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Post by jred on Oct 27, 2017 10:22:50 GMT -5
The TASE shares will just have their registration changed to NASDAQ - no change in ownership and no monetary benefit to MNKD. The agreement for the TASE listing restricted MNKD to only one class of stock issuance, so MNKD could not issue the 10M preferred shares that are already authorized. The delisting frees them from that limitation. The terms of the preferred shares (ie int rate, convertibility, voting rights) have not been announced by the board. If they are convertible into common shares MNKD would have to have enough authorized but unissued common shares to allocate for that convertibility feature.
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Post by madog365 on Oct 27, 2017 10:27:28 GMT -5
The TASE shares will just have their registration changed to NASDAQ - no change in ownership and no monetary benefit to MNKD. The agreement for the TASE listing restricted MNKD to only one class of stock issuance, so MNKD could not issue the 10M preferred shares that are already authorized. The delisting frees them from that limitation. The terms of the preferred shares (ie int rate, convertibility, voting rights) have not been announced by the board. If they are convertible into common shares MNKD would have to have enough authorized but unissued common shares to allocate for that convertibility feature. Mike said the the delisting from TASE "Frees up 10M preferred shares" -
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Post by kc on Oct 27, 2017 11:06:41 GMT -5
Could they already have the 10 Million shares ready to be placed with a big investor or partner? Something is up. I guess we all have to hold on for the ride.
Does MannKind have to redeem the TASE shares? If so then I would suspect they have a placement or protocol on how that redemption is handled.
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Post by jred on Oct 27, 2017 11:35:06 GMT -5
The 10M preferred shares are in no way allocated or held by TASE or shareholders who bought on TASE. The TASE shares (which are just common shares like the ones that trade on NASDAQ) don't get redeemed or reallocated, their registration is simply changed to NASDAQ.
But yes by delisting from TASE the 10M preferred shares are "freed up", but only because by delisting MNKD is no longer held by the TASE restriction to only have one class of stock. The number is 10M because that is the entire amount of authorized preferred shares.
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Post by madog365 on Oct 27, 2017 14:07:05 GMT -5
Ok so Mike could already have a buyer for those authorized preferred shares but needs to wait until the TASE delisting is complete to make it official. That is my theory at least.
Pure speculation based on the positive signals i mentioned before but I think the buy in is only the first part, the second part is Ex-us distribution partnership announcement with the same group.
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Post by dreamboatcruise on Oct 27, 2017 14:18:29 GMT -5
Ok so Mike could already have a buyer for those authorized preferred shares but needs to wait until the TASE delisting is complete to make it official. That is my theory at least. Pure speculation based on the positive signals i mentioned before but I think the buy in is only the first part, the second part is Ex-us distribution partnership announcement with the same group. I hope we raised a little more money at much higher valuation via the ATM and that these preferred shares are not used until we can build the share price back up. It would seem reading between the lines from what management has said, and done, that the international strategy is partnering country by country rather than some large deal.
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Post by brewguy on Oct 27, 2017 15:10:45 GMT -5
From past experience, actual revenue was almost half that of reported by Symphony. Is that correct? Symphony reported $5Million in revenue last Q and actual revenue was ~$3M?
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Post by itellthefuture777 on Oct 28, 2017 17:57:23 GMT -5
No reason to free up those 10 million perferred shares...already have finance...unless there is some entity or deal..I dunno..they are having a call..on that day..hummm.
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Post by agedhippie on Oct 29, 2017 9:03:12 GMT -5
No reason to free up those 10 million perferred shares...already have finance...unless there is some entity or deal..I dunno..they are having a call..on that day..hummm. You get the pref shares freed up whether you want them or not as soon as you delist from TASE.
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Post by ryster505 on Oct 29, 2017 9:46:36 GMT -5
Symphony, IMS Datat is sort of irrelevant.....CVS-WALGRENS Etc DO NOT REPORT ACTUAL SCRIPT #'s....Real numbers much higher as well as revenue. Symphony you need to take with a grain of salt.
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Post by mnholdem on Oct 29, 2017 10:11:10 GMT -5
It's my understanding that these reporting services use formulae to factor in non-reporting pharmacies, but their usefulness is for comparisons (e.g. growth, market share) rather than to track revenue.
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