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Post by sportsrancho on Apr 6, 2018 8:26:29 GMT -5
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Post by matt on Apr 6, 2018 8:27:28 GMT -5
I personally don't think this is bad. Possible $52mil raise if SP gets back above $2.38. Personally I think they should have tried for $3-3.50/share. When all is said and done, it will be 20% dilution for funding for the rest of the year. With good news coming and rising scripts.... Hence I believe they should have pushed for a higher price. A company can ask for a higher strike price, but any combined offering is priced as a unit. Just like squeezing on a balloon, if you take away value on the warrant then the unit price is going to be even lower. Anybody who plays the registered direct game has their favorite warrant pricing model, and I think what you suggest would take 30-40 cents off the warrant value. Would you be willing to trade a $1.60-$1.70 unit price if the strike on the warrant was $3.50? If you don't give up more on the unit price to compensate for the higher warrant strike then the issue will probably not sell at all.
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Post by LosingMyBullishness on Apr 6, 2018 8:30:48 GMT -5
Good to know that at least the management is happy with what they do.
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Post by matt on Apr 6, 2018 8:31:37 GMT -5
I'd like to know the names of the "select healthcare dedicated institutional investors." I suspect it's more like "select hedge funds" getting 24 million shares and warrants to cover their short positions. You will get your chance. When the company closes this financing they will have to file a prospectus supplement to the S-3 shelf registration and there is a table of selling shareholders in that document. Normally the kinds of funds that place money with HCW are indeed more like hedge funds than strategic investors, but you will have to wait and see.
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Post by derek2 on Apr 6, 2018 8:37:09 GMT -5
well... bought a few shares at $1.90
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Post by LosingMyBullishness on Apr 6, 2018 8:38:35 GMT -5
Hakan and Matt were the ultimate disaster boys of Al Mann. It will take 2 years for MannKind to really take off. It is a bit comforting that Mike is now making clear how bad this company was run by Hakan and Matt. If course this also served as an excuse/reason for their slow progress, but at least we can stop praising these two. Both were paid nicely, btw.
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Post by silentknight on Apr 6, 2018 8:43:41 GMT -5
This should not be surprising or shocking to anyone. This is precisely what people voted for when they authorized a doubling of the share count a few months ago. MNKD has literally no other way to secure financing and dilution will continue until they can demonstrate profitability for their drugs, if that can be done at all. This should show you that any deals they expect to close will likely provide little to no funding.
I've been slowly trying to cut my losses in the stock over the last few months, and in hindsight, I'm glad I did, even if it cost me several tens of thousands of dollars.
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Post by peppy on Apr 6, 2018 8:46:21 GMT -5
This should not be surprising or shocking to anyone. This is precisely what people voted for when they authorized a doubling of the share count a few months ago. MNKD has literally no other way to secure financing and dilution will continue until they can demonstrate profitability for their drugs, if that can be done at all. This should show you that any deals they expect to close will likely provide little to no funding. I've been slowly trying to cut my losses in the stock over the last few months, and in hindsight, I'm glad I did, even if it cost me several tens of thousands of dollars. So the additional approved shares were not approved for partnerships? I dislike saying it, it looks like Mike C lied regarding that. I know their backs were against the wall, that was the last shareholders meeting. Additionally, why would a shareholders meeting have a time limit, they work for us. Answer our questions. Every one of them.
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Post by digger on Apr 6, 2018 8:57:05 GMT -5
This should not be surprising or shocking to anyone. This is precisely what people voted for when they authorized a doubling of the share count a few months ago. MNKD has literally no other way to secure financing and dilution will continue until they can demonstrate profitability for their drugs, if that can be done at all. This should show you that any deals they expect to close will likely provide little to no funding. I've been slowly trying to cut my losses in the stock over the last few months, and in hindsight, I'm glad I did, even if it cost me several tens of thousands of dollars. So the additional approved shares were not approved for partnerships? I dislike saying it, it looks like Mike C lied regarding that. I know there backs were against the wall, that was the last shareholders meeting. Additionally, why would a shareholders meeting have a time limit, they work for us. Answer our questions. Every one of them. I guess it's safe to presume that the "term sheets," or whatever they're called, don't anticipate much "upfront" money anytime soon.
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Post by uvula on Apr 6, 2018 9:00:18 GMT -5
Hakan and Matt were the ultimate disaster boys of Al Mann. It will take 2 years for MannKind to really take off. In Matt's defense, he stepped in when mnkd couldn't find a real CEO and kept the company going. I doubt he wanted to be CEO.
