-day extension to the delisting notice. Of course Matt would agree to the terms. If MannKind does turn it around and MNKD stock mounts a rally and PPS climbs over $1 within a time-frame specified by NASDAQ, and stays above $1 for a time period, also specified by NASDAQ, then a reverse-split may not be needed. At the very least, I have reasons to believe Matt Pfeffer may have put together a plan that will turn things around enough to reduce the likelihood of a full 10:1 reverse split.
Regardless, I'm pretty sure that MannKind's CEO had no choice but to agree to a RS if needed, in order to keep MNKD from being delisted by NASDAQ. If it turns out that a RS is required to avoid delisting, then I hope MannKind will have accomplished enough for it to be in the 3:1 to 5:1 range.
This CEO has accomplished an amazing amount in a very short time (53 weeks) especially considering MannKind was financially running on fumes last year. Pfeffer stated as much in the recent interview I posted in the articles section. We'll soon see if I'm right about Matt having a plan.
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Post by mnkdnewb on Feb 8, 2017 22:12:26 GMT -5
well said KC.. I think we forget about how cash strapped they were, how they were stronghold to not do much under SNY and how much they have accomplished. I guess it's hard for many to see some upside from the previous CC get their excited about the future only to hear the latest CC and possible R/S.... I think some people felt 1 step forward 2 steps back kind of thing. I do believe it will get better. I have to.. GL Gambler, what have they accomplished in the last 12 months that any grade school graduate couldn't have done? Sanofi debt forgiveness is really about all that comes to mind, and many thought we would be raking in hundreds of millions in addition to debt forgiveness. They did manage to raise some money through dilution - pretty decent deal looking back now. As for the reverse split, it WILL happen, so get ready. They need to raise cash and stay listed on the Nasdaq. Based on them even bringing up the reverse split shows they don't have any potential near term (6 months) deals with upfront cash that would raise the share price over $1 on its own. So, they need a reverse split along with massive dilution. Big payments due this year and 80+ new employees aren't going to help the balance sheet for a couple years minimum. Which brings up another point, salespeople are going to have an incredibly hard time until the insurance issue is fixed. all imo
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Post by babaoriley on Feb 8, 2017 23:16:02 GMT -5
Geez, this company could have $200 million in the bank, but if their share price remains under a buck, they need to do a R/S. What is so difficult for people to grasp? Read holdem's post above, that's all there is to it. It's not the end of the world, it's not an evil talisman, it's a result of poor performance, which is what is the only issue. It's a parachute, if you're falling fast, you need to pull it at some point.
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Post by dreamboatcruise on Feb 8, 2017 23:41:15 GMT -5
I suspect that getting authorization for a reverse split is one of the conditions that NASDAQ is setting in order to for them to approve a 180-day extension to the delisting notice. Of course Matt would agree to the terms. If MannKind does turn it around and MNKD stock mounts a rally and PPS climbs over $1 within a time-frame specified by NASDAQ, and stays above $1 for a time period, also specified by NASDAQ, then a reverse-split may not be needed. At the very least, I have reasons to believe Matt Pfeffer may have put together a plan that will turn things around enough to reduce the likelihood of a full 10:1 reverse split. Regardless, I'm pretty sure that MannKind's CEO had no choice but to agree to a RS if needed, in order to keep MNKD from being delisted by NASDAQ. If it turns out that a RS is required to avoid delisting, then I hope MannKind will have accomplished enough for it to be in the 3:1 to 5:1 range. This CEO has accomplished an amazing amount in a very short time (53 weeks) especially considering MannKind was financially running on fumes last year. Pfeffer stated as much in the recent interview I posted in the articles section. We'll soon see if I'm right about Matt having a plan. But you've got to admit there have been a LOT of plans we believed in that didn't work out with MNKD. And by definition of "CEO" I would also believe that Matt "may" have put together a plan. In fact, hopefully we can assume he did put together a plan and the "may" is only attached to whether it works or not. Though I suspect based on price action after the CC, that 10:1 would be the prudent thing to do in anticipation that capital raise may be necessary.
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Post by BlueCat on Feb 8, 2017 23:49:33 GMT -5
There is no master plan. Remember, it's Matt we are talking about. Matt. ____________________________ Well, Matt is not the CEO in a vacuum and has supposedly smart people around him and the BOD. I've put the pieces together 50 times in the last 3-4 years and once I think I have it figured out the puzzle is shattered. If a master plan is not revealed or at least major parts of it by end 1stQ I'll have to agree with you....it's a Matt thing and we are doomed. Sometimes a duck is a duck. Master plan? I think its exactly what it appears to be and what we know. Get cut loose from Sanofi, restructure finances a bit, pause the pipeline (mostly) and transition MNKD from a dev/mfg company to a commercial one. Hire people that have done it before successfully and willing to take on a major turnaround, make changes in insurance coverage, label, doctor acceptance, and get a sales force. When everything is in place, generate demand and sell sell sell. If they believe in the product, they believe they can do it. Likely its taking longer than they thought. Now we wait to see if they are right, or they run out of time. Per Holdem - R/S has to be approved to get that extension. They are hoping to get above $1 and not need it. I think the master plan is mostly what they've said.
