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Post by promann on Feb 13, 2017 13:12:03 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. No need to explain we already know MNKD will be eligible for a 180 extension. 62% say that they think it will be approved.
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Post by Deleted on Feb 13, 2017 13:13:57 GMT -5
Its crazy that this has to be explained numerous times. No need to explain we already know MNKD will be eligible for a 180 extension. 62% say that they think it will be approved. We will revisit this once the r/s is done. Sound good? Ill eat some crow if I am wrong. Will you?
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Post by silentknight on Feb 13, 2017 13:29:10 GMT -5
Its crazy that this has to be explained numerous times. No need to explain we already know MNKD will be eligible for a 180 extension. 62% say that they think it will be approved. I told you why I think MNKD will not be eligible, per the Nasdaq listing rules. Please tell us why they will be eligible for the extension and why you believe the rules do not apply to MNKD in this case.
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Post by slugworth008 on Feb 13, 2017 13:55:44 GMT -5
No need to explain we already know MNKD will be eligible for a 180 extension. 62% say that they think it will be approved. We will revisit this once the r/s is done. Sound good? Ill eat some crow if I am wrong. Will you? Oh this is like the only fun I've had in a while holding this stock. I said "Yes" and am willing to eat crow if wrong....which means I probably will be eating crow. Though I would prefer you to eat it - lol
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Post by Deleted on Feb 13, 2017 14:02:14 GMT -5
We will revisit this once the r/s is done. Sound good? Ill eat some crow if I am wrong. Will you? Oh this is like the only fun I've had in a while holding this stock. I said "Yes" and am willing to eat crow if wrong....which means I probably will be eating crow. Though I would prefer you to eat it - lol I prefer none of us eat it and they sell the drug!
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Post by slugworth008 on Feb 13, 2017 15:40:29 GMT -5
Oh this is like the only fun I've had in a while holding this stock. I said "Yes" and am willing to eat crow if wrong....which means I probably will be eating crow. Though I would prefer you to eat it - lol I prefer none of us eat it and they sell the drug! AGREED !!!
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Post by taboo on Feb 14, 2017 8:21:19 GMT -5
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? In my opinion you are reading this wrong. As per the "continued listing standards" pdf ( listingcenter.nasdaq.com/assets/continuedguide.pdf ), the requirements I believe you're referring to are "10 million in stockholder equity" We're currently valued at close to $300million MC. Also, we must have "$5million in Market value of publicly held shares", there are roughly 100mil publicly held shares times .5= 50million. So I'm not sure what you're referring to with "stockholder equity" but it doesn't seem to jive with what is clearly stated in the nasdaq guidelines. Even if it were as you stated regarding the deficit, we've been in that deficit for long before we fell below $1, so we should have been warned long ago. Feel free to call the Nasdaq listing qualifications department at +1 301 978 8008 if you still believe you're right. I believe an extension will be granted.
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Post by silentknight on Feb 14, 2017 8:37:40 GMT -5
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? In my opinion you are reading this wrong. As per the "continued listing standards" pdf ( listingcenter.nasdaq.com/assets/continuedguide.pdf ), the requirements I believe you're referring to are "10 million in stockholder equity" We're currently valued at close to $300million MC. Also, we must have "$5million in Market value of publicly held shares", there are roughly 100mil publicly held shares times .5= 50million. So I'm not sure what you're referring to with "stockholder equity" but it doesn't seem to jive with what is clearly stated in the nasdaq guidelines. Even if it were as you stated regarding the deficit, we've been in that deficit for long before we fell below $1, so we should have been warned long ago. Feel free to call the Nasdaq listing qualifications department at +1 301 978 8008 if you still believe you're right. I believe an extension will be granted. The stockholder equity stipulation doesn't trigger a delisting notification, only the share price deficiency. However, once a delisting notice has been issued, in order to qualify for the extension, MNKD must meet ALL initial listing criteria, of which the shareholder equity would apply. Shareholder equity is not the same as the value of publicly traded shares or marketcap. Don't get them confused. If you read MNKD's 10-Q from November, it tells you in exact language that they don't meet that currently, listing a deficit of $238.7 million. People can believe what they want, but according to the rules, MNKD does not qualify. I don't need to call Nasdaq. I have a feeling MNKD already has and I don't think they liked the answer, which is why they're preparing for the R/S.
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Post by mnholdem on Feb 14, 2017 8:49:39 GMT -5
You speak a half-truth. NASDAQ does require that "all the criteria must be met..." but you failed to mention "under at least one of the three standards below". Obviously you've selected the Equity Standard to make your argument, but MannKind may qualify using the Market Value Standard or Total Assets/Total Revenue Standard, neither of which has a Stockholders' Equity minimum requirement.
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Post by silentknight on Feb 14, 2017 8:58:24 GMT -5
You speak a half-truth. NASDAQ does require that "all the criteria must be met..." but you failed to mention "under at least one of the three standards below". Obviously you've selected the Equity Standard to make your argument, but MannKind may qualify using the Market Value Standard or Total Assets/Total Revenue Standard, neither of which has a Stockholders' Equity minimum requirement.
These are continued listing standards. MNKD must meet INITIAL listing standards to be eligible for the extension, which, as I interpret them must all be satisfied. I've never said MNKD won't get an extension, I said they don't qualify under the existing Nasdaq regulations. Sure, Nasdaq could waive those if they see fit, but I don't think that's happening.
