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Post by figglebird on Oct 23, 2017 7:42:22 GMT -5
A bit early after a long wknd and wondering if any would be so kind as to ball park total additional dilluted shares are in play as a result of ammended debt structuring via Deerfield td - it appears minimum numbers are in place w respect to total shares and price point on one covenant as well as aggregate on other.
So assuming we are at approx 1,1140000$ shares as of Friday etc...
Thanks in advance.
Fb
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Post by therealisaching on Oct 23, 2017 8:29:38 GMT -5
A bit early after a long wknd and wondering if any would be so kind as to ball park total additional dilluted shares are in play as a result of ammended debt structuring via Deerfield td - it appears minimum numbers are in place w respect to total shares and price point on one covenant as well as aggregate on other. So assuming we are at approx 1,1140000$ shares as of Friday etc... Thanks in advance. Fb Seems to me Deerfield is going to get close to 10% holder provided they havent sold what has been previously reported.
MNKD issued 973k shares as part of deferring the 8/18 notes to 10/21.
The $10MM due 10/31/17 now moved to 1/15/18 looks like it will be converted to shares at Deerfields option. Up to $4MM shares can be converted with a floor of $3.25.
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Post by Jstokcton on Oct 23, 2017 8:35:25 GMT -5
Deerfieldkind
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Post by casualinvestor on Oct 23, 2017 9:33:11 GMT -5
Working through this:
Deerfield had ~2.7 million shares as of 6/30, then received another ~3.6 million on 7/1. We don't know if they bought/sold on the open market. They sold 1/2 the shares they acquired on 4/18, it's possible they did the same for the shares on 7/1/17. For the totals below, I'm assuming they held on to them
Today Deerfield is receiving another 973k (~1 million) shares
Today Deerfield gets the option of converting $10 million of the Oct 31st payment at a 3-day average of market rate. There is a floor of $3.25 on the price for this option. And I assume that since they are buying these shares from MNKD, this buying will not affect the PPS directly. Currently, this will be ~2.4 million shares. They will buy these soon I'd guess?
Today Deerfield gets the option to convert $23.7 million to shares with a FIXED conversion price of approximately $5.15 per share. Due 10/31/21. The conversion rate will be subject to adjustment under certain customary circumstances to be described in an indenture governing the 2021 notes (the "Indenture"). --no clue what the Indenture is, but this is ~4.5 million shares that they have a $5.15 option on
So, without any open market buying/selling: 2.7 + 3.6 + 1 + 2.4 = 9.7 million shares. Then with the debt option, that's up to 14.2 million shares.
That's quite a voting block
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Post by madog365 on Oct 23, 2017 9:56:24 GMT -5
Working through this: Deerfield had ~2.7 million shares as of 6/30, then received another ~3.6 million on 7/1. We don't know if they bought/sold on the open market. They sold 1/2 the shares they acquired on 4/18, it's possible they did the same for the shares on 7/1/17. For the totals below, I'm assuming they held on to them Today Deerfield is receiving another 973k (~1 million) shares Today Deerfield gets the option of converting $10 million of the Oct 31st payment at a 3-day average of market rate. There is a floor of $3.25 on the price for this option. And I assume that since they are buying these shares from MNKD, this buying will not affect the PPS directly. Currently, this will be ~2.4 million shares. They will buy these soon I'd guess? Today Deerfield gets the option to convert $23.7 million to shares with a FIXED conversion price of approximately $5.15 per share. Due 10/31/21. The conversion rate will be subject to adjustment under certain customary circumstances to be described in an indenture governing the 2021 notes (the "Indenture"). --no clue what the Indenture is, but this is ~4.5 million shares that they have a $5.15 option on So, without any open market buying/selling: 2.7 + 3.6 + 1 + 2.4 = 9.7 million shares. Then with the debt option, that's up to 14.2 million shares. That's quite a voting block According to the 8-K, still less than 10% Stock Ownership . The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not cause such Purchaser to own, or be treated as owning under the attribution rules of Section 871(h)(3)(C) of the Code, 10% or more of the total combined voting power of the outstanding common stock of the Borrower for purposes of Section 871(h)(3) of the Code |
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Post by wmdhunt on Oct 23, 2017 10:06:23 GMT -5
Deerfield appears firmly in bed... I think that may be a good thing for MNKD and them over time.
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Post by casualinvestor on Oct 23, 2017 11:15:14 GMT -5
MannDeerPig - the new South Park character. He consumes stock options  |
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Post by olderteampt on Oct 23, 2017 11:49:32 GMT -5
Great, now the plan comes together. Deerfield can now sell their shares to Sanofi should Sanofi want to buy MNKD
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Post by kc on Oct 23, 2017 12:06:47 GMT -5
A bit early after a long wknd and wondering if any would be so kind as to ball park total additional dilluted shares are in play as a result of ammended debt structuring via Deerfield td - it appears minimum numbers are in place w respect to total shares and price point on one covenant as well as aggregate on other. So assuming we are at approx 1,1140000$ shares as of Friday etc... Thanks in advance. Fb Seems to me Deerfield is going to get close to 10% holder provided they havent sold what has been previously reported.
MNKD issued 973k shares as part of deferring the 8/18 notes to 10/21.
The $10MM due 10/31/17 now moved to 1/15/18 looks like it will be converted to shares at Deerfields option. Up to $4MM shares can be converted with a floor of $3.25.
I think that Deerfield knows the future and will hold onto the stock. They have played this game to win and know it takes time but that they are on the 50 yard line. They have been on both sides of the 50 Yard line but hopefully they will stick around for the ultimate play or TD. |
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