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Post by slugworth008 on Feb 12, 2017 14:20:28 GMT -5
Forgive me if a poll of this type was already done - and I missed it. Otherwise do you think we can catch a break and get a 6 month extension
form the NASDAQ? as I believe the PPS will be north of $1 within those 6 months and I for one would like to avoid an R/S...even though it's likely to occur.
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Post by liane on Feb 12, 2017 14:38:27 GMT -5
Please folks - when setting up a poll, include an expiration, no more than 1 week into the future. I cannot add an expiration, but I will be locking this after 1 week.
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Post by yash on Feb 12, 2017 19:58:42 GMT -5
Forgive me if a poll of this type was already done - and I missed it. Otherwise do you think we can catch a break and get a 6 month extension form the NASDAQ? as I believe the PPS will be north of $1 within those 6 months and I for one would like to avoid an R/S...even though it's likely to occur. Agree and this would be the best option. |
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Post by slugworth008 on Feb 12, 2017 20:11:49 GMT -5
Please folks - when setting up a poll, include an expiration, no more than 1 week into the future. I cannot add an expiration, but I will be locking this after 1 week. My bad Liane - I meant to do that. Sorry. |
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Post by gamblerjag on Feb 12, 2017 21:09:33 GMT -5
Since I have been a huge believer of the 180... my vote is yes.... I won't dare say that in another 180 days we wont will be under a buck..because I didn't think we would be under a buck this late in the Nasdaq non-compliance.. Here is hoping for some good news before 2/24/17.
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Post by bradleysbest on Feb 12, 2017 21:26:37 GMT -5
Does anyone think MNKD already asked for the extension & was denied. Thus the RS announcement & special meeting on Feb 24?
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Post by mnkdfann on Feb 12, 2017 22:11:11 GMT -5
Does anyone think MNKD already asked for the extension & was denied. Thus the RS announcement & special meeting on Feb 24? No. (Well, unless you include 'come back and ask again at the proper time' as a denial. But I assume Mannkind is smart enough to read the regulations about how these things work, and didn't ask prematurely.) See my two posts on the subject on page 2 of this thread. mnkd.proboards.com/thread/7234/looks-1-10-split-target?page=2 |
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Post by promann on Feb 13, 2017 5:38:48 GMT -5
I believe the extension will be granted with near 100% certainly. Why would they not grant a extension?. It seems to me it's a no brainer.. The approval for a reverse split is to show that MNKD is capable of correcting it's defeciantcy if needed prior to the end of the 2nd 180 day grace period.
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Post by silentknight on Feb 13, 2017 6:54:37 GMT -5
This has been covered ad nausem in other threads. MNKD is ineligible for the extension, per the Nasdaq delisting rules. Why would anyone believe Nasdaq would simply ignore their own regulations governing delisting just for MNKD?
The R/S is to keep MNKD on the exchange, not qualify for the extension.
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Post by promann on Feb 13, 2017 8:07:51 GMT -5
This has been covered ad nausem in other threads. MNKD is ineligible for the extension, per the Nasdaq delisting rules. Why would anyone believe Nasdaq would simply ignore their own regulations governing delisting just for MNKD? The R/S is to keep MNKD on the exchange, not qualify for the extension. Can you show us said rules!! Ive read all the rules and you are obviously confused.. |
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Post by silentknight on Feb 13, 2017 8:38:40 GMT -5
This has been covered ad nausem in other threads. MNKD is ineligible for the extension, per the Nasdaq delisting rules. Why would anyone believe Nasdaq would simply ignore their own regulations governing delisting just for MNKD? The R/S is to keep MNKD on the exchange, not qualify for the extension. Can you show us said rules!! Ive read all the rules and you are obviously confused.. Sure. If you read the 8-K, it says this: "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." So, in order to qualify for the extension, MNKD must meet initial listing standards. The problem here, is that MNKD is no longer meets those, specifically: Nasdaq preamble 5501(a) Initial Listing Requirements for Primary Equity Securities: Among other things, they require: - Stockholders' equity of at least $5 million If you look at MNKD's last quarterly report on November 9, 2016, MNKD has a stockholder DEFICIT of $238.7 million, thus making them out of compliance for the initial listing, which also makes them ineligible for the extension. Who is confused now? |
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Post by matt on Feb 13, 2017 9:16:26 GMT -5
This has been covered ad nausem in other threads. MNKD is ineligible for the extension, per the Nasdaq delisting rules. Why would anyone believe Nasdaq would simply ignore their own regulations governing delisting just for MNKD? The R/S is to keep MNKD on the exchange, not qualify for the extension. Can you show us said rules!! Ive read all the rules and you are obviously confused.. He is not confused. Here is the Market Place Rule at Section 5800 (with the relevant phrase bolded in red):
(ii) Capital Market
If a Company listed on the Capital Market is not deemed in compliance before the expiration of the 180 day compliance period, it will be afforded an additional 180 day compliance period, provided that on the 180th day of the first compliance period it meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on the Capital Market (except the bid price requirement) based on the Company's most recent public filings and market information and notifies Nasdaq of its intent to cure this deficiency. If a Company does not indicate its intent to cure the deficiency, or if it does not appear to Nasdaq that it is possible for the Company to cure the deficiency, the Company will not be eligible for the second grace period. If the Company has publicly announced information (e.g., in an earnings release) indicating that it no longer satisfies the applicable listing criteria, it shall not be eligible for the additional compliance period under this rule.
MNKD fails on both the bid price requirement of $1 and the shareholder equity standard, so it does not meet "all other applicable standards for initial listing" and thus does not qualify for the additional 180 day compliance period. Mannkind's shareholder equity is so far below the minimum standard, NASDAQ would very likely conclude that it would be impossible to cure the deficiency given the size of the equity raise required to fix the problem.
Assuming that NASDAQ will make an exception to its long-established rules just to accommodate Mannkind is a bit of a stretch, especially if the shareholders have authorized a reverse split that will put the company back into compliance. The listing qualification group at NASDAQ is good about giving informal advice and they may have hinted strongly to management that they would have a hard time making an exception, thus the special meeting to vote on the reverse split.
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Post by lakon on Feb 13, 2017 9:43:34 GMT -5
The rules are the rules. Bwaaahaaahaaa! Get real! What does it matter now?
MNKD will be allotted time to execute their plan to gain compliance, like everybody else. They will probably execute a R/S soon after approval.
MNKD will use a R/S to gain compliance with the $1 rule soon. They will try to get and stay above $5 so funds can buy. The equity will be less liquid and more volatile with fewer shares sloshing about. The strength will be shown as they begin to improve their execution on scripts, events/presentations, finance negotiations, partnerships, milestones, positive FDA decisions, etc. That's the game. Game on!
Dilution may still come. The timing of it will determine how painful it is. We shall see.
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Post by slugworth008 on Feb 13, 2017 9:51:25 GMT -5
This has been covered ad nausem in other threads. MNKD is ineligible for the extension, per the Nasdaq delisting rules. Why would anyone believe Nasdaq would simply ignore their own regulations governing delisting just for MNKD? The R/S is to keep MNKD on the exchange, not qualify for the extension. We shall soon see Silent one. |
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Post by Deleted on Feb 13, 2017 10:04:46 GMT -5
This has been covered ad nausem in other threads. MNKD is ineligible for the extension, per the Nasdaq delisting rules. Why would anyone believe Nasdaq would simply ignore their own regulations governing delisting just for MNKD? The R/S is to keep MNKD on the exchange, not qualify for the extension. Its crazy that this has to be explained numerous times. |
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