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Post by mnkdfann on Feb 8, 2017 23:50:58 GMT -5
I suspect that getting authorization for a reverse split is one of the conditions that NASDAQ is setting in order to for them to approve a 180-day extension to the delisting notice. Of course Matt would agree to the terms. According to what I read on the NASDAQ site an appeal can only be made after the compliance period. The Hearing only comes then, during which time the delisting is stayed. So NASDAQ won't have issued them any conditions to satisfy for an extension as of yet. Of course, Mannkind is free to guess what those conditions are likely to be. And the FAQ below does indicate that a reverse split is likely to be a requirement. See 6th question from the bottom (assuming this link works): listingcenter.nasdaq.com/Material_Search.aspx?cid=14&mcd=LQ"If a company is unable to resolve its bid price deficiency during the applicable compliance period, Nasdaq Staff will issue a delisting letter. At that time, the company may request a hearing before a Hearing Panel, which will stay the delisting." "The company will have the opportunity to present its plan to regain compliance to the Panel. This plan of compliance should include implementation of a reverse stock split in the near term. In appropriate cases, and so long as a company commits to implementation of a reverse split within 180 days of the delisting notification, Panels may also consider other factors, such as the company's fundamental financial strengths and weaknesses, the overall market, the company's historical bid price, and impending disclosures, corporate actions and strategic business plans that the company believes may impact its bid price."
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Post by mnholdem on Feb 9, 2017 5:52:17 GMT -5
I suspect that getting authorization for a reverse split is one of the conditions that NASDAQ is setting in order to for them to approve a 180-day extension to the delisting notice. Of course Matt would agree to the terms. According to what I read on the NASDAQ site an appeal can only be made after the compliance period. The Hearing only comes then, during which time the delisting is stayed. So NASDAQ won't have issued them any conditions to satisfy for an extension as of yet. Of course, Mannkind is free to guess what those conditions are likely to be. And the FAQ below does indicate that a reverse split is likely to be a requirement. See 6th question from the bottom (assuming this link works): listingcenter.nasdaq.com/Material_Search.aspx?cid=14&mcd=LQ"If a company is unable to resolve its bid price deficiency during the applicable compliance period, Nasdaq Staff will issue a delisting letter. At that time, the company may request a hearing before a Hearing Panel, which will stay the delisting." "The company will have the opportunity to present its plan to regain compliance to the Panel. This plan of compliance should include implementation of a reverse stock split in the near term. In appropriate cases, and so long as a company commits to implementation of a reverse split within 180 days of the delisting notification, Panels may also consider other factors, such as the company's fundamental financial strengths and weaknesses, the overall market, the company's historical bid price, and impending disclosures, corporate actions and strategic business plans that the company believes may impact its bid price." Read the section you posted: "Nasdaq Staff will issue a delisting letter. At that time the company may request a hearing..." MannKind already received the delisting letter. They are already past the compliance period.
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Post by promann on Feb 9, 2017 6:00:41 GMT -5
no I don't think there was a poll, but do think majority thought the call was going to be a good call and MOST thought that R/S was not going to be the focal point of the call.. In fact, I''m guessing that most thought after the call the pps would move up. I agree and that's why the stock price rose prior to the call. Because most thought there was going to be positive news.
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Post by winstonsmith on Feb 9, 2017 6:43:11 GMT -5
Give Matt credit? Hell no. Why were they financially running on fumes? Where was brilliant Matt as they didn't raise cash when the share price was high.....so that Mannkind could weather the storm if Sanofi bailed. No, instead MNKD had no foresight and later raised cash at $1 or less a share. The entire BOD should be thrown out for mismanagement IMO.
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Post by mnholdem on Feb 9, 2017 8:42:07 GMT -5
The short answer? Back when the share price was high, CFO Matt Pfeffer answered to CEO & Chairman Alfred E Mann.