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Post by silentknight on Apr 6, 2018 9:01:32 GMT -5
This should not be surprising or shocking to anyone. This is precisely what people voted for when they authorized a doubling of the share count a few months ago. MNKD has literally no other way to secure financing and dilution will continue until they can demonstrate profitability for their drugs, if that can be done at all. This should show you that any deals they expect to close will likely provide little to no funding. I've been slowly trying to cut my losses in the stock over the last few months, and in hindsight, I'm glad I did, even if it cost me several tens of thousands of dollars. So the additional approved shares were not approved for partnerships? I dislike saying it, it looks like Mike C lied regarding that. I know there backs were against the wall, that was the last shareholders meeting. Additionally, why would a shareholders meeting have a time limit, they work for us. Answer our questions. Every one of them. I'm sure MNKD wanted to think they could use the shares for partnerships, and technically they still can. I remain skeptical that any partnerships of any consequence are in the works. I voted against such a significant amount of authorized shares precisely because I didn't want to give the company the ability to dilute shareholders to the tune of 100% without any further discussion or explanation for the need to do so. While the shares COULD be used for partnerships, it certainly looks like they're going to be used for dilution instead. I believe Mike and company mean well and I'll certainly give them more credit for doing a better job than Matt or Hakan, but the performance of the company is still laughable. While the cash raise might be necessary, the narrative the company has been spinning that things are on the right track does significant harm in fostering good relations with your shareholders when you dilute to this level.
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Post by peppy on Apr 6, 2018 9:01:38 GMT -5
So the additional approved shares were not approved for partnerships? I dislike saying it, it looks like Mike C lied regarding that. I know there backs were against the wall, that was the last shareholders meeting. Additionally, why would a shareholders meeting have a time limit, they work for us. Answer our questions. Every one of them. I guess it's safe to presume that the "term sheets," or whatever they're called, don't anticipate much "upfront" money anytime soon. There is only unreason to be invested in MNKD. It is the best insulin to control blood glucose ever made. twitter.com/hashtag/afrezza?lang=en
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Post by awesomo on Apr 6, 2018 9:04:53 GMT -5
So the additional approved shares were not approved for partnerships? I dislike saying it, it looks like Mike C lied regarding that. I know there backs were against the wall, that was the last shareholders meeting. Additionally, why would a shareholders meeting have a time limit, they work for us. Answer our questions. Every one of them. I'm sure MNKD wanted to think they could use the shares for partnerships, and technically they still can. I remain skeptical that any partnerships of any consequence are in the works. I voted against such a significant amount of authorized shares precisely because I didn't want to give the company the ability to dilute shareholders to the tune of 100% without any further discussion or explanation for the need to do so. While the shares COULD be used for partnerships, it certainly looks like they're going to be used for dilution instead. I believe Mike and company mean well and I'll certainly give them more credit for doing a better job than Matt or Hakan, but the performance of the company is still laughable. While the cash raise might be necessary, the narrative the company has been spinning that things are on the right track does significant harm in fostering good relations with your shareholders when you dilute to this level. Agree 100%, shareholders put their trust in this team by authorizing shares to use strategically. In the end, it’s the same BS dilution from companies failing to deliver over and over.
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Deleted
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Post by Deleted on Apr 6, 2018 9:09:11 GMT -5
This should not be surprising or shocking to anyone. This is precisely what people voted for when they authorized a doubling of the share count a few months ago. MNKD has literally no other way to secure financing and dilution will continue until they can demonstrate profitability for their drugs, if that can be done at all. This should show you that any deals they expect to close will likely provide little to no funding. I've been slowly trying to cut my losses in the stock over the last few months, and in hindsight, I'm glad I did, even if it cost me several tens of thousands of dollars. So the additional approved shares were not approved for partnerships? I dislike saying it, it looks like Mike C lied regarding that. I know there backs were against the wall, that was the last shareholders meeting. Additionally, why would a shareholders meeting have a time limit, they work for us. Answer our questions. Every one of them. Absolutely and if the questions run past midnight, tough shit. He gets paid every two weeks a nice chunk of change to deliver and all of you can determine what we have and have not received for our money. To be fair, I would give him a few more months to see if: Rx counts grow like he said and if the two deals get done and bring in cash. If the deals don't get done and the STAT study is poor, its over. Conversely, if the cash coming in from the deals is north of $40mm and the STAT study rocks, we could be off to the races. Again if the two deals don't get done by the shareholders meeting and Rx counts flounder, nothing wrong with asking him why and repeatedly asking him (screaming at him if need be) why. Diplomacy only goes so far and sometimes, one has to be a complete motherFxxxer and its nothing personal, its just business.
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Post by wgreystone on Apr 6, 2018 9:12:16 GMT -5
Now you can buy at a price better than the health funds could get.
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