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Post by silentknight on Feb 14, 2017 10:08:21 GMT -5
This board is filled with delusional longs. Stop denying the truth this company is holding on by a thread. Ok I'm sure I'll be called a basher because anyone here that is just being realistic is automatically a paid basher. I tend to agree with Silent Knight and can't understand why his different opinion is always attacked. News flash there are share holders here that don't agree with the rosy picture most people here try to paint. In the vast majority of occasions, I think people post what they honestly believe to be true. I think some of it is misguided and unrealistic, but it doesn't in any way invalidate their opinion and it's important to respect their right to believe whatever they want. I don't take criticism personally, and I actually enjoy a good debate when respect for the other side is maintained. My problem is when some people attack others for differing viewpoints or somehow try to paint others in a negative light, including misquoting them, for said differences of opinion. That's also why I absolutely hate the current state of affairs in the U.S. political system right now, but that's another topic all together. I am often attacked, true, and the maligning labels of "FUDster, basher, Debbie Downer, etc...." are all to common for folks who are not content with MNKDs current state and voice displeasure. It tends to be one sided here but the mods do a great job of keeping it civil for the most part. None of it is a reason to get all spun up. It's a message board for crying out loud. My posts are meant to convey my opinion, supported by facts as often as possible to support my position. The problem that many have is that the cold hard facts often dispute their opinions and that causes great ire for some posters here. If I'm ever wrong, I will certainly admit it, but sadly as of late, I've been right more often than not. I'd certainly love for MNKD to prove me wrong as I anxiously wait for results. Some will agree with me, while others will inevitably not. You can't go through life pleasing everyone. I appreciate your post and I like to think there are still folks out there who take notice and can appreciate a differing point of view. Cheers.
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Post by Deleted on Feb 14, 2017 10:24:35 GMT -5
You speak a half-truth. NASDAQ does require that "all the criteria must be met..." but you failed to mention "under at least one of the three standards below". Obviously you've selected the Equity Standard to make your argument, but MannKind may qualify using the Market Value Standard or Total Assets/Total Revenue Standard, neither of which has a Stockholders' Equity minimum requirement.
If one looks closely above the chart it states "once listed companies must meet all the criteria under at least one standard" It does not state it must meet initial listing standards.
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Post by silentknight on Feb 14, 2017 10:38:58 GMT -5
You speak a half-truth. NASDAQ does require that "all the criteria must be met..." but you failed to mention "under at least one of the three standards below". Obviously you've selected the Equity Standard to make your argument, but MannKind may qualify using the Market Value Standard or Total Assets/Total Revenue Standard, neither of which has a Stockholders' Equity minimum requirement.
If one looks closely above the chart it states "once listed companies must meet all the criteria under at least one standard" It does not state it must meet initial listing standards. True, but I believe those are for continued listing under normal circumstances. Folks are getting CONTINUED listing standards mixed up with INITIAL listing standards. They are different. The delisting notice says in plain language that MNKD must meet initial listing standards. A company in good standing on the Nasdaq would fall under these CONTINUED listing requirements. MNKD currently faces a delisting notice from Nasdaq, and per the delisting notice MNKD will need to meet INITIAL listing standards in order to qualify for additional time to remedy the share price deficiency. The delisting notice indicates that MNKD will have to meet ALL initial listing requirements, which require a minimum $5 million in shareholder equity. It does not meet this requirement. It might be a technicality and certainly open to interpretation, but it's likely one that will prevent MNKD from another 180 day period to gain compliance, which is why MNKD requested permission to R/S. They're running out of time.
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Post by dreamboatcruise on Feb 14, 2017 11:12:07 GMT -5
Its crazy that this has to be explained numerous times. No need to explain we already know MNKD will be eligible for a 180 extension. 62% say that they think it will be approved. The workings of NASDAQ seem rather complicated. I have not voted because I do not feel that I have the expertise to have an informed opinion. I wonder how many of the people that have "voted" actually are doing so based on understanding of the NASDAQ process and historical application of it. I am pretty certain the NASDAQ is not going to consider polling data in their decision
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Post by mnkdfann on Feb 14, 2017 11:25:20 GMT -5
True, but I believe those are for continued listing under normal circumstances. Folks are getting CONTINUED listing standards mixed up with INITIAL listing standards. They are different. The delisting notice says in plain language that MNKD must meet initial listing standards. A company in good standing on the Nasdaq would fall under these CONTINUED listing requirements. MNKD currently faces a delisting notice from Nasdaq, and per the delisting notice MNKD will need to meet INITIAL listing standards in order to qualify for additional time to remedy the share price deficiency. The delisting notice indicates that MNKD will have to meet ALL initial listing requirements, which require a minimum $5 million in shareholder equity. It does not meet this requirement. It is ridiculous that you have to keep explaining this. We've been over this SO many times on this forum. I know I also explained it several times, until I got fed up. Some of my prior posts are in here: mnkd.proboards.com/thread/6235/nasdaq-share-price-compliance-notice?page=2In particular, for the doubters, note that Mannkind's OWN 8-K states they must ALSO satisfy "all other standards for INITIAL listing of its common stock on the NASDAQ Capital Market". That IS what Mannkind's own 8-K says. Of course, the NASDAQ site says the same thing (see second link below). investors.mannkindcorp.com/secfiling.cfm?filingID=1193125-16-716458&CIK=899460 Yes, the INITIAL listing requirements must be satisfied to avoid delisting. Those initial listing requirements may be found here: listingcenter.nasdaq.com/assets/initialguide.pdf
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