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Post by sportsrancho on Feb 9, 2017 10:33:27 GMT -5
There is no master plan. Remember, it's Matt we are talking about. Matt. ____________________________ Well, Matt is not the CEO in a vacuum and has supposedly smart people around him and the BOD. I've put the pieces together 50 times in the last 3-4 years and once I think I have it figured out the puzzle is shattered. If a master plan is not revealed or at least major parts of it by end 1stQ I'll have to agree with you....it's a Matt thing and we are doomed. Sometimes a duck is a duck. Master plan? I think its exactly what it appears to be and what we know. Get cut loose from Sanofi, restructure finances a bit, pause the pipeline (mostly) and transition MNKD from a dev/mfg company to a commercial one. Hire people that have done it before successfully and willing to take on a major turnaround, make changes in insurance coverage, label, doctor acceptance, and get a sales force. When everything is in place, generate demand and sell sell sell. If they believe in the product, they believe they can do it. Likely its taking longer than they thought. Now we wait to see if they are right, or they run out of time. Per Holdem - R/S has to be approved to get that extension. They are hoping to get above $1 and not need it. I think the master plan is mostly what they've said. Image from atomicmonkey.files.wordpress.com/2015/12/obama21.jpg?w=523. It's a duck.
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Post by mnkdfann on Feb 9, 2017 10:35:21 GMT -5
According to what I read on the NASDAQ site an appeal can only be made after the compliance period. The Hearing only comes then, during which time the delisting is stayed. So NASDAQ won't have issued them any conditions to satisfy for an extension as of yet. Of course, Mannkind is free to guess what those conditions are likely to be. And the FAQ below does indicate that a reverse split is likely to be a requirement. See 6th question from the bottom (assuming this link works): listingcenter.nasdaq.com/Material_Search.aspx?cid=14&mcd=LQ"If a company is unable to resolve its bid price deficiency during the applicable compliance period, Nasdaq Staff will issue a delisting letter. At that time, the company may request a hearing before a Hearing Panel, which will stay the delisting." "The company will have the opportunity to present its plan to regain compliance to the Panel. This plan of compliance should include implementation of a reverse stock split in the near term. In appropriate cases, and so long as a company commits to implementation of a reverse split within 180 days of the delisting notification, Panels may also consider other factors, such as the company's fundamental financial strengths and weaknesses, the overall market, the company's historical bid price, and impending disclosures, corporate actions and strategic business plans that the company believes may impact its bid price." Read the section you posted: "Nasdaq Staff will issue a delisting letter. At that time the company may request a hearing..." MannKind already received the delisting letter. They are already past the compliance period. No they are NOT past the Compliance Period. And that was NOT the delisting letter the FAQ is speaking of. Refer to Mannkind's 8-K dated September 22, 2016. files.shareholder.com/downloads/AMDA-22AIJ9/3843684625x0xS1193125%2D16%2D716458/899460/filing.pdfIt specifically states that the Compliance Period is happening NOW. It says: "Under Nasdaq Listing Rule 5810(c)(3)(A), if during the 180 calendar day period following the date of the Nasdaq Letter (the “Compliance Period”), the closing bid price of the Company’s common stock is at or above $1.00 for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Price Requirement and its common stock will continue to be eligible for listing on the Nasdaq Global Market absent noncompliance with any other requirement for continued listing. If the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the Compliance Period, under Nasdaq Listing Rule 5810(c)(3) (A)(ii), 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), the Company may apply to transfer the listing of its common stock to the Nasdaq Capital Market if the Company also provides written notice to Nasdaq of its intention to cure the deficiency during a second compliance period (by effecting a reverse stock split if necessary), at which point Nasdaq may grant the Company additional time to regain compliance with the Minimum Bid Price Requirement."
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Post by kc on Feb 9, 2017 10:38:23 GMT -5
Give Matt credit? Hell no. Why were they financially running on fumes? Where was brilliant Matt as they didn't raise cash when the share price was high.....so that Mannkind could weather the storm if Sanofi bailed. No, instead MNKD had no foresight and later raised cash at $1 or less a share. The entire BOD should be thrown out for mismanagement IMO. So who are you going to replace the BOD and management with? Who controls the stock to vote on the BOD and Management? think about what you say in anger or jest.
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Post by matt on Feb 9, 2017 14:08:10 GMT -5
Question.. if... IF we get a r/s and lets assume 1:10; I understand that we go to $5.00 and decrease to 50 mil o/s (which is all the same except psychologically) does the float of 30 million get decreased to 3 mi??? saw a post the other day where they stated float would stay at 30 million but I thought that should go down too... thanks. The "float" is the number of shares available for trading. Usually this number is close to, or identical with, the shares issued and outstanding. A reverse split consolidates the number issued and outstanding according to the chosen split ratio. Example: If the final split ratio is set at 5:1 then 100 shares becomes 20 shares and, theoretically, each of the new should be worth about 5 times as much as the old shares.
The number of authorized shares do not change when issued shares are forward split or reverse split unless there is a separate resolution on that matter. Some companies executing a reverse split will also vote to reduce the authorized shares by the same split ratio, but that does not happen automatically. The default is no change